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Insurance and Financial Stability

On 1 July 2007 a Polish-Macedonian agreement on social security entered into force. It replaced an agreement between the Government of the Polish People’s Republic and the Gove- rnment of the Federal People’s Republic of Yugoslavia of 1958. The agreement between the Republic of Poland and the United States of America signed in Warsaw on 2 April 2008 and the administrative arrangement on its application, signed in Warsaw on 2 April 2008, entered into force on 1 March 2009. On 2 April 2008 an agreement on social security was signed with Canada and on 25 Febru- ary 2009 with the Republic of Korea. Draft. | International Association of Insurance Supervisors Insurance and Financial Stability International Association of Insurance Supervisors IAIS November 2011 Table of content 1. Introduction and executive summary.3 2. Salient insurance characteristics.6 2.1 The insurance business model.6 2.2 The funding model.6 2.3 The insurance balance sheet.8 3. The business spectrum of insurers and insurance groups.11 3.1 The traditional insurance business.11 3.2 Non-traditional and non-insurance business activities.12 3.3 Interim conclusion.16 4. Market structure and industry size.17 4.1 Market structure.17 4.2 Industry size by assets and market capitalisation.20 5. Insurance in the financial system.23 5.1 The investment function.23 5.2 Reinsurance.25 5.3 Insurers and systemic risk.30 6. Potentially systemic insurers and policy measures.32 6.1 Identifying systemic relevance.32 6.2 Policy measures.32 7. Concluding remarks.34 References.35 Appendix.36 A1 Insurance runs in Hong Kong and Singapore.36 A2 State intervention in the Netherlands.37 A3 The Failure of AIG s CDS Business.39 A4 Swiss Re s experience in CDS underwriting.41 A5 Equitable Life.42 A6 Equitas.43 A7 Securities lending at AIG . 44 A8 Market contagion caused by fire sales . 45 A9 The failure of HIH.46 2 47 1. Introduction and executive summary 1. This paper presents a supervisory perspective on the re insurance sector and on financial stability issues. It analyses the sector s role in the financial markets including its interaction with other financial institutions and its impact on the real economy. In addition the International Association of Insurance Supervisors IAIS endeavours to clarify the rationale of its proposed methodology to identify any institutions whose disorderly failure because of their size complexity and systemic interconnectedness would cause significant disruptions to the wider financial system and economic activity. 1 2. The business model exposes insurers to unique risks which are not typically .