Zurich Financial, Swiss Re Challenge FSB on SIFIs, FT Reports

Zurich Financial Services AG and Swiss Reinsurance Co. executives have told the Financial Stability Board that big insurers should not be classed as systemically important financial institutions, so-called SIFIs, alongside banks, the Financial Times reported, citing an FSB meeting in Basel, Switzerland, yesterday.

Axel Lehmann and Raj Singh, chief risk officers of Zurich and Swiss Re respectively, said insurers don’t carry the same systemic risks as banks, the newspaper reported.

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