My understanding is the PCA (prescribed capital amount) is set...

My understanding is the PCA (prescribed capital amount) is set such that the company can withstand a 1 in 200 year event. The use of reinsurance protection is a big part of that.

A couple of points:
1: I don't think the coming rate rise cycle is as severe as a 1:200 year event!!!
2: Genworth holds capital approx 2 x PCA - so they can handle an event much more severe than 1:200.
3: The great thing about insurance companies, especially in a niche oligopoly, is that they can raise premiums net year to cover losses last year. I personally don't think they will need to raise prices as I can't see them making a loss in this environment, despite all the headwinds.