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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.

Read more: 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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Quote

If last year was the year of the cat, then this year could be the year of the debt crisis.

Mike Van Slooten, head of international market analysis at Aon Benfield