New York-based Standard & Poor's changed its rating outlook for personal lines insurers to negative last month, indicating that ratings downgrades are expected to outpace upgrades over the next 12-to-18 months.
The rating agency also expects the industry overall to record an underwriting loss for 2008, with a property-casualty combined ratio in the 103-to-104 range for the year, a rating analyst said.
The negative outlook for personal lines now matches S&P's outlook for commercial lines, which has been in place since August. However, the rating agency's outlook for global reinsurers is stable.
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