Fitch Ratings has downgraded the financial strength rating of Turkish insurance company Anadolu Sigorta. The rating went from "BB" to "BB-" with a negative outlook.
This decision follows the downgrading of Turkey's sovereign rating and local banks. Note that most of the insurer's investment portfolio consists of government bonds and deposits of Turkish banks.
Read also | Turkish insurance market: turnover 2021 [4]
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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-189-march-2022
[4] https://www.atlas-mag.net/en/article/turkish-insurance-market-turnover-2021