Rating agencies Moody's, Fitch and Standard & Poor's have confirmed the soundness of the reinsurance industry while remaining vigilant. Moody's upgraded the outlook for the sector from negative to stable. This revision is justified by the good responsiveness of reinsurers who managed to obtain tariff increases in the classes of business and treaties affected by the natural catastrophes which occurred during the first half of 2011. Moody's believes that the other classes of business have not sustained tariff decreases and expects a renewal at stable prices. The agency also expects a price increase for retrocession.
Standard & Poor's maintained its stable outlook on the sector but believes that lower tariff decrease is possible if no major natural event occurs during the second half. S&P expects that the results of the year 2011 may be revised downwards for some reinsurers. Fitch, whose outlooks are also stable, is more confident about lower prices, because of the crisis that will result in less need for reinsurance.