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News - Global reinsurance sector stable, claims Fitch.
(From Reinsurance)
Fitch Ratings' latest global report has maintained its 'stable' rating outlook on the global reinsurance sector.
Fitch believes that the sector's underwriting, operating and capital trends over the next 12-24 months will remain consistent with expectations established in July 2004, when it revised its rating to 'stable' from 'negative'.
"The unknown factor in Fitch's analysis is the effect Hurricane Katrina will have on the reinsurance sector," said Chris Waterman, senior director in Fitch's Insurance Group in London. According to the damage assessments so far received, the low end of Katrina's potential loss estimates makes it the largest insured loss from a single event since the 11 September 2001 tragedy, and the largest US hurricane loss since Hurricane Andrew in 1992.
"Katrina-related losses approximating the upper end of current estimates could be large enough for Fitch to reconsider its stable outlook," Mr Waterman added. On a positive note, Katrina ...
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