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Executive Summary (partial) "This paper contains an analysis of the network of the 29 largest European insurance groups and their financial counterparties. Insurance companies have direct exposures to other insurers, banks and other financial institutions through the holdings of debt, equity and other financial instruments. These exposures can cause direct contagion and thereby the spread of systemic risks. This analysis focuses on direct linkages between EU insurers and banks. Sectoral data show that at least 20% of insurers’ assets are investments in banks. As a result insurers are an important source of funding for banks. This paper adds to the expanding research on financial market networks and on systemic risks in the insurance sector."

Additional Nematrian Commentary In broad terms, this paper indicates that large EU insurers display relatively low interconnectivity overall, at least compared to large EU banks in isolation. However, some insurers do stand out as having higher levels of connectivity based on network measures that relate to interconnectedness and to substitutability (both of which are well aired in the policy debate on which financial institutions might be systemically relevant).

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