systemic risk News

Insurers Don’t Have Capacity to Handle Systemic Pandemic Risk: Generali CEO

MILAN – Europe’s insurance industry doesn’t have the capacity to deal with the systemic risk of a pandemic and more protection needs to be put in place through private-public partnerships, the head of Italian insurer Generali said on Thursday. Speaking …

Lloyd’s Launches Global Platform to Drive Resilience to World’s Systemic Risks

Lloyd’s, the insurance and reinsurance marketplace, is launching “Futureset,” a new global platform and community dedicated to driving greater societal and economic resilience to the world’s most challenging risks. The global platform has been developed to respond to the large …

Federal Reserve Raises Questions Over Life Insurers’ Risk of Coronavirus Claims

U.S. life insurers face questions about their ability to cover a sudden rush of claims after the Federal Reserve highlighted liquidity and leverage risks in a report this week. Issues the Fed focused on are not new: Life insurers have …

Twitter Security Failure Prompts Call for Regulating Internet Giants as Systemic Risks

Twitter Inc. suffered from cybersecurity shortfalls that enabled a “simple” hack attributed to a Florida teenager to take over the accounts of several of the world’s most famous people in July, according to a report released on Wednesday. The report …

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 …