The PRA has shared observations based on feedback from the recent questionnaire completed by London market insurers titled: ‘monitoring-the- market’
The purpose is for the PRA to get a quantitative and qualitative sector-wide understanding of current market conditions and identify those insurers that are most affected by them. Key areas it covers are:
The PRA state that given the findings in this review, they are concerned that some firms may have insufficiently captured current market conditions and the potential impact of broadening terms and conditions in their risk management. Over the course of 2017, they will carry out a number of supervisory initiatives to improve their understanding of how individual firms are being affected by current market conditions.
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