Insurance
The latest global Insurance finance research, including industry news, and in-depth commentaries from the S&P Global Ratings insurance finance team.
U.S. Health Insurance Sector View 2026: Seeking Signs Of Recovery Amid Pricing And Structural Risks
We are maintaining a negative sector view on U.S. health insurers for a second consecutive year in 2026 following historically weak earnings in 2025 driven by pricing challenges, inadequate government program rates, and elevated medical costs. While earnings are expected to improve gradually as companies reprice products and enhance cost management, the recovery is likely to be uneven and multiyear. Ongoing balance sheet pressure, heightened policy risk, and a high share of negative outlooks underscore continued credit stress across the sector.
North American Life Insurers Sector View 2026: Steady As She Goes
North American life insurers continue to benefit from a supportive environment, remaining one of the most stable and highly rated sectors. Strong capitalization, favorable macro conditions, and long-term demographic trends underpin the outlook, while growing private credit investments and offshore reinsurance use are reshaping portfolios amid increased scrutiny and ongoing regulatory and geopolitical uncertainty.
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