Reinsurance News
Fitch
MPLI market shows improvement, but remains unprofitable: Fitch
20th June 2022
Analysts at Fitch Ratings highlighted how results for the US medical professional liability insurance (MPLI) market improved significantly in 2021, reversing a four-year trend of weakening performance, but still, however, generating a 108% combined ratio. Segment performance is expected to further improve in 2022 due to earned premium growth related to ... Read the full article
“Insurance Capital Standard could augment the analysis of insurers’ capital” – Fitch
8th June 2022
Fitch Ratings says that the Insurance Capital Standard (ICS) could augment the analysis of insurers’ capital by serving as a comparator benchmark across geographies. The standard, due to be implemented globally by 2025, aims to provide a globally comparable risk-based measure of the capital adequacy of Internationally Active Insurance Groups (IAIGs). ... Read the full article
Hurricanes could challenge P&C industry this year, says Fitch
6th June 2022
A hurricane that hits land could present additional challenges to a P&C sector beset by inflation increases and the potential for stagflation, says Fitch in a new note. The firm said that natural catastrophe losses, particularly severe weather-related events, represent a major source of loss volatility, but capital levels of large ... Read the full article
P&C lines poised for favourable underwriting gains: Fitch
25th May 2022
Analysts at Fitch Ratings have reported that the underwriting performance of US property and casualty (P&C) insurance commercial sector lines is “poised for favourable underwriting gains in 2022,” barring outsized natural catastrophe losses. Commercial lines’ underwriting performance returned to profitability in 2021, with significant declines in both calendar-year loss and expense ... Read the full article
UK climate stress test is “toughest yet” for insurers: Fitch
24th May 2022
Analysts at Fitch Ratings have warned that the UK’s latest supervisory climate stress test for insurers is “the world’s toughest yet,” with many firms expected to fall below the minimum standards imposed. The BoE’s 2021 Climate Biennial Exploratory Scenario test explores the resilience of the UK financial system to the physical ... Read the full article
US cyber insurance payouts increase, amid rising claims: Fitch
19th May 2022
Analysts at Fitch Ratings have said, that cyber insurance has become the fastest growing segment for US property & casualty (P&C) insurers as evolving threats have “boosted” the demand for coverage, with insurers actively raising prices in response to rising claims. In the analysts latest report on the US cyber insurance ... Read the full article
“Four European reinsurers saw decline in profits in Q1 2022” – Fitch Ratings
16th May 2022
The decline in profits for four major European reinsurers is down to varying factors, says Fitch Ratings. The agency said that the Q! 2022 results for Munich re, Swiss Re, Hannover Re, and SCOR saw an average return on equity to 2.4% in 1Q22 from 7.4% a year ago. The firm also ... Read the full article
Ransomware attacks becoming a growing risk for US Corporates: Fitch
12th May 2022
With the frequency, severity and sophistication of ransomware attacks in the US rising dramatically in 2021 from the prior year, according to Fitch analysts, this trend is expected to continue as long as profit incentives remain high and outweigh perceived risks of criminal prosecution. In 2021 it was reported that there ... Read the full article
Fitch turns negative on SCOR
11th May 2022
Fitch Ratings has changed its outlook on SCOR from stable to negative, due to concerns that the reinsurer may not deliver a financial performance in line with its ratings over the next year to two years. At the same time, the rating agency affirmed the insurer financial strength (IFS) and long-term ... Read the full article
P&C statutory loss reserves ‘adequate’ at the end of 2021 – Fitch Ratings
6th May 2022
Fitch Ratings has said in a new report that the property and casualty (P&C) industry’s statutory loss reserves remained adequate at YE21, with a 16-year track record of favourable prior-period development supporting balance sheet strength. The agency said that the positive pricing environment and potential for further redundancies from declining claims frequency ... Read the full article
UK Solvency II reforms won’t affect insurer ratings, says Fitch
5th May 2022
Analysts at Fitch Ratings have assured that recent proposals made by the UK Government concerning Solvency II rules are unlikely to affect the ratings of insurers. Set out in a consultation paper last month, the proposals on Solvency II include an intention to cut the risk margin for carriers, a ... Read the full article
Reinsurer capital adequacy strong at end of 2021, says Fitch
25th April 2022
Capital adequacy among global reinsurers remained strong at the end of last year, according to a new note from Fitch Ratings. The firm says that a significant improvement in earnings and strong risk-management capabilities helped to offset capital consumption from business volume growth over the course of the year. Authored by Robert ... Read the full article
UK Non-Life insurers maintain strong results in 2021: Fitch Ratings
20th April 2022
Fitch Ratings has released a report monitoring UK non-life insurers, which showed reduced pandemic-related losses on business interruption and travel policies in commercial lines in 2021. The group also experienced less severe weather-related claims within their retail home lines, which overall helped to offset a deterioration in performance on insurers’ motor ... Read the full article
Fitch predicts P&C profit improvement on pricing, auto results
13th April 2022
Continued favourable commercial lines pricing and stabilization in personal auto results are expected to lead to 2022 underwriting and profit improvement for US property casualty (P&C) insurers, according to analysts at Fitch Ratings. In contrast the rating agency believes that surplus growth is likely to diminish significantly relative to the past ... Read the full article
P&C underwriting profits to improve through 2022: Fitch
7th April 2022
Analysts at Fitch Ratings believe that the property and casualty (P&C) re/insurance industry is positioned for better underwriting profits in 2022, driven by continued favourable commercial lines pricing trends and likely stabilization in personal auto business. The 2021 GAAP full-year results for a peer group of 45 North American P&C firms ... Read the full article
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