GFIA Global Federation of Insurance Associations

Systemic risk in insurance can only originate from a very limited number of activities undertaken on a large scale in the wrong conditions.

GFIA has always argued that conventional insurance is not systemically risky and that an entity-based assessment of systemic risk is inappropriate.

GFIA engages with international bodies such as the International Association of Insurance Supervisors and the Financial Stability Board on behalf of the global insurance industry with respect to systemic risk. GFIA explains why conventional insurance is not systemically risky and why a proportionate, activity-based approach to assessing risks is the right one.