保险流动性风险：一个热点视角

LIQUIDITY RISK IN INSURANCE:A topical perspectiveDennis NoordhoekDirector Public Policy & Regulation,The Geneva Association The Geneva AssociationThe Geneva Association was created in 1973 and is the only global association of insurancecompanies; our members are insurance and reinsurance Chief Executive Officers (CEOs).Based on rigorous research conducted in collaboration with our members, academicinstitutions and multilateral organisations, our mission is to identify and investigate keytrends that are likely to shape or impact the insurance industry in the future, highlightingwhat is at stake for the industry; develop recommendations for the industry and forpolicymakers; provide a platform to our members and other stakeholders to discuss thesetrends and recommendations; and reach out to global opinion leaders and influentialorganisations to highlight the positive contributions of insurance to better understandingrisks and to building resilient and prosperous economies and societies, and thus a moresustainable world.Geneva Association publications:Pamela Corn, Director CommunicationsHannah Dean, Editor and Content ManagerJooin Shin, Digital Content & Design ManagerSuggested citation: The Geneva Association. 2024.Liquidity Risk in Insurance: A topical perspective.Author: Dennis Noordhoek. July.© The Geneva Association, 2024 All rights reservedwww.genevaassociation.orgPhoto credits:Cover page – Dim Gunger on Unsplash 2 Executive summary1.Introduction2.Defining liquidity risk2.1Liquidity risk in Insurance3.Liability-side liquidity risk3.1Life insurance3.2P&C insurance3.3Reinsurance4.Asset-side liquidity risk: A focus on alternative assets4.1The rise of alternative assets4.2Risks of alternative assets5.Liquidity risk management and regulation5.1How insurers are managing liquidity risk5.2Regulatory developments since the Global Financial Crisis6.ConclusionReferencesContents 4578101114151617182021212426 Executive summaryPivotal developments in the economic and financiallandscape, like the unexpected return of inflation and thefastest increase in interest rates in decades, as well asfactors such as the U.S. regional banking crisis, new bankcapital regulation and the rise of alternative investmentsas an asset class, have reignited concerns over financialstability and liquidity risk, including in the insurancesector.The International Association of Insurance Supervisors(IAIS) in their 2022 and 2023 Global Insurance MarketReports, and the European Insurance and OccupationalPensions Authority (EIOPA) in their December 2023financial stability report, highlight the insurance sector’soverall stability, despite a minor decline in liquidityratios. At the same time, regulatory bodies worldwideare intensifying their focus on liquidity risk managementin insurance, especially life insurance, which warrants anupdated perspective on liquidity risk within the sector.This issue brief highlights the distinct liquidity character-istics of insurance products, such as their pre-paid natureand the limited liquidity of their liabilities. It also empha-sises the sector’s liability-driven investment approachwhich, where applied, typically shields against liquidityrisk.The insurance sector has shownstrong resilience to rapidly risinginterest rates and associatedliquidity risk. The specific features of insurance products play animportant role in determining their actual liquidity risk.Such features include whether the products are designedto primarily accumulate capital (with or without guaran-tees), offer pure protection, or both. Specific additionalproduct characteristics, such as surrender penalties,significantly influence the likelihood of behavioural riskslike policy surrenders, thereby affecting liquidity risk atthe product level.The insurance sector has shown strong resilience to themost recent real-life stress test of rapidly rising interestrates and associated liquidity risk, thanks to a blend ofproduct design, product diversification, effective regula-tory frameworks, and strong asset liability and liquidityrisk management practices. Against this backdrop, wecaution against a blanket approach to liquidity risk ininsurance and recommend a proportionate approach inthose specific areas where liquidity risk may emerge. The existential challenges faced by several U.S. regionalbanks in March 2023 and the near collapse and govern-ment-led takeover of Credit Suisse by UBS have reignitedconcerns about financial stability and liquidity risk.Concurrently, significant interest rate hikes havesparked fearsamong regulators about increased surrender requests frominsurance customers and potentially adverse consequences forlife insurers.2Concerns have also been raised about the impli-cations of private equity (PE) ownership of re/insurers, such aspotentially riskier, non-asset-liability-management (ALM)-driveninvestment strategies deployed by PE-owned life insurers.The 2023 Global Insurance Market Report (GIMAR),published by the Internation