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19 May 2013
The International Association of Insurance Supervisors (IAIS) has decided that reinsurers are unlikely to cause or amplify risk that could threaten the global financial system.
But the IAIS, whose 140 member countries transact 97% of the world’s insurance premiums, says non-reinsurance/insurance activities associated with banking, such as collateralised debt obligations, carry considerable risk.
“Similar to primary insurance, traditional reinsurance is unlikely to cause, or amplify, systemic risk,” IAIS Chairman Peter Braumuller said.
A policy paper, Reinsurance and Financial Stability, says that in recent years non-insurance entities, often set up by investment banks, have started to offer longevity and pension services with risk transformation and risk transfer features similar to products offered by general and life insurers.
The report follows the IAIS’s earlier report on the insurance industry, which found traditional insurance is unlikely to generate or amplify systemic risk within the financial system or wider economy.
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