Fitch warns of deteriorating outlook for UK insurers
Fitch Ratings has delivered a split forecast for 2023 with the outlook for company market insurers deteriorating while London Market players have a ‘neutral’ ranking.
According to the ratings agency, the downbeat forecast for the company market sector is due to the introduction of general insurance pricing practices, high claims inflation, normalising claims frequency and slow rate increases in a competitive sector. This, Fitch said, will put downward pressure on earnings in 2023.
The experts warned that the “tumult” from the FCA’s fair pricing rules overhaul will result in lower margins for insurers in 2022 and into 2023.
Delving into the factors for the
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