NU Online News Service, Oct. 23, 2:15 p.m. – Standard & Poor’s London office says that instability and uncertainty in global equity markets in 2002 has caused the financial strength of the U.K. life insurance market to fall farther than it has in more than five years.
“With nine downgrades and only one upgrade in the past 12 months, the U.K. life market has experienced its worst year in terms of credit downgrades since the current insurance cycle began,” says Standard & Poor’s credit analyst and director of life insurance ratings Paul Waterhouse in a new report. The market saw the ratings on a four other insurers withdrawn, he adds.