The Financial Stability Forum raised concerns yesterday over the health of the insurance industry.
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The Financial Stability Forum raised concerns yesterday over the health of the insurance industry.
The forum has revealed it is worried about the strength of smaller insurers.
Andrew Crockett, who chairs the Basel-based forum and is general manager of the Bank for International Settlements said: "If I were concerned about any sector of the financial sector that would be the insurance sector.
"If the stock market remains weak, several insurance companies are likely to continue to face pressure. I understand insurance supervisors are confident that the major insurance companies are reasonably well positioned, but there are some concerns about the situation of smaller firms."
However he added that there was, "no reason for immediate alarm."
