June 17, 2020 / 4:57 PM / 2 months ago

Bank of England tells insurers to check capital to cope with COVID

LONDON, June 17 (Reuters) - Britain’s insurers should use the findings of an emergency stress test in April to check if they can meet business interruption claims from the COVID-19 pandemic, the Bank of England said on Wednesday.

“Our analysis showed that the sector was robust to downside stresses, with the highest uncertainty centred on certain general insurers’ liabilities – particularly those arising from business interruption claims,” the letter from the BoE to insurance chiefs said. (Reporting by Huw Jones; Editing by Kevin Liffey)

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