Life insurers increasingly exposed to systemic risk – BoE paper
Authors say European firms’ ‘non-traditional activities’ may call for new regulation
A new regulatory approach may be required to deal with European life insurers’ increasing exposure to systemic financial risk, a working paper from the Bank of England has found.
The paper, published on January 23, makes a distinction between the solvency risk faced by individual insurers and the systemic risks faced by the sector in aggregate.
The authors, Somnath Chatterjee and David Humphry, point out that insurance companies have traditionally held very long-term assets and had less liquid
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