"As we had believed, the crisis has turned out to be an earnings event for GMIs, and a manageable one — not a serious capital event. That is, no insurer in this group fell into a position where its capital resources became insufficient to meet expectations by regulators," explained Marc-Philippe Juilliard, S&P Global Ratings analyst. (Credit: Viacheslav Lopatin/Shutterstock.com)
While 2020 was challenging, the impact on global multiline insurers (GMI) was limited, according to S&P Global Ratings, which noted the pandemic cost the 16 GMIs it rates around $8 billion. Overall, the rated companies saw net income of $36 billion for the year.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
