Why (Re)insurance is not systemic

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<title>Why (Re)insurance is not systemic</title>
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<namePart>Kessler, Denis</namePart>
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<abstract displayLabel="Summary">The traditional model of (re)insurance lacks the elements that make a financial institution systemically important: risks are effectively pulverized; liabilities tend to be prefunded, which eliminates most of the leverage in the traditional sense; and active asset-liability management reduces most of the liquidity mismatch that traditionally propagates systemic risk. (Re)insurers that have stuck to this traditional business model have successfully weathered the crisis, even playing a stabilizing role. Unfortunately, this is not sufficiently recognized in the current IAIS-FSB debate on assessing systemic risk in the (re)insurance sector.</abstract>
<note type="statement of responsibility">Denis Kessler</note>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
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<text>01/09/2014 Volumen 81 Número 3 - septiembre 2014 , p. 477-488</text>
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