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UK insurance stress test will focus on natural catastrophes, cyber risk, PRA says

( August 4, 2021, 09:25 GMT | Official Statement) -- MLex Summary: General insurers in the UK will be tested in 2022 on their exposures to natural catastrophe perils as well as the risk of underwriting cyber risk as part of the insurance stress test, the Prudential Regulation Authority said today. The PRA, which is the Bank of England’s supervisory arm, wrote to chief executive officers of insurers today, setting out the high-level scope of next year’s exercise. For life insurers, the test will focus primarily on economic stresses.Letter attached....

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