Zurich Insurance, Swiss Re, and Swiss Life have been added to a list of insurance firms required to develop resolution plans in case of insolvency, according to the G20’s Financial Stability Board (FSB). The updated global list, published on Tuesday by the FSB, now includes 17 companies, an increase of four from the previous year. Alongside the three Swiss firms, Dutch insurer Athora was also added to the roster. Zurich Insurance Group AG is a Swiss insurance company. Swiss Re is a wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Swiss Life provides life insurance, risk, pensions and financial solutions.
The resolution plans are designed to enhance preparedness among companies and their regulators for potential financial emergencies or collapses. Following the 2007-09 financial crisis, the FSB and policymakers advocated for establishing a resolution framework for insurers, similar to that in place for banks, to facilitate early detection and containment of potential financial crises.
The insurance industry initially resisted these measures, arguing that the risk of contagion was significantly lower for insurers compared to banks. In 2022, the FSB discontinued its annual identification of global systemically important insurers.
Since 2024, the FSB has shifted its approach to publishing a list of insurance companies mandated to submit resolution plans. The United Kingdom currently has the highest number of insurers on the list, with a total of five firms.
