In response to the PRA’s feedback letter regarding the General Insurance stress tests released this morning, the ABI’s Assistant Director, Head of Prudential Regulation Steven Findlay commented:
"The results of the PRA’s general insurance stress tests reaffirms the resilience of the UK general insurance sector. It shows firms are well-positioned to withstand a range of extreme scenarios, and with sufficiently diverse risk mitigating plans in place.
"The PRA’s feedback also underlines the importance of the economic contribution the general insurance industry makes across all sectors in the country - with a total sum assured of more than £16 trillion. Through the insurance of this commercial risk, insurers are playing an important role in helping Britain thrive and today’s feedback confirms they are doing so in a prudent manner.”