Fitch: Outlook for $438.9bn global reinsurance sector remains negative

Nigeria’s external reserves

Citing losses from the coronavirus (COVID-19) pandemic, Fitch Ratings has said that the outlook for $438.9 billion global reinsurance sector remains negative for 2021. In a new report, the credit rating agency said that the mounting losses from the pandemic, the effect of the global economic contraction on premium volumes, and ultra-low interest rates, will weigh on the financial performance of the sector. However, it said Fitch-rated reinsurers were generally well-positioned to absorb pandemic- related losses – helped by strong capital – and most rating actions over the next 12…

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