奥纬咨询：2025百慕大长期保险业系统性风险分析报告（英文版）（100页）.pdf

1、Kristin RicciJames Forbes-KingFaisal Haddad,FSAMatthew Davey,FIAANALYSIS OF SYSTEMIC RISK IN THE BERMUDA LONG-TERM INSURANCE SECTORJune 2nd,2025CONTENTS1.Executive summary 32.Introduction 122.1 Purpose and structure of this report 122.2 Economic and social role of(re)insurers 122.3 Market landscape

2、and trends 173.Role of Bermuda in the global life insurance market 243.1 History and strategic role for(re)insurer 243.2 Summary of Bermudas regulatory framework and safeguards 304.Systemic risk and insurance 344.1 Introduction to systemic risk 344.2 Transmission channels 364.3 Regulatory landscape

3、and key concerns 385.Potential for systemic risk in Bermuda long-term insurance sector 415.1 Scenario exploration 415.1.1 Scenario 1:Credit crisis triggering mass reinsurance recapture 435.1.2 Scenario 2:Confidence shock to the Bermudian insurance market,triggering mass lapse and fire sale of assets

4、 705.1.3 Scenario 3:Withdrawal of insurer private credit demand 816.Recommendations 887.Appendix 908.Glossary of acronyms and abbreviations 97 Oliver Wyman3Analysis of Systemic Risk in the Bermuda Long-term Insurance SectorSECTION 11 According to Mercer and World Economic Forum report Well Live to 1

5、00 How Can We Afford It?May 2017.EXECUTIVE SUMMARYInsurers play an important role in promoting policyholder protection,financial security,macroeconomic resilience,and serving both individuals and institutions.They act as a provider of long-term capital,contribute to economic stability,and support ac

6、cess to protection and funding for households and businesses.Due to this role and the long-term horizon of many insurance contracts,insurers have large investment portfolios,in order to make payments to policyholders in the future.They are therefore significant players alongside other financial inst