...Sector, Rating Outlooks Stable Fitch Ratings considers the German non-life insurance sector well prepared to meet current challenges, and does not foresee a significant number of rating changes over the next 12-24 months. We expect the continued improvement in premium rates to be offset by low investment yields. The sector outlook is stable. Strong Premium Growth Expected Fitch expects German non-life premiums to have grown 3% in 2014 (2013: 5.1%). We expect slower growth to continue and the sector to report premium growth of between 2% and 3% for 2015 and between 1% and 2% for 2016. Fitch believes that positive claims experience in 2015 could lead to a turnaround in motor premiums in 2H15 because continued rate increases are likely to ensure that a large proportion of insurers' motor books are profitable. Improving Underwriting Results The German non-life sector reported a net combined ratio of 99.2% in 2013 driven by exceptional losses from floods and hailstorms. We expect the net combined...
