2009-09-02

By Editor, CIR

The global insurance industry can get used the current negative outlook, according to Fitch Ratings, as contributing factors are unlikely to improve enough in the near term to allow for an upwards revision any time soon.

Throughout 2008, Fitch moved its rating outlooks for all segments and regions of the global insurance industry to 'negative'. Continued mounting instabilities in the economic and operating environments have led Fitch to downgrade over 40% of its rated insurance groups since fourth quarter of last year. Additionally, more than 60% of Fitch's rated insurance entities either have a 'negative outlook' or 'rating watch negative'.

On a brighter note, from a macroeconomic perspective, Fitch believes that the immediate economic crisis has passed with some signs of stabilisation in the market.

Insurance Industry Rating Outlooks: Global Update is available at www.fitchratings.com

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