Rated insurers’ creditworthiness and performance this year will be supported by continued stable economic growth and financial conditions, according to S&P Global Ratings.

The key risks are Brexit-style political events, trade protection measures and a shift towards monetary policy tightening by the major economies.

“If this were to occur, it would threaten our base-case expectations and put pressure on ratings,” S&P says.

“We expect continuing global economic growth, stable financial conditions in most regions, and the still cautious stance of the major central banks will remain supporting factors for financial services [this year].”