Best’s Commentary: No Short-Term Rating Impact Expected from Peru President’s Departure; AM Best Maintains Stable Outlook
MEXICO CITY–(BUSINESS WIRE)–While the resignation of Peru’s president on Wednesday comes at a time of heightened economic and political instability, AM Best is maintaining its stable outlook for the country’s insurance industry due to its sound capitalization levels.
In a newly issued Best’s Commentary, AM Best said it expects financial income levels in Peru to remain volatile through the end of 2020, which could be exacerbated by President Martín Vizcarra’s impeachment on corruption charges at the beginning of this week. The country has been hard hit by the COVID-19 pandemic, with one of the highest per-capita mortality rates in the world, and will now have its third president since 2016.
Last month, the…