Climate change, and its impact on natural catastrophe losses, is one of the most significant risks for non-life and composite insurers and for reinsurers. Despite the challenges, the re/insurance industry has all the tools at hand to manage the risk. This is the view of Fitch Ratings, which says climate change therefore has a minimal impact on the ratings of most of the insurers in its portfolio.
Elsewhere, digital transformation is key for European insurers’ success, the agency states, and that will not happen without the requisite investment in infrastructure and innovative technologies. “A digitally enabled operating model will be a prerequisite for success in the European insurance market in the coming years,” it stated.
In other themes affecting the market, pandemic-related actions drove a 45% rise in the number of western European insurance rating actions taken in 2020, compared with 2019, and US P/C insurers are expected to face record 1Q 2021 catastrophic losses due to extensive property damage from the severe winter weather in Texas, Louisiana and other southern states.
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