Bank of England: European life insurers’ systemic risk still ‘non-trivial’

The study found that systemic risk across European life insurers has been rising since 2007, peaking around the global financial crisis, the eurozone sovereign debt crisis, and the COVID‑19 market shock in 2020. UK life groups also saw a spike during the 2022 gilt turmoil linked to leveraged liability‑driven invliestment strategies at pension funds.