GFIA comments on systemic risk in insuranceRelease Date: 02/25/2013 Staff Reference: Janice Hilchie
February 25th 2013
Mr. Paul Sharma
IAIS FSC, Financial Stability Committee
International Association of Insurance Supervisors
c/o Bank for International Settlements
CH-4002, Basel Switzerland
Dear Mr Sharma,
The Global Federation of Insurance Associations (GFIA) through its 32 member associations represents insurers that account for around 87% of total insurance premiums worldwide. GFIA is active on a broad range of issues affecting the international insurance industry.
One area of particular concern is the on-going discussion on systemic risk in insurance. Here, while GFIA appreciates the efforts made by the IAIS to develop an approach that takes account of insurance specificities, we are concerned that as we are reaching the final stage of the process leading to the identification of G-SIIs, a number of key questions remain unanswered.