NU Online News Service, Nov. 16, 3:50 p.m. EST

Standard & Poor's said it does not expect rising interest rates to result in ratings changes for property and casualty insurance companies unless they decide to adjust their reserves.

The impact of rising interest rates "is probably muted for most insurers," S&P said in a recent report.

But the rating agency added, "To the extent that higher nominal interest rates are accompanied by expansions of higher inflation, [p&c] insurers might have to adjust reserves, which is something Standard & Poor's would monitor closely."

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