Standard & Poor’s Ratings Services has issued an intermediate insurance industry and country risk assessment (IICRA) score on the global property and casualty reinsurance sector. The report “Insurance Industry And Country Risk Assessment On The Global Property/Casualty Reinsurance Sector” gives the industry an “Intermediate” grade.
“The IICRA score reflects the risks P/C reinsurers operating in the global marketplace typically face. The assessment is based on our view of low country risk and moderate industry risk,” said S&P credit analyst Taoufik Gharib.
S&P noted that “one of the key risks facing the global P/C reinsurance sector is increasing competition and its potential to dent reinsurers’ profitability in 2014 and 2015. In addition, the influx of third-party capital has increased significantly during the past couple of years and has contributed to the general oversupply of reinsurance capacity.”
Source: Standard & Poor’s
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