Covid-19: PRA warns of potential "significant impact" on insurers from BI dispute
But the regulator also describes the sector as resilient and robust in a letter to general insurance CEOs.
The Prudential Regulation Authority (PRA) has urged insurers to closely monitor the additional risks presented by Covid-19, following its Insurance Stress Test 2019.
In a Dear CEO letter to the industry, the PRA warned that while the insurance sector was mainly resilient, the level of uncertainty is high and “some more severe scenarios could have a significant impact on the capital positions of firms”.
Executive directors and co-leaders of the PRA’s insurance directorate, Charlotte Gerken and
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