In a letter co-signed by the CEA, the insurers call for the timetables of the two workstreams to be delinked. The Financial Stability Board has been working for some time on identifying systemic risk in banking but a similar process has not yet been conducted in insurance.
Insurance associations representing nearly four fifths of global (re)insurance business have called on the leaders of the
G20 countries to ensure that work on systemic risk in insurance should be separated from the work on identifying globally systemically important financial institutions in banking.
Time is needed for a detailed analysis of potential sources of systemic risk before any methodology for identifying G-SIFIs in insurance is developed.
Full letter
© CEA - Comité Européen des Assurances
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