Insurance
Primary insurers started 2023 from a position of relative strength, mainly thanks to the post-pandemic recovery, and despite some capital depletion in 2022.
Tariffs Put European Re/Insurance Ratings To The Test
European reinsurers and insurers (re/insurers) brace themselves for tariff tremors. Due to the pronounced effect of tariffs on capital markets in the U.S., Asia, and Europe, re/insurers' investments could be more affected by tariffs than by other risks. Our stress test revealed that equity market stress would have the most pronounced effect on European re/insurance ratings.
The Impact Of The Los Angeles Wildfires On California's Property Insurance, Housing Finance, And State Creditworthiness
The losses from the Los Angeles wildfires are expected to cause property insurance carriers to raise rates and/or reduce coverage options in California and other at-risk areas. This could be exacerbated in the likely event that the California FAIR Plan falls short of funds. Regulatory reform in the state could eventually improve homeowner insurance accessibility and alleviate the strain placed on the FAIR Plan. The rising insurance costs and mounting affordability challenges could weigh on the creditworthiness of the state of California over time. Currently, however, our rating outlook is stable.
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Richard Anthony-Smith
S&P Global Ratings
Head of Sales, EMEA
Denis O'Sullivan
S&P Global Ratings
Head of Sales, Asia-Pacific
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