Fitch upgrades Italian insurance market
Fitch Ratings has revised the rating outlook for the Italian non-life insurance market to stable from negative, on the grounds of improving profitability driven by premium rises and better risk selection.
Fitch said in a newly-published report that trading conditions in the Italian non-life insurance market are improving, after two years of weak operating performance.
"There is a stronger degree of consensus among market participants regarding the need to raise tariffs to restore profitability, as well as more evidence that the operating environment, and regulatory aspects in particular, could support the non-life industry in its recovery," said Federico Faccio, senior director in Fitch's insurance team.
"However, the speed at which non-life insurers have responded to the sharp deterioration of the underwriting conditions in 2009 and 2010 has varied between market participants, with higher rated companies having been quicker to respond."
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