S&P Shifts Global Reinsurance Outlook To Negative

Law360, London (May 19, 2020, 3:49 PM BST) -- Global reinsurers are likely to face underwriting losses for the year as a result of the impact of the pandemic, ratings agency Standard & Poor's warned, as it downgraded the outlook for the sector from stable to negative.

S&P said in a report Monday that reinsurers would likely have an average combined ratio — a measure of underwriting profitability — of between 101-105% for the year. A ratio of above 100% indicates a loss.

The blow to balance sheets is likely to be a lot harder if global insured losses stretch beyond $30 billion, S&P said. Lloyd's said last week the...

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