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Higher cap requirements top list of insurers' concerns

Monday 14 June 2010 - by Andy Hickley


Persson highlighted a trend for efforts to reduce the impact of systemic risks to the economy to be applied to all financial institutions, despite insurance being considered to lack these risks. "This fails to recognise that core insurance activities do not generate systemic risk."

Persson's comments were backed up by Sergio Balbinot, the co-managing director of Italian insurance firm Generali, who said the industry needed to be more vocal to prevent worsening reforms.

"[Unlike banking] in the business of insurance, we are not taking systemic risks. Here I think is the problem. We must be loud to say that the model of insurance is different to the model of banking. Because of this, a decision taken on banking problems could have a totally different result to us."



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