G-Sii process ‘out of touch’, says Axa’s Thimann
Designation approach open to political influence, argues head of group strategy
The process of designating global systemically important insurers (G-Siis) is “out of touch” with the reality of systemic threats facing the industry, according to Axa's head of group strategy.
Christian Thimann says the designation of insurers is “open to political influence”, has been overly influenced by concerns about banks and has left firms such as Axa unclear how to reduce extra capital charges or escape G-Sii status.
“The designation of insurance took place quite soon after the banking
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