Most insurance payouts due to the earthquake that hit Turkey and Syria ultimately will be borne by global reinsurers, according to Fitch Ratings. “The vast majority of insured losses will be covered by reinsurance, but the amount ceded is likely …
Reinsurance rates for property catastrophe business should increase by well over 10% when contracts are renewed in January 2023, according to a commentary from Fitch Ratings Fitch expects double-digit percentage premium rate rises for property catastrophe cover in 2023, driven …
Mergers and acquisitions in the global reinsurance sector will be limited into 2023 amid investor concerns over macroeconomic risks and heightened catastrophe losses linked to climate change, according to Fitch Ratings. “We expect reinsurers to prioritise pricing, risk management and …
Inflation likely won’t subside anytime soon, and insurers will need to be proactive and flexible if they want to stay on top of the challenges, said Keith Buckley, managing director of Fitch Ratings’ global insurance rating group. He was speaking …
With an overall combined ratio in excess of 100 for the first time since 2017, private passenger auto joined homeowners in unprofitable territory last year, prompting carriers to respond with pricing and underwriting actions. But improvement in the auto line …
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 …
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 …
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 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 …
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 …
