Systemic risk definition for insurers flawed, says former IAIS counsellor

Bank of England governor Mark Carney
Bank of England governer Mark Carney is vice-chairman of ESRB

Insurance standard-setters should have developed a more sophisticated definition of activities that cause systemic risk in their assessment methodology for identifying global systemically important insurers (G-Siis), says a former economic counsellor at the International Association of Insurance Supervisors (IAIS).

Daniel Hoffman, now adviser to the chairman of Zurich Insurance Group, told delegates at the Insurance Risk Europe conference that more time should have been spent differentiating

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