Fitch News

Critics Say Bond Rating Agencies Ignore Municipalities’ Climate Risk

Last fall, after a trio of deadly hurricanes, ratings companies warned vulnerable coastal cities to get ready for climate change — or face higher borrowing costs on the $3.9 trillion municipal bond market. Climate advocates cheered, hoping the prospect of …

UK Heading for ‘Acrimonious and Disruptive’ No-Deal Brexit: Fitch

Ratings agency Fitch said on Friday it no longer assumed that Britain would leave the European Union in a smooth transition and said a “no deal” Brexit could lead to a further downgrade of its sovereign credit rating. “In Fitch’s …

London Market Insurers’ Profits Remain Under Pressure with Excess Capacity: Fitch

The profitability of London market and Lloyd’s insurers is expected to remain under pressure in 2018, despite the fact that rates improved slightly following the catastrophe losses in the second quarter of 2017, according to Fitch Ratings in a new …

Acrimonious, Disruptive No-Deal Brexit Is Growing Risk, Says Fitch

Ratings agency Fitch said on Thursday that it saw a growing risk of a bitter and economically damaging Brexit that could lead to a further downgrade of Britain’s sovereign credit rating. “We no longer believe it is appropriate to identify …

Q3 Catastrophe Losses Will Bring Rate Hikes by London Market Insurers: Fitch

Catastrophe losses from the recent U.S. hurricanes and Mexican earthquakes will lead to price rises on London market insurers’ loss-affected lines and could also affect wider market pricing trends, according to Fitch Ratings in a new report. The total industry …

Self-Driving Cars to Transform Motor Insurance in Liability Shift: Fitch

Widespread use of autonomous vehicles will completely transform the motor insurance sector over the long term when liability begins to shift towards manufacturers and traditional risk pools shrink, according to a report published by Fitch Ratings. “The question of who …

Workers’ Comp Line Achieves ‘Significant’ Profit in 2015: Fitch

The U.S. workers’ compensation insurance market achieved a “significant” underwriting profit in 2015, but trends call into question whether such a result can be repeated, Fitch Ratings concluded in a new report. For 2015, the workers’ compensation combined ratio came …

Fitch: Florida Specialist Insurers Largely Untested By Hurricanes

The majority of Florida’s homeowner specialist insurers have brief histories, and their ability to manage a large catastrophic hurricane is uncertain despite recent strong performance, according to a new report from Fitch Ratings. The last hurricane to make landfall in …

UK’s Flood Re Launches to Bring Affordable Flood Cover to Homeowners

The U.K.’s new joint industry and government sponsored reinsurance scheme for flood risk began operating today (April 4). Designed to help provide access to affordable flood insurance cover for households at the highest risk, Flood Re expects up to 350,000 …

Strong Reinsurer Results Hide Difficult Business Conditions: S&P, Fitch Reports

Weak business conditions in the reinsurance industry are being masked by a low level of catastrophes and a high level of reserve releases, said Standard & Poor’s Ratings Services and Fitch Ratings in new reports. “Stripping out these two factors, …