GI firms pass stress test
PRA writes to general insurance CEOs with results of stress testing in run up to Solvency II and firms are described as “resilient”.
The general insurers who took part in the Prudential Regulation Authority's (PRA) Solvency II stress test last year have received the results in a letter.
The letter stated that 63% of the general insurance market (by premium) participated in the test.
The main findings were:
• in aggregate, the sample insurers were resilient against specific market-wide stresses;
• the economic scenario results in the largest adverse impact, which arises mainly from a fall in the value of corporate bonds as
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