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EU Insurance Regulator Warns Current Crisis "Worse than 2008" - Report

Source: Dow Jones

Posted on 08 Nov 2011

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The euro zone's current crisis is worse for the insurance industry than the crisis of 2008, the head of the European Union's insurance industry regulator said in an interview published Monday.

"Today we have a systemic crisis, everyone knows that," Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority, told German newspaper Handelsblatt. "That is due to the close links between states and banks."

Still, Bernardino said a 50% haircut on the value of Greek government bonds is "manageable" and won't lead to major problems of stability.