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Member, Beacon International Group, Ltd.
LONDONThe economic and industry risks to nonlife insurers in the United Kingdom are low and moderately low, according to Standard & Poor's Corp.
The rating agency said that most of its ratings on U.K. nonlife insurers are A- or higher, with a stable outlook.
The industry is subject to strong insurance supervision, and companies have "much improved and still developing" enterprise risk management, among other things, S&P noted.
Offsetting those positive factors, the rating agency said, there is increasing price competition putting pressure on underwriting margins, among other factors.
The U.K. nonlife insurance market is the third-largest in the world, behind the United States and Germany, according to the report.