Fitch Ratings has revised its global reinsurance sector outlook from ‘neutral’ to ‘improving’, a move the credit rating agency said reflects the market’s strengthening financial performance into 2024. At a reinsurance briefing during the RVS conference in Monte Carlo, senior leaders from Fitch offered insights into the key metrics that sit behind this improving sector outlook.
Among the reinsurance results recorded by the sector in H1 2023, non-life net premiums written rose to US$77,597 million from US$72,241 million last year while its combined ratio hit a healthy 88%, compared to H1 2022’s 89.4%. Discussing the results at a Press briefing, Fitch director Robert Mazzuoli offered further detail on natural catastrophe losses, which are up in terms of both frequency and severity.
