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EU insurance firms urged to hoard cash
By EUobserver
Insurance firms should refrain from paying dividends to shareholders and big bonuses to executives to make sure they had enough capital to pay out pandemic-linked claims, the EU agency that governs the sector, the European Insurance and Occupational Pensions Authority in Frankfurt, has said. Insurers should "ensure a robust level of own funds to be able to protect policyholders and absorb potential losses," the EU agency said on Thursday.