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02601 CPIC
RTNominal down23.000 -0.100 (-0.433%)
Research Report

26/03/2020 17:11

COVID-19 to test insurers' resilience - S&P

[ET Net News Agency, 26 March 2020] As COVID-19 continues its rapid global spread, the
economic impact has worsened sharply. Nevertheless, S&P Global Ratings expects that the
insurance industry's robust capital position and limited exposure to loss-affected lines
of business will enable most insurers to absorb the impact of financial market volatility
and manage the marginal increase in claims.
The rate of infection is accelerating globally and the center of the pandemic has
shifted from China to Europe and the U.S. The World Health Organization designated the
outbreak a pandemic on 11 March.
S&P forecast that the global economy will be in recession in 2020 as a result.
The economic disruption associated with the pandemic, combined with the collapse in oil
prices and resultant extreme volatility in the capital markets, will have severe
implications for global credit markets.
That said, the average rating across the industry is 'A', the highest average rating for
any corporate or financial services industry S&P rates. As with other investment-grade
issuers, the agency doesn't anticipate widespread downgrades across the industry.
Nevertheless, some ratings will be affected. To date, S&P has downgraded one insurer and
placed two insurance ratings on a negative outlook or CreditWatch. In each case, the
implications of COVID-19 had compounded other factors, causing creditworthiness to
deteriorate. (KL)

Remark: Real time quote last updated: 07/08/2020 17:58
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