9 insurers named as systemically important

07/21/2013 | Reuters · Business Insurance (tiered subscription model)

The insurance industry voiced a mixed reaction to the Financial Stability Board's decision identifying nine global insurers as systemically important. The Property Casualty Insurers Association of America is pleased that the FSB recognized that traditional insurance poses no systemic risk to the global financial system, said David Snyder, the insurer group's vice president of international policy. But Leigh Ann Pusey, CEO of the American Insurance Association, questioned the designations, saying that targeting only insurers and not other financial institutions does not allow for an objective gauge of systemic risk.

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