FANews
FANews
RELATED CATEGORIES

Various rating actions taken on South Africa - based insurers and reinsurers following sovereign downgrade

04 December 2017 S&P Global

•On Nov. 24, 2017, we lowered our foreign currency sovereign ratings on the Republic of South Africa to 'BB' from 'BB+' and our local currency sovereign ratings to 'BB+' from 'BBB-'. • We think that economic conditions in South Africa have led to increased asset risks in domestic insurers' balance sheets. • We are therefore lowering our ratings on various South Africa-based insurers and reinsurers. We are affirming our ratings on one entity. • The stable outlook on our global scale ratings on the South Africa-based insurers and reinsurers largely reflects that on the sovereign.

S&P Global Ratings today took various rating actions on the insurers and reinsurers exposed to the South African market, as listed in table 1.

Click here to read full article.

Quick Polls

QUESTION

The shocking crime and motor vehicle accident statistics shared during a recent SHA presentation suggests that group personal accident and personal accident cover are a no-brainer. Do you agree?

ANSWER

Yes
No
Not sure
fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now