PitchBook-寿险业转型：系统性风险与政策挑战（英）

BIS Papers No 161 The transformation of the life insurance industry: systemic risks and policy challenges by Matteo Aquilina, Fabian Garavito, Gaston Gelos, Ulf Lewrick, Frank Packer, Gabor Pinter, Vladyslav Sushko and Karamfil Todorov Monetary and Economic Department October 2025 JEL classification: G22, G23, G28, G32. Keywords: Life insurance, non-bank financial institutions, systemic risk, reinsurance. The transformation of the life insurance industry The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1682-7651 (online) ISBN 978-92-9259-897-6 (online) The transformation of the life insurance industry i The transformation of the life insurance industry: systemic risks and policy challenges Matteo Aquilina, Fabian Garavito, Gaston Gelos, Ulf Lewrick, Frank Packer, Gabor Pinter, Vladyslav Sushko and Karamfil Todorov1 Abstract The life insurance industry has undergone a profound structural transformation since the Great Financial Crisis, amid a prolonged period of exceptionally low interest rates and evolving regulatory frameworks. This paper examines the systemic risks and policy challenges emerging from this transformation, with a particular focus on the growing involvement of private equity firms, the shift in investment strategies towards riskier and opaque assets, increased use of derivatives and greater reliance on asset-intensive reinsurance, often through offshore jurisdictions. Standard risk metrics indicate that the sector’s systemic importance has risen, notably in the Americas and Asia, due to heightened interconnectedness with the broader financial system. Liquidity risks have become more pronounced, stemming from greater use of short-term funding, policy surrenders, and use of derivatives, while governance complexities and opacity in asset valuation further complicate supervision. Several measures could be considered to address these challenges, such as enhancing supervisory frameworks and disclosures, prudential charges to mitigate concentration risk and liquidity risk, harmonisation of international standards and complementing supervision with a macroprudential perspective to monitor and address concentration risks and financial interlinkages at the system level. Overall, while the sector has demonstrated adaptability and resilience, its growing complexity and interconnectedness highlights the need for vigilant regulation to safeguard financial stability and preserve the sector’s critical role in the financial system. Keywords: Life insurance, non-bank financial intermediaries, systemic risk, reinsurance. JEL classification: G22, G23, G28, G32. 1 The authors thank Nath