Standard & Poor’s News

S&P Forecasts Global Islamic Financial Industry Growth

The $2.2 trillion global Islamic finance industry is expected to grow 10%-12% over 2021-2022 due to increased Islamic bond issuance and a modest economic recovery in the main Islamic finance markets, S&P Global Ratings said. The industry continued to grow …

S&P Finds U.S. Insurers Made Modest Gains in Diversity Over Decade

The U.S. insurance industry has achieved only modest gains in increasing diversity over the last 10 years, according to government data compiled by S&P Global Market Intelligence. S&P found that the percentage of Black or African-American employees in the insurance …

S&P Pegs Coronavirus Losses at $15-$30B. Chief Risk Officers Think That’s Low.

Analysts for Standard & Poor’s Global Ratings shared a view that U.S. underwriting losses from COVID-19 would fall in the $15-$30 billion range. However, risk officers speaking at a rating agency conference last week said the estimate is light. S&P …

S&P Expects States to Lose Bids to Mandate Coronavirus Business Interruption Coverage

Standard & Poor’s said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses. The reason: An expectations of fierce insurance industry-fueled legal challenges. “We are taking the initial …

S&P Upgrades Outlook for AXIS

AXIS Capital Holdings won an outlook upgrade from Standard & Poor’s Global Ratings as well as an affirmation of its other ratings, thanks to growing confidence in its various strategic initiatives. Standard & Poor’s revised its AXIS outlook to stable …

Reinsurers More Likely to Report Natural Disaster Underwriting Losses: S&P

Things could get rougher for global reinsurers if annual natural catastrophe claims keep moving closer to the long-term average, Standard & Poor’s said in a new report. It turns out that upward trend has been substantial. As indicated by Aon …

Reinsurance Rates Continue to Soften with No End in Sight: S&P

The global reinsurance sector is poised for yet another full year of declining rates, ensuring that a hoped-for bottom of the current market cycle will remain elusive in 2017, Standard & Poor’s said in a new report. The continued downward …

Bermuda Re/Insurers Hit by Ogden Rate Change, Higher Nat Cats: S&P

A big change in the Ogden rate in the UK and higher natural catastrophe losses are dampening a wide range of Bermuda-based insurer and reinsurer results in the 2017 first quarter, Standard & Poor’s said in a new report. “Unfavorable …

Insurtech to Become Part of Traditional Insurance Landscape: S&P Report

Insurtech has a complementary place in the traditional insurance world, despite remaining uncertainty in the industry about how it will function on a wide scale, Standard & Poor’s said in a new report. “We do not expect traditional insurance business …

Insurtech Startups Attract Growing List of Traditional Insurer Partners

Listening to Andrew Rear talk about insurers, you wouldn’t think he works for one that’s been around for 136 years. The 46-year-old head of Munich Re’s Digital Partners unit has said the industry is “one of the last bastions of …