TAILIEUCHUNG - Systemic Risk in Insurance An analysis of insurance and financial stability

The nature of annuities and their potential to be considered both insurance and in- vestment products complicated attempts during this study to differentiate annuities sold by insurance companies as insurance products from those annuities that qualify solely as investment products that happened to be sold by insurance companies. The SAR narratives reference annuities in the manner portrayed in Table 7. Be- cause many SAR narratives did not contain details about the features of the products described as annuity accounts or contracts, analysis could not determine whether the products were variable or fixed annuities. Analysis determined that 126 of the 251 SARs. | Systemic Risk in Insurance An analysis of insurance and financial stability Special Report of The Geneva Association Systemic Risk Working Group The Geneva Association The International Association for the Study of Insurance Economics The Geneva Association is the leading international insurance think tank for strategically important insurance and risk management issues. The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector. Through the development of research programmes regular publications and the organisation of international meetings The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel it advances in economic and cultural terms the development and application of risk management and the understanding of uncertainty in the modern economy. The Geneva Association membership comprises a statutory maximum of 80 Chief Executive Officers CEOs from the world s top re insurance companies. It organises international expert networks and manages discussion platforms for senior insurance executives and specialists as well as policy-makers regulators and multilateral organisations. The Geneva Association s annual General Assembly is the most prestigious gathering of leading insurance CEOs worldwide. Established in 1973 The Geneva Association officially the International Association for the Study of Insurance Economics is based in Geneva Switzerland and is a non-profit organisation funded by its members. President Dr Nikolaus von Bomhard Chairman of the Management Board Munich Re Group Munich. Vice Presidents Mr Michael Diekmann Chairman of the Management Board Allianz SE Munich Mr Kunio Ishihara Chairman of the Board Tokio Marine Nichido Fire .

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