2010 won’t be a very good year for U.S. P&C insurers, as evidenced by reports yesterday from Fitch Ratings. And, now, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), the umbrella body for European Union insurance regulators, reports European insurers are not exempt from a poor 2010.
The outlook for insurers is uncertain, as a prolonged period of rock-bottom rates weighs on investment returns, while a potential acceleration of the swine flu pandemic poses an additional threat, CEIOPS says. "The insurance industry as a whole faces several risks and challenges going forward, of which the most prevalent are financial risks," it says.
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