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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation. -
The carrier has received approval from the UK Financial Conduct Authority for the £550mn sale.
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The minister stated that it is time for insurers to step up and increase their risk appetites and reduce prices in response to the reforms.
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The test will involve simulating a sequential set of adverse events over a short period of time, the watchdog said.
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The firm announced plans in May to decommission the original PPL v3 platform by the end of 2023.
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The facility will initially lend to insurance company and pension funds and might extend to other non-bank financial institutions over time.
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Survey participants said "much work remains post-implementation".
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The two associations will work together on six matters, including climate change, cyber risks and taxation.
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Firms have until 18 December 2023 to provide input before publication next year.
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Insurance Insider has compiled a digest of a complex web of regulatory reforms that will take shape during the next 18 months.
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PPL has confirmed a previously announced deadline that London firms must switch over to its Next Gen placement by 1 October.
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The regulator plans to start disclosing results for individual insurers from stress tests, as it draws on new legal powers to enhance testing of financial resilience.
