BoE Tests Insurers' Resilience To Online, Climate Threats
By Martin Croucher (May 5, 2022, 12:12 PM BST) -- The Bank of England's regulatory arm has launched a stress test to establish whether the largest insurers in Britain could withstand a financial catastrophe brought on by a major cyberattack or a natural disaster.
The central bank's Prudential Regulation Authority sent a letter to insurance bosses on Wednesday announcing the start of the scenario-based test with a deadline of September to file results.
The watchdog wants to know whether general insurers are able to pay out on claims following a major national cyberattack or an environmental disaster. Life insurers will be tested on whether they can withstand further falls in interest rates,...
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