True costs of fire and storm damage increase insurance risks
The PRA warned there was little consensus around the risks of cyber attacks and warned of the dangers around insurance policies.
Risks arising from climate change will be another key focus area the PRA said. Climate change continues to present an “increasing, material risk to firms and the financial system”, the officials have warned. The PRA said firms must ensure that those lessons from past crises are “definitively learned in full”.
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