Virus Spurs Rise In Western European Insurers' Rating Actions

Law360, London (February 8, 2021, 4:36 PM GMT) -- Ratings agency Fitch has recorded a 45% jump in the number of changes to credit ratings, and other such actions, of Western European insurance companies amid the shifting outlook for markets and risk exposure during the COVID-19 pandemic. 

Fitch, which publishes the credit ability of companies to pay their debts, issued 155 actions in 2020, up from 107 in 2019. This included 12 overall downgrades for the sector in 2020, which is "substantially higher" than the two it issued in 2019, or the one changed in 2018.

"This was largely driven by a review of the agency's entire portfolio of rated...

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