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Insurer financial strength ratings and the protection market

The financial strength of UK protection providers has been brought into focus this week with Fitch announcing their review of UK life insurer financial strength ratings amid the COVID-19 pandemic.

It’s important to remember that UK insurers are subject to strict regulation through the Prudential Regulatory Authority and the FCA, and are required to hold sufficient capital to meet the vast majority of claims through Solvency II. However financial strength ratings can also provide some assurance of an independent, expert check into the financial position of a provider, and in some cases an outlook of how that rating may change in future based on recent/foreseen events, which can be valuable particularly in times of uncertainty.

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