The big five European Generali, Axa, Allianz, Prudential e Aviva are on the list of nine insurance groups defined as “systemically relevant” by international regulators. The document was published overnight by the Financial Stability Board, the Basel body that coordinates the work of preventing financial risks at an international level.
The list also includes American women At, MetLife e Prudential Financial and the Chinese Ping an. These groups"too big to fail”, too big to fail, will be subject to more stringent capital requirements and other conditions than the rest of the industry.
“Today an important step is being taken to address the risks associated with systemically important financial institutions – commented Mark Carney, head of the FSB and governor of the Bank of England -. A strong capital and supervisory framework for the insurance sector is essential to support financial stability."
Insurers identified as "too big to fail" - indicated the Iais, International Association of Insurance Supervisors - will have to maintain a higher level of reserves and draw up resolution and recovery plans to limit the economic fallout of any bankruptcies. The Iais collected data from 50 insurers in 14 countries to help with the selection made by the FSB.
Today at the opening in Piazza Affari, the Generali stock loses about half a point.
