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Final-quarter flood losses within expectations for most UK insurers, Fitch says

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Final-quarter flood losses within expectations for most UK insurers, Fitch says

Fitch Ratings said in a report published April 6 that theprofitability of U.K. non-life insurers was affected by a series of weatherevents in the final quarter of 2015, although benign weather in the rest of theyear meant that most insurers saw flood losses fall within their annual budgetfor weather-related losses.

Fitch expects that the introduction of Flood Re in April andan increase in insurance premium tax may slow the recent fall in householdinsurance premiums or create a modest temporary rise.

The agency predicts that competition will remain strong asan increasing number of customers use price comparison sites.

Because insurers are reinvesting assets at lower returns,Fitch expects investment income to decline further in 2016.