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Member, Beacon International Group, Ltd.
U.K. regulators have asked property/casualty insurers to stress test their capital reserves against catastrophes, reported Bloomberg.
The U.K. Prudential Regulation Authority has published a series of stress tests for the insurers and said that the results of the tests must provide details of gross and net losses after claiming for reinsurance.
Among the scenarios that will be tested are a major economic shock scenario, a synchronized terrorist attack in London, New York and another major city and a geomagnetic storm that wipes out power grids.