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Recession to punish Spanish insurers: Moody’s
24 February 2010
Spanish insurers will continue to suffer from the consequences of the recession and the restructuring of the domestic banking market in 2010, according to a special comment from rating agency Moody's.
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[moody's]
[bancassurance]
Spanish insurers will continue to suffer from the consequences of the recession and the restructuring of the domestic banking market in 2010, according to a special comment from rating agency Moody's. All Moody’s ratings of Spanish insurance companies carry a negative outlook.
Despite the deterioration in earnings since the financial crisis, the industry’s profitability fared reasonably well during 2009, said Moody’s. Underwriting profitability and limited investment losses as a result of conservative investment management kept the Spanish industry strong. In the property/casualty segment, the total loss...
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