An insurance executives' think tank, in advance of the London G-20 meeting last week, wrote to finance leaders advising them that any regulatory moves to fix the economic crisis should recognize the difference between banks and insurers.
The Geneva Association, a global organization formed by chief executives of the world's biggest insurers, sent a seven-page fine-print letter to the G-20 finance ministers that was crammed with recommendations and critiqued flaws it sees in the group's latest action plan. The CEOs of 49 global insurers co-signed the letter, including Allianz, Munich Re, Swiss Re and Tokio Marine.
It said that the United Kingdom, the G-20 chair, had issued a February plan, shifting emphasis away from a 2008 G-20 declaration–with references "to banking failures (and banks as the focus for remedial action) [being] replaced by reference to 'financial institutions.'"
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