Geneva Association releases report on role of insurance in financial stability
Leading international insurance think tank, The Geneva Association, today published a special report analysing the role of insurance in financial stability and its systemic relevance. The association (International Association for the Study of Insurance and Economics), chaired by Munich Re’s CEO, Nikolaus von Bomhard, is made up of 80 CEOs from the world’s most important insurance companies. The think tank’s objective is to research the growing importance of global insurance activities for economic growth and social development.
The report has been provided to inform and support supervisors and policy-makers in their discussions on the development of measures to address the complex problem of systemic risk underlined during the financial crisis. In the report, the differing roles of insurers and banks in the global financial system and their impact on the crisis are examined. A key conclusion of the analysis is that the core activities of insurers and reinsurers do not pose systemic risks due to the specific features of the industry.
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