Reinsurance News
Fitch
BI test case ruling unlikely to affect ratings of UK non-life insurers: Fitch
16th September 2020
The recent High Court ruling on the COVID-19 business interruption (BI) insurance test case, brought by the Financial Conduct Authority (FCA), is unlikely to have an adverse impact on the ratings of UK non-life insurers, says Fitch Ratings. The recent judgement went against insurers in a number of areas, and ... Read the full article
Fitch stays negative on global reinsurance for 2021 amid COVID-19 impacts
10th September 2020
Fitch has said that the outlook for the global reinsurance sector for 2021 remains negative, amid growing COVID-19 losses, the global economic contraction, and the lower for longer interest rate environment. The ratings agency's outlook for the global reinsurance industry turned negative back in March, and while reinsurance companies are ... Read the full article
Expect “low double-digit” price rises at Jan 1 reinsurance renewals, says Fitch
9th September 2020
On the back of consecutive years of rate increases at the mid-year across most lines of property and casualty (P&C) reinsurance business, Fitch Ratings expects to see low double-digit price rises at the important January 1st, 2021 renewals. Positive rate momentum in the reinsurance industry continued at the April and June/July ... Read the full article
Heightened reinsurance demand a long-term trend: Fitch
4th September 2020
The COVID-19 pandemic has contributed to a surge in demand for reinsurance and according to analysis by Fitch Ratings, this is no short-term trend. Speaking for the ratings agency in its Mid-Year 2020 Financial Results EMEA webinar was Brian Schneider, Fitch Ratings’ Senior Director and Global Head of Reinsurance. As primary insurers ... Read the full article
APAC penetration gap an opportunity for reinsurance growth: Fitch
4th September 2020
Analysts at Fitch Ratings have argued that the low insurance penetration rate across Asia Pacific (APAC), particularly in emerging countries, represents a major opportunity for reinsurance growth. Fitch anticipates that re/insurers will be focused on the adequacy of their existing protections after significant catastrophe losses in 2019 and H1 2020 and ... Read the full article
H1 results underscore stable outlook for brokers: Fitch
3rd September 2020
With most re/insurance brokers having now reported their results for the first half of the year, analysts at Fitch ratings are confident that the industry will maintain its stable rating and sector outlook, despite the challenges caused by the coronavirus pandemic. The rating agency noted that risks from the ongoing recession ... Read the full article
Reinsurer capital raises unlikely to threaten favourable market conditions: Fitch
2nd September 2020
The flurry of meaningful capital raises in the reinsurance industry in the aftermath of the COVID-19 outbreak are not expected to hinder current favourable market conditions, according to analysis by Fitch Ratings. In Fitch's universe of global reinsurers, a combined $10.3 billion of capital has been raised since March 2020 as ... Read the full article
Asia pandemic claims manageable but evolving: Fitch
1st September 2020
Asian reinsurers’ losses related to the coronavirus pandemic appear to be on a manageable scale thus far due to tight measures to curb the spread of the virus, according to Fitch Ratings. The rating agency noted that most Asian reinsurers entered the crisis well-capitalised, but warned that business growth could slow ... Read the full article
North American P&C results stable despite COVID challenges: Fitch
28th August 2020
Analysts at Fitch Ratings have noted that the H1 results of the North America property and casualty (P&C) re/insurance sector show “relative stability” despite the challenges of the COVID-19 pandemic. Overall, operating performance for this sector declined over the first six months of 2020, as the pandemic hit underwriting results and ... Read the full article
Reinsurers to absorb large share of COVID losses: Fitch
27th August 2020
Analysts at Fitch Ratings believe that reinsurers are set to absorb a large share of the losses stemming from the COVID-19 pandemic. Fitch reported a 10.4 point increase in the overall combined ratio of the reinsurance sector over the first half of 2020, which rose to an underwriting loss at 101.8% ... Read the full article
Auto insurer profits driven by record drop in claims frequency: Fitch
20th August 2020
Financial services ratings agency, Fitch Ratings, believes that commercial re/insurers underwriting profits within the personal auto line have had a dramatic increase after a reduction in driving has led to lower claims frequency in the first half of 2020. According to Fitch, this has helped to offset higher incurred losses which ... Read the full article
Japanese non-life insurers to see claim costs rise as containment eased: Fitch
20th August 2020
A reduction in traffic amid the COVID-19 pandemic benefitted the performance of Japanese non-life insurers in Q1, but this trend isn't expected to last, according to analysis by Fitch Ratings. Fitch's outlook on the Japanese non-life insurance sector remains negative amid widespread uncertainty on the total COVID-19 claims count and the ... Read the full article
Fitch revises Markel’s rating outlook to negative
22nd April 2020
The ratings for Markel Corporation's core property and casualty insurance subsidiaries have been affirmed by Fitch Ratings, although the Rating Outlook has been revised to Negative from Stable. Specifically, Fitch has affirmed the 'A+' (Strong) Insurer Financial Strength (IFS) ratings for Markel Corporation's principal P/C insurance subsidiaries, and the firm's senior ... Read the full article
Improved profit expectations declining for P/C insurers, says Fitch
9th April 2020
Fitch Ratings has said that the meaningful performance disruption facing U.S. property/casualty (P/C) insurers in 2020 has dampened its expectations for additional profit improvement in the year. After consecutive years of consistent underwriting profitability, the P/C insurance sector in the U.S. started 2020 with record levels of capital and some positive ... Read the full article
Fitch revises London market outlook to negative amid COVID-19 issues
24th March 2020
Fitch Ratings has revised its sector outlook for the underlying fundamentals of the London market insurance space to negative from stable, driven by growing concerns around the impacts and disruption caused by the COVID-19 outbreak. Fitch notes that the ongoing virus outbreak threatens the credit quality of London market insurers. While ... Read the full article
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