Systemic Risk in Financial Markets: How Systemically Important Are Insurers?
研究了2004至2014年间全球201家主要银行和保险公司，发现保险业整体对系统性损失贡献较小，但部分多险种和人寿保险公司的系统性风险与最危险的银行相当，表明某些保险公司具有系统重要性。
Abstract This study investigates how insurers contribute to systemic risk in the global financial system. In a modeling framework embracing publicly traded and nonpublic firms, the financial system is represented by 201 major banks and insurers over the period from 2004 through 2014. In the aggregate, the insurance sector contributes relatively little to systemic losses; during the financial crisis and the European sovereign debt crisis, its risk share averaged 9 percent. Individually, however, several multi‐line and life insurers appear to be as systemically risky as the riskiest banks. Our results, therefore, affirm that some insurers are systemically important and indicate that insurers’ level of systemic risk varies by line of business. We discuss several important implications of our results for managing systemic risk in insurance, arguing for a combination of entity‐ and activity‐based regulation.