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22nd November 2020
S&P Global highlights top risks for the global insurance industry
Trend
S&P Global Ratings has published a presentation outlining the top risks for the global insurance industry.
Key points are:
-The impact of COVID-19 on global insurance markets is largely felt through asset risks, notably capital markets
-volatility, and weaker premium growth prospects.
-We expect most COVID-19-related losses (business interruption, event cancellation, etc.) to be picked up by reinsurers, so primary insurers' technical performance is unlikely to deteriorate materially.
-Strict lockdown measures helped maintain satisfactory performance, as motor and medical claims had a positive impact on loss ratios.
-Developed markets, particularly life ones, are likely to shrink in real terms as a result of the economic slowdown.
-Developing markets, through their riskier asset allocation, will likely experience more declines in return on equity than developed markets.
-Ultralow interest rates mean that the most significant source of risk to insurers is the performance of investments, especially life insurers with guaranteed back books.
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