Watchdog Says Insurers Unable To Track Virus Exposures
Law360, London (November 16, 2020, 11:49 AM GMT) -- The Prudential Regulation Authority has called on insurers to address uncertainties created by the COVID-19 crisis when they estimate their business losses, amid concerns that companies are failing to keep track of important information about policies.
The Bank of England's enforcement arm has said that insurers should take into account the fact that the virus has caused complications and uncertainty for the sector.
"Our work has highlighted that a number of firms have not been able to accurately identify and track COVID-exposed policies, leading to unexpected COVID losses," Lisa Leaman, head of London market insurance supervision, told chief risk officers at companies...
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