Reinsurance helps insurers to remain afloat despite adverse weather events: Fitch

U.K.-based Fitch Ratings Ltd. said that Sri Lankan nonlife insurers should be able to absorb near-term volatility and the effects of adverse weather events due to their extensive use of reinsurance, Daily News reported. But, frequent catastrophic floods could dent insurers’ capital, especially local reinsurer National Insurance Trust Fund, the ratings agency said. NITF expects claims estimated at 4 billion Sri Lankan rupees ($26 million) from the May floods, which hit suburban and rural areas in the country.
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