Outlook for UK’s nonlife insurance market deteriorates: Fitch

Analysts at U.S.-based Fitch Ratings Inc. said that while their outlook for the London insurance market remains neutral for 2023, their outlook for the overall U.K. nonlife insurance sector is deteriorating amid soaring claims inflation and claims frequency, Reinsurance News reported. Significant lag in pricing corrections and the introduction of new general insurance pricing practices are expected to hit the U.K. insurers’ margins.