The Financial Stability Board (FSB), which coordinates financial regulations for the G20 economies, has added Zurich Insurance, Swiss Re and Swiss Life to its list of insurance companies required to prepare resolution plans in the event of insolvency.
The FSB’s updated list now includes 17 insurers, up from 13 last year.
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In addition to the three Swiss insurance companies, Dutch insurer Athora has also been added to the list.
The aim of the resolution plans is to ensure that both companies and regulators are better equipped to manage potential emergencies or collapse.
Following the 2007–09 financial crisis, the FSB and policymakers advocated for setting up resolution plans for insurers similar to those implemented for banks, reported Reuters.
This resolution regime is intended to identify and restrict risks to the financial system at an early stage.
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By GlobalDataThe insurance sector initially challenged the move, maintaining that the risk of contagion was significantly lower for them when compared to banks.
In 2022, the FSB decided to discontinue its yearly list of insurers that are systemically important in the world.
Instead, since last year, the board has published a list of insurance companies that are required to submit resolution plans.
Currently, the UK tops this list, with five insurance companies.
Last week, the FSB set its work programme for 2026 during a two-day plenary of members in Saudi Arabia, ahead of the G20 leaders’ meeting in South Africa.
Next year, the G20 will be chaired by the US under Donald Trump’s administration, which has expressed a strong interest in loosening regulatory requirements.
The FSB, led by Bank of England Governor Andrew Bailey, said it will continue to monitor vulnerabilities in global financial markets and ensure that its recommendations are implemented.
The plenary reviewed recent regulatory changes in major economies and agreed to examine these initiatives to support global alignment of approaches.
FSB identified the rapid growth and increasing complexity of private credit markets as a priority for 2025, noting the need for further assessment of potential vulnerabilities and improved data access for regulators.
The board also called for ongoing monitoring of crypto-assets and stablecoins, citing concerns such as risk and regulatory challenges for multi-jurisdiction issuers.
