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European insurers are well capitalized and resilient to withstand the worst effects of an ongoing Covid pandemic, but some are too dependent on transitional measures, a stress test found.
Allianz Global Corporate and Specialty (AGCS) received over 1,000 cyber claims in 2020 and warns that the frequency and severity of ransomware losses flooding the market is not going away.
According to the Financial Conduct Authority (FCA), UK insurers now have more than $ 1 billion.