The credit rating agency revised the outlook from stable to negative, citing concerns over domestic insurers' increased exposure to NatCats due to reinsurance access difficulties.
Fires involving Li-ion batteries are more dangerous and can lead to huge losses - and the insurance and shipping sectors are grappling how to deal with the issue.
Fitch acknowledge the Qingdao-based insurer's strong risk-based capitalisation, but highlighted its short profit record and need for better reinsurance arrangements.
In May, BYD was granted approval for the purchase of Yi’an Property and Casualty Insurance and insiders suggest its latest move means its nearly ready to enter China's motor insurance market.
With a thriving economy, increasing demand for nat-cat coverage, and support from government initiatives, the general insurance sector in the Philippines is poised to hit GWP of US$3.7bn by 2027.
The Australia Federal Court court ruling is the largest penalty ever imposed on an insurer for violations of financial services consumer protection laws.
