By Martin Croucher (May 5, 2020, 7:52 PM BST) -- Global reinsurers could struggle to offset growing underwriting losses through rate rises at renewals because of an economic slowdown triggered by the coronavirus pandemic, ratings agency Fitch has warned.
Fitch said on Monday reinsurers were on course to make a loss in 2020 because of the twin pressures of rising claims from the COVID-19 crisis and market volatility affecting investments.
The ratings agency said it expects the average combined ratio — a measure of underwriting profitability — for the year to be around 103.5%, a worsening of the 101.1% last year. A combined ratio of under 100% represents a profit, while over...
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