Reinsurers’ plans to continue raising premium rates during the January 2022 renewals are likely to contribute to stronger profitability and an improving sector outlook, according to Fitch Ratings. Fitch said it expects double-digit percentage premium rate rises for property catastrophe …
Bermuda’s advantageous tax status for the re/insurance industry will be reduced at the margin with the expected passage of the recent multilateral agreement to establish a 15% global minimum tax rate, according to Fitch Ratings in a market commentary. The …
Global reinsurers’ underwriting performance will continue to improve in 2022 as premium rate increases take hold, with further rate hikes expected as a result of higher catastrophe losses, continued low interest rates and mounting inflation concerns, according to Fitch Ratings …
Fitch Ratings said it does not expect Liberty Mutual Holding Co. Inc.’s ratings to be impacted by its planned acquisition of State Auto Group for an estimated $1 billion of cash consideration. “Given the relative size of the two organizations …
With an insured price tag of €4 billion to €5 billion (US$4.7 billion to $5.9 billion), economic losses from Germany’s recent floods are likely to be significantly higher, which highlights a sizable insurance “protection gap.” This protection gap – or …
The recent severe floods in Germany could add up to 5 percentage points to German non-life insurers’ net combined ratios (net claims and expenses to net premiums), according to Fitch Ratings. The insured losses are likely to be Germany’s highest …
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector $300 million to $400 million due to payouts for ticket and hospitality refunds, Fitch Ratings says. However, this is only 10%–15% of the …
With favorable results driven by recent reductions in claims frequency and further recognition of material reserve redundancies, workers’ compensation underwriting performance is expected to remain strong in 2021, according to Fitch Ratings. However, this level of profitability is unsustainable longer …
Fitch Ratings has affirmed the Insurer Financial Strength (IFS) ratings of Intact Financial Corp.’s insurance subsidiaries at ‘AA-‘ (very strong), after its acquisition of RSA Insurance Group. Fitch also upgraded the IFS of RSA’s operating subsidiary, Royal & Sun Alliance …
U.S. insurers offering cyber coverage have been implementing significant pricing and underwriting actions in 2021 in response to a spike in cyber claims, according to Fitch Ratings. Fitch predicts that immediate improvement is unlikely this year from these actions and …
