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RBNZ’s first stress test suggests life insurers can overcome severe economic, geopolitical shocks
Early Tuesday in Asia, the Reserve Bank of New Zealand (RBNZ) unveils the results of its first stress test for the life insurance industry while suggesting that the major players are well-placed to overcome the severe economic and insurance shocks, while continuing to pay out on policy claims, reported Reuters.
Following the official announcement, RBNZ Deputy Governor Christian Hawkesby said that the participating insurers were able to pay out substantial claims from policyholders and remain solvent during a hypothetical three-year scenario comprising a long COVID, a new pandemic and a period of severe economic stress.
NZD/USD stays unimpressive
Despite the price-positive news and the US Dollar’s failure to defend the week-start gains, the NZD/USD remains sluggish near 0.6100 by the press time as it challenges the two-day rebound amid Tuesday’s early Asian session. The reason could be linked to the market’s cautious mood ahead of China's trade balance.
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