The Financial Stability Board has released a list of nine “systemically important” global insurers that could be forced to hold extra capital in a bid to avoid a repeat of the 2008 financial crisis.

The insurers are Allianz SE, AIG, Assicurazioni Generali, Aviva, Axa SA, MetLife, Ping An Insurance, Prudential Financial and Prudential.

The board – the G20’s regulatory taskforce – says the insurer will be subject to measures that have been endorsed by G20 leaders and set out by the International Association of Insurance Supervisors (IAIS). This will include higher loss-absorbency requirements and enhanced supervision.

Stability board Chairman Mark Carney says the designations are an important step to addressing risks associated with systemically important financial institutions.

“These policy measures will be followed over time by a substantially strengthened comprehensive regulatory and supervisory framework for all internationally active insurers,” he said.

“A sound capital and supervisory framework for the insurance sector is essential for supporting financial stability.”

A similar regime has already been approved for 28 of the world’s leading banks, but the insurance industry has argued it should not be treated the same way.

Prudential Financial will appeal its designation and MetLife has also launched a challenge.

“I do not believe MetLife is a systemically important financial institution,” Chairman, President and CEO Steven Kandarian said.

“The life insurance industry is a source of financial stability. Even during periods of financial stress, the long-term nature of our liabilities insulates us against bank-like ‘runs’ and the need to sell off assets.”

IAIS Executive Committee Chairman Peter Braumuller says the reforms have been tailored to the insurance sector.

The higher loss-absorbency requirements will be developed by the end of 2015 and apply from January 2019. The list of insurers will be updated annually.