systemic risk News

U.S. Regulator Pulls Back from MetLife’s ‘Too-Big-to-Fail’ Designation

The U.S. government and MetLife Inc. announced on Thursday they would jointly seek to dismiss an appeal over whether the insurance company should face stricter oversight as a key part of the financial system. MetLife and the Financial Stability Oversight …

Court Agrees to Put MetLife ‘Too Big to Fail’ Case on Pause

A U.S. appeals court on Friday granted a 60-day pause in the long-running case in which the country’s largest life insurer, MetLife Inc, has challenged the federal government’s labeling of it as “too big to fail,” as the Trump administration …

Confusing, Costly Cyber Policies Create Obstacles to Market Growth: Deloitte

Despite the rising profile of cyber risks, buyers have failed to widely embrace cyber coverage. At the same time, insurers generally have remained cautious about writing the coverage on a large scale basis. A recent report published by accounting and …

Rising Risks Could Cost Global Cities $1.17 Trillion of GDP in 2017: Cambridge Study

The costs of major shocks to the global economy from natural and manmade threats could put at risk $1.17 trillion of the total projected GDP of the world’s major cities in 2017, according to the findings of a report compiled …

Major Canada Earthquake Could Lead to Widespread Insurer Insolvencies: Report

A massive earthquake off the coast of British Columbia has the potential to cause widespread failure among insurance companies and trigger a domino effect across the financial sector, according to a Conference Board of Canada report. “As the earthquake in …

Urgent Action Needed to Tackle Systemic Threat of Cyber Risk: Marsh & TheCityUK

Firms across the financial and related professional services industry need to take urgent action on their cyber risks, which present a “real and present danger” to the financial system, according to a new report published by TheCityUK and Marsh. Only …

Simplifying Derivatives Rules Will Help Regulators Spot Systemic Risks: Industry

Regulators won’t get a clear picture of risks in the $550 trillion derivatives market until they prune trade reporting rules, a group of 13 industry bodies said on Wednesday. The collapse of Lehman Brothers bank in September 2008 left regulators …

Re/Insurers Must Respond to Evolving Terrorist Risk with Relevant Products: JLT

The re/insurance industry is failing to respond to the growing global terrorist threat with products that meet the needs of their clients, according to a report published by JLT Re and JLT Specialty Ltd. Indeed, evidence that insurance has absorbed …

UK’s Chancellor of Exchequer to Double Budget to Fight Cyber Terrorism

Chancellor of the Exchequer George Osborne announced he’ll double funding to strengthen the U.K.’s cyber defenses, while refusing to confirm that budget cuts to be announced next week would spare Britain’s police forces, as Europe braces for further attacks from …

Public-Private Catastrophe Scheme in UK Would Help Mitigate Cyber-9/11: Study

A public-private, cyber-catastrophe reinsurance arrangement would improve the UK’s resilience against the growing threat of cyber risks in this interconnected world, according to a cyber report released this week. Given the fact that the current market for cyber insurance is …