Fitch warns of mounting pressure on global insurance ratings
Fitch Ratings said that balance sheet pressures for insurance and reinsurance companies globally were becoming more severe as insurers experience greater unrealised market value losses, and take impairments, on their investment portfolios. As such, Fitch expects a noteworthy ramp up in such losses to be reported by many insurers in the third quarter.
Fitch has revised the rating outlook to Negative from Stable for 12 insurance and reinsurance sectors globally, primarily reflecting the fall out from significant deterioration in the global financial markets, and its impact on insurers' balance sheets and financial flexibility.The Negative outlooks reflect the significant falls in global credit and equity markets, and unprecedented market volatility and uncertainty. Of greatest concern to Fitch are declines in the market value of investment
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