Fitch Ratings expects life insurers to see 50% more losses on mortgage loans than what they saw during the Global Financial Crisis.
Fitch says these elevated losses reflect both the severity of the pandemic fallout and the slow pace of the expected recovery. It expects these losses to start emerging as early as insurers issue their 3Q20 statutory statements
"Loss expectations are vulnerable to revisions given the high degree of uncertainty associated with the pandemic's longer-term economic fallout," Fitch said in a release.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
