Fitch Ratings News

Turkish Insurers Facing Severe Strain, Fitch Ratings Warns

Turkish insurers are facing one of their most challenging operating environments of the past decade, with earnings and capital adequacy likely to come under severe strain in 2022-2023, Fitch Ratings says in a new report. According to Fitch analysts, the …

Medical Professional Liability Insurance Market Improves but Still Unprofitable

The U.S. medical professional liability insurance (MPLI) market saw an improvement in financial performance in 2021 but its combined ratio remained an unprofitable 108 and a return to profitability is unlikely, said Fitch Ratings. Fitch said it expects results to …

Natural Disasters, Ukraine War Weigh on Q1 Results of Europe’s Major Reinsurers

Three out of four of the major European reinsurers reported their profits were negatively affected as a result of elevated natural catastrophe claims and a first round of claims reserves from the Russia-Ukraine war, according to Fitch Ratings in a …

S&P Global Heeds Warnings, Withdraws Proposal for Insurer-Rating Changes

S&P Global Ratings said it is withdrawing a proposal to change the way it assesses risk-based capital adequacy for insurers and reinsurers. For the first time in more than 10 years S&P looked to change the manner in which it …

Rapid Cyber Premium Growth by Fairfax, Tokio Marine Increased Share of Market

The top cyber insurance carriers in 2021 shifted to include Fairfax Financial Holdings and Tokio Marine U.S. as the marketplace grew 74% to over $4.8 billion, according to a report from Fitch Ratings. Overall, the top cyber insurance underwriters are …

Claims Inflation, Weakening Price Momentum Could Hit Reinsurer, London Mkt Profits

The global reinsurance and London market sectors face increased risks from rising claims inflation, financial market volatility and weakening price momentum, according to a commentary published by Fitch Ratings. As a result, Fitch has revised its outlooks for these sectors …

EU’s Tweak to Sanctions Allows Some Aircraft Lessors to Sell Stranded Jets to Russia

An amendment to European Union sanctions last week created a potential path for some aircraft financiers to sell jets held in Russia to the airlines now operating them without permission. The measure, published April 8, will allow EU governments to …

Russia’s Seizure of Foreign Jets Triggers Wave of Insurance Claims From Leasing Firms

Russia’s move to transfer almost 800 foreign-owned jets to its own aircraft register amid foreign sanctions has triggered a wave of insurance claims from leasing firms whose fleets have effectively been commandeered. Lessors will assert that registering the planes in …

Aviation Re/insurers Face Claims as High as $10B From Planes Grounded in Russia

Insurers and reinsurers could face claims as high as US$10 billion in a worst-case scenario due to the grounding of planes in Russia, Fitch Ratings said. More than 500 planes that are financed or owned by non-Russian lessors are stranded …

Financial Market Volatility From Russia-Ukraine War Likely to Affect European Insurers

The Russia-Ukraine war is more likely to affect the European insurance sector through second-order financial market volatility than through direct effects from sanctions, according to Fitch Ratings. The rating agency released the statement about the limited impact of sanctions on …