We have met with Chris Waterman, Managing Director and Head of EMEA Insurance at Fitch Ratings before the Monte Carlo event this week, to ask about the reinsurance market outlook.
For the next 12 to 24 months Fitch Ratings expects a stable outlook for the reinsurance companies that they follow. Upgrades and downgrades should most likely correlate with each other.
Chris Waterman says although there may be negative trends in terms of fundamentals, Fitch's outlook has taken these into consideration. There could be developments outside of Fitch's expectations that would lead to downgrades within their reinsurance portfolio, yet Fitch believes that is unlikely at the moment.
Chris Waterman speaks about the influence of new players in the reinsurance market, and on the influence of sovereign debt ratings.
Our first question is however about the reinsurance market earnings for the year 2011, which has been hit by exceptional catastrophe disasters.
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