IIS 46 th Annual Seminar 7 June 2010 in Madrid Insurance and systemic risk Yoshi Kawai Secretary General IAIS.

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IIS 46 th Annual Seminar 7 June 2010 in Madrid Insurance and systemic risk Yoshi Kawai Secretary General IAIS

Insurance and Systemic Risk Yoshi Kawai 2 June 7, 2010 Madrid Contents I. IAIS Priorities II. Key lessons from the crisis III. Change of the regulatory philosophy: financial stability IV. Definition of systemic risk V. Systemic risk for the insurance sector

Insurance and Systemic Risk Yoshi Kawai 3 June 7, 2010 Madrid II. IAIS priorities  Standard setting  Standard implementation  Financial and insurance market stability  External interaction

Insurance and Systemic Risk Yoshi Kawai 4 June 7, 2010 Madrid II. Key lessons from the crisis  We are now living in an inter-dependent global financial world.  The financial sector plays an essential role in the economy.

Insurance and Systemic Risk Yoshi Kawai 5 June 7, 2010 Madrid III. Change of the regulatory philosophy: Financial stability The G20 has recommended that all national financial regulators and the IAIS should take into account financial system stability in their mandates; Insurance supervisors are requested to consider the impact of insurance business on the whole economy.

Insurance and Systemic Risk Yoshi Kawai 6 June 7, 2010 Madrid IV. Definition of systemic risk Systemic risk is the risk of disruption to the flow of financial services that is (1) caused by an impairment of all or parts of the financial system, and (2) has the potential to have serious negative consequences for the real economy.

Insurance and Systemic Risk Yoshi Kawai 7 June 7, 2010 Madrid Criteria 1) Size 2) Degree of substitutability 3) Interconnectedness

Insurance and Systemic Risk Yoshi Kawai 8 June 7, 2010 Madrid Character (1)Gray rather than black and white (2) Geographical element (3) Timing

Insurance and Systemic Risk Yoshi Kawai 9 June 7, 2010 Madrid V. Systemic risk for the insurance industry Contributions of the insurance sector to the economy Insurance business model – longer time horizon Group supervision Resolvability