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Member, Beacon International Group, Ltd.
Fitch Ratings Inc. has predicted that the reinsurance sector will experience further profit deterioration in the coming months, Artemis.bm reports. The combined ratio for non-life reinsurers climbed to 93% in the first-half of 2016 from 88% in the previous year. "Fitch expects the reinsurance sector's combined ratio to deteriorate further to 94.2% in 2016 and 99.2% in 2017, due to falling reinsurance prices, reduced reserve redundancies and catastrophe losses increasing to long-term historical averages," said Fitch.