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UK Life Insurance Sector Rating Downgraded to Negative

The international rating agency Fitch Ratings revised the forecast for the UK life insurance sector reducing it from “stable” to “negative”.
UK Life Insurance Sector Rating Downgraded to Negative

The spread of the coronavirus COVID-2019 in the EU poses risks to the Eurozone economy, where Italy suffered the largest outbreak, analysts at the international rating agency Fitch say, they point the importance of urgent political measures for economic growth. 

As the UkrStrakhovanie Internet resource reports with reference to Fitch, the main negative factor of the life insurance sector, according to analysts, is the spread of Covid-19 infection and associated with it uncertainty for the industry. Fitch made similar decision in relation to the life insurance market in the United States a few days earlier. 

According to Fitch, market volatility led to a sharp decline in interest rates and, consequently, investment income. “Fitch believes the combination of these conditions no longer matches the stable outlook for the sector,” the Fitch report said. 

The initial risks were related to the problems associated with China, mainly the supply chain interruptions of European manufacturers, China's final demand and tourism. “But the restrictive measures in Italy indicate a possible impact on the services sector and domestic consumption structure,” analysts say. 

Photos are from open sources.  

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