Reinsurance News
Fitch
Fitch assures P&C sector is “recession resilient” as headwinds mount
21st November 2022
Analysts at Fitch Ratings have assured that its analysts view the US property and casualty (P&C) sector as “recession-resilient,” if not totally “recession-proof,” as challenging economic conditions continue to mount. It is expected that the US economy is headed towards mild recession next spring, which Fitch suggests will yield “different outcomes” ... Read the full article
US midsize mutual life ratings supported by high capital levels: Fitch
16th November 2022
According to Fitch Ratings, the ratings for its midsize mutual life peer group continue to be supported by higher levels of capital relative to the broader life industry, reflecting the unique characteristics of mutual ownership. The rating agency suggests that compared with stock companies, these mutual insurers generally have a longer-term ... Read the full article
Italian non-life premiums up 6% as insurers shift from motor: Fitch
8th November 2022
Non-life premiums in Italy rose by 6% during the first half of 2022, according to data from Fitch Ratings, owing to strong growth in non-motor lines. Analysts note that Italian insurers have been increasing their exposure to non-motor in recent years to offset pressure on motor profitability, which still accounts for ... Read the full article
Fitch upgrades W.R. Berkley’s ratings
26th October 2022
Fitch Ratings has announced that it has upgraded W.R. Berkley Corporation’s property and casualty (P&C) operating subsidiaries Insurer Financial Strength ratings to ‘AA-‘ (Very Strong) from ‘A+’. At the same time, Fitch has also upgraded Berkley’s senior debt rating to ‘A-‘ from ‘BBB+’. The rating outlook is stable. Fitch stated that the ... Read the full article
Fitch ups insured loss range for Hurricane Ian to $35-55bn
17th October 2022
Analysts at Fitch Ratings have increased their estimate for re/insurance industry losses from Hurricane Ian to a range of $35 billion to $55 billion. The new range represents an increase on the estimate of $25 billion to $40 billion previously released by Fitch, although the earlier figures did apply to ... Read the full article
Public finance issuer ratings to remain stable following Ian: Fitch
4th October 2022
According to a new report from Fitch Ratings, the ratings of US public finance issuers affected by Hurricane Ian will largely remain stable, but the credit quality of some issuers with lesser resources and financial flexibility could weaken. While the full extent of property damage in Florida, Georgia and the Carolinas ... Read the full article
Security budget cuts may escalate cyber risk, warns Fitch
30th September 2022
Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure due to poor revenue outlooks. Analysts note that cybersecurity spending is often viewed as an added cost rather than an essential business expense, with ROI metrics difficult ... Read the full article
Global insurance sector outlooks at risk from high inflation & rising interest rates: Fitch
16th September 2022
In a new report, Fitch Ratings has warned that insurance sector outlooks in several markets across the world could move to deteriorating if both high inflation and rising interest rates continue to persist beyond the rating agency’s latest forecasts. Analysts have analysed the potential impact of a conservative economic scenario with ... Read the full article
Fitch analysts view Russia-Ukraine war as a “contained risk”
11th September 2022
The full extent of insurance and reinsurance losses stemming from the conflict between Russia and Ukraine remains a murky subject with many unknown factors, but analysts at Fitch Ratings are confident that the war will prove to be a “contained risk” for the market. Speaking during a recent Global Reinsurance Briefing ... Read the full article
Fitch highlights pandemic impact on reinsurance market throughout Asia
6th September 2022
According to analysts at Fitch, Thailand’s life industry has no exposure to lump-sum payout policies, and experienced stable operation during the COVID-19 pandemic. Analysts also noted that local life reinsurers remain profitable with a rise in COVID-19 related health claims partially offset by lower claims in other products. At the same time, ... Read the full article
Asian reinsurers to focus on discipline and price amid inflation & climate change: Fitch
5th September 2022
In Asia, persistent inflation is a threat to the profitability of the reinsurance market and is happening at a time of elevated weather-related losses for carriers, a trend Fitch warns could accelerate as a result of the changing climate. Analysts at ratings agency Fitch believe that prolonged high inflation could lift ... Read the full article
French re/insurers face unprecedented nat cat losses: Fitch
1st September 2022
French non-life insurers and reinsurers face natural catastrophe losses on an unprecedented scale this year, exacerbating the pressure on profitability from claims inflation and a worsening macro-economic environment, according to Fitch Ratings. Analysts assured that ratings are not at risk but said that the sector’s financial performance is expected to deteriorate ... Read the full article
Fitch highlights impact of inflation & nat cats on Asian reinsurance market
31st August 2022
Inflation and natural catastrophes are set to moderately increase pricing and squeeze underwriting margins in the Asian reinsurance market, says Fitch Ratings. According to Guy Carpenter, risk-weighted prices rose by 1%-5% in Japan for programmes covering the country’s 2021 windstorm, with the average price for typhoon risk reaching a 25-year high. ... Read the full article
Reinsurance rates to increase regardless of cat activity: Fitch
26th August 2022
Analysts at Fitch Ratings have argued that reinsurance rates will continue to harden during the January 2023 renewals, even in the absence of significant catastrophe losses throughout the second half of the year. In a new report, the rating agency notes that, at $34 billion, H1 worldwide insured natural catastrophe losses ... Read the full article
Korean Insurance Capital Standard to have limited impact: Fitch Ratings
26th August 2022
Fitch Ratings has said that the implementation of the Korean Insurance Capital Standard (K-ICS) starting 2023 is likely to have a limited impact on insurers’ ratings, although the new capital regime, together with IFRS 17, will squeeze their capital buffers. The K-ICS comes into force from the beginning of next year. ... Read the full article
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