PRA writes to insurers on supervisory priorities

Charlotte Gerken and Shoid Khan of PRA have written to insurers on PRA’s 2024 supervisory priorities. As with banks, the letter complements firm-specific communications from PRA following its periodic summary meetings with firms. PRA will focus on:

• credit and liquidity risk;
• operational resilience including ease of exit and regulatory reform;
• risk management, funded reinsurance and stress testing in the expanding life insurance sector;
• cyber underwriting risk, claims inflation, model drift and stress testing in the general insurance sector; and
• financial risks arising from climate change.