(The following statement was released by the rating agency)
COLOMBO/HONG KONG, June 22 (Fitch) Insurance claims arising from
recent flooding
in Sri Lanka are likely to be manageable for most local insurers
due to low
retention levels, but changing weather patterns raise long-term
risks, says
Fitch Ratings. The agency expects the sector's underwriting
profitability to
weaken in 2016, although this is unlikely to threaten most
insurers' credit
profiles.
A severe tropical storm in mid-May cau
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