Insurers most insulated against eurozone default
Ernst & Young (E&Y) has claimed that insurers are in the best position of all financial services firms to manage the consequences of a eurozone debt default.
The accountants stated that in between the first warning signs of solvency problems in Greece, Ireland and Portugal and the first indication of a default triggered by Greece, most insurers and reinsurers substantially reduced their exposure to eurozone-periphery sovereign debt.
They concluded that the moves made had insulated the sector against the impact of a potential default.
The analysis was revealed in the autumn 2011 edition of the E&Y eurozone outlook for financial services forecast.
Mari
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