No-deal Brexit likely to impact insurers’ ratings less than other sectors: S&P
UK insurers will not be as badly affected as some other sectors in terms of ratings downgrades in the event of a no-deal Brexit.
That’s according to ratings agency S&P Global ratings. “The most significant credit implications resulting from a no-deal Brexit for U.K. insurers are likely to come from the short-term and long-term disruptions to the country's economy and financial markets,” said S&P.
It added: “However, we believe the initial impact on U.K. insurers' ratings will be muted, with outlook revisions, rather than widespread downgrades, more likely to occur if the downside economic and market scenarios occur.”
Looking at the wider impact across all sectors, S&P said that an impact of a no-deal Brexit from the EU could lead to a few rating downgrades, negative outlooks, or CreditWatch actions on issuers with insufficient rating headroom to weather the related economic slowdown or disruption.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Insurers need better digital strategies: report
Senior Swiss Re, AmTrust underwriters join HDI Global Specialty UK
Guy Carpenter head of international facultative operations exits
Liberty Mutual reveals changes in Continental Europe after key acquisitions
Lockton snags Marsh's financial institutions leader
Globe Underwriting appoints new head of marine following departure
Feature: 10 ways insurers are using insurtech to drive new business
