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List of global systemically important insurers updated

List of global systemically important insurers updated

The Financial Stability Board on Tuesday said it has added The Hague, Netherlands-based Aegon N.V. to its list of global systemically important insurers and removed Trieste, Italy-based Assicurazioni Generali S.p.A.

The Basel, Switzerland-based FSB first published a list of nine insurers deemed to pose potential systemic risk in 2013 according to a methodology developed by the International Association of Insurance Supervisors, which considers size and interconnectedness, among other factors.

That list is updated annually each November.

The nine insurers on the current list are: Allianz S.E.; American International Group Inc.; Aegon; Aviva P.L.C.; Axa S.A.; MetLife Inc.; Ping An Insurance (Group) Co. of China Ltd.; Prudential P.L.C.; and Prudential Insurance Co. of America.

In a statement Tuesday, Aegon said it would “continue to engage with supervisors in the upcoming consultations on both the methodology applied to determine the systemic level of insurance companies and on the definition of nontraditional insurance and noninsurance activities.”

Later this month, the FSB will publish two consultation documents — one to update its methodology for determining global systemically important insurers and one to define the activities considered “nontraditional noninsurance.”

Beginning in 2019, G-SIIs will be subject to a higher loss absorbency requirement developed by the IAIS.

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