Corona crisis threatens the profits of insurance companies in the Gulf

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S&P: Corona crisis threatens the profits of insurance companies in the Gulf, today Wednesday 1 April 2020 11:24 am

Standard & Poor’s credit rating agency said on Wednesday that the repercussions of the Corona crisis and the decline in oil prices threaten the profits of insurance companies in the Gulf region, which could lead to negative measures in the corporate credit rating.”Most of the insurance companies that we rate in the Gulf Cooperation Council region benefit from strong capital bumpers and should be able to absorb the claims associated with Covid-19 and the volatility of the capital market,” S&P added in a report.

The credit rating agency added: “But the significant decline in stock markets, the widening difference in bond yields and the continuous decline in real estate prices will damage the profits and fenders of the insurance companies with significant exposure to these categories of assets.”

Source
the Constitution

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