This year will mark the fourth year of a hardening market for commercial lines underwriting cycle, according to the latest US Commercial Lines Market Update released by Fitch Ratings. The Council of Insurance Agents & Brokers’ (CIAB) commercial lines market …
Citing declines in statutory capital and poor underwriting results in personal auto, Fitch Ratings has downgraded the insurer financial strength ratings of Allstate P/C insurance subsidiaries to “A” (Strong) from “A+.” Fitch has also downgraded Allstate’s holding company ratings, including …
Analysts at Fitch Ratings predict a better underwriting result for U.S. property/casualty insurers in 2023 than 2022, but the combined ratio is still going to hover above breakeven, according to their forecast. Fitch forecasts a 100.4 industry combined ratio for …
Although analysts at Fitch Ratings estimate that combined ratios for the directors and officers liability line remained below breakeven in 2022, with competition fueling price declines and the economic conditions uncertain, the line is under pressure. Fitch delivered the conclusion …
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 …
