Moody’s changes outlook for P&C insurers to ‘negative’

U.S.-based Moody’s Investors Service Inc. has changed its outlook for the global property and casualty insurance industry to “negative” as it expects the insurers to face heavier catastrophe losses in 2023 amid rising claims inflation and claims frequency, Artemis reported. The negative outlook is also driven by reinsurance market hardening, weakening economic growth, and increasing competitive pressures, all of which are expected to hurt P&C insurers.