Insurers Seek A United Front To Put The Case For Op Risk Insurance

BASLE II UPDATE

LONDON AND ZURICH -- Leading insurance companies are looking at ways of forming an industry body to put the case for using insurance to help mitigate operational risks faced by banks, industry executives say.

The body would put the insurance industry's case both to banks and to the global banking regulators who have proposed a new capital adequacy accord -- Basle II -- for large international banks. Basle II will require banks, from 2004, to reserve capital for the first time against losses f