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SUMMARY:How insurers learned to stop worrying and love regulation: a City 
 insurance man’s view of how the insurance market discovered the world of
  Basel and became a key risk partner for banks. - David Neckar (WTW Financ
 ial Solutions)
DTSTART:20240226T170000Z
DTEND:20240226T183000Z
UID:TALK210454@talks.cam.ac.uk
CONTACT:Dr Duncan Needham
DESCRIPTION:In the early 1970s the private insurance market\, led by Lloyd
 ’s Underwriters\, decided to insure foreign investments against politica
 l risks. At the time\, only governments were prepared to assume these risk
 s through state export credit agencies.\nThe private market expanded its r
 ange of coverages during the following decades\, initially focussing on po
 litical and sovereign risks\, then moving into credit risks.\nIn the first
  decade of the 21st century\, the Basel rules regulating banks were refine
 d and expanded in the form of “Basel II”\, which opened up opportuniti
 es for insurance coverage to go beyond credit risk mitigation and to suppo
 rt capital management.\nAfter the Global Financial Crisis of 2008\, insure
 rs’ policies became increasingly attractive to banks\, against the backd
 rop of higher capital requirements prescribed by the emerging Basel III re
 gulations.\n\nAs we approach 2025\, when the Finalised Basel III reforms a
 re due to be implemented\, we can see how far the banks and the insurers h
 ave travelled together\, how brokers have played a key role as catalysts a
 nd how regulation has provided the framework for credit risk insurance to 
 become a significant support for banks.\nA new risk transfer mechanism has
  emerged\, almost unnoticed\, though discreet commercial partnerships betw
 een City of London global insurers\, banks and brokers.\n
LOCATION:John Bradfield Room\, Darwin College and Zoom
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