FITCH REVISES ITALIAN OUTLOOK UPWARDS

Credit rating agency Fitch has revised the rating outlook for the Italian nonlife insurance market to stable from negative. The move reflected the improving profitability, premium rises and better risk selection. "There is a stronger degree of consensus among market participants regarding the need to raise tariffs to restore profitability, as well as more evidence that the operating environment, and regulatory aspects in particular, could support the non-life industry in its recovery," says Federico Faccio, senior director in Fitch's Insurance team.