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Developments in higher temperature exchangers and other applications, require high strength as well as oxidation resistance at very high temperatures. In order to meet such requirements, Dour Metal has developed the ODM a new range of oxide dispersion strengthened (ODS) iron based materials. Compositional and thermomechanical manipulations can be used to develop the structure enabling the service temperature to be increased up to about 1200°C. Typical rupture strengths are presented for temperatures ranging from 900 to 1100°C. Data on oxidation and corrosion properties of various compositions are also presented. The emphasis is given to alloy ODM 751 on which most recent work has been performed. The composition of the alloy is 16.5% Cr‐4.5% Al‐0.6% Ti‐1.5% Mo‐0.5% Y2O3‐bal Fe and provides the best compromise between strength, formability and oxidation resistance. Measurements of longitudinal creep at 1100°C to 1200°C on ODM 751 tubes show the outstanding properties of the alloy in this range of temperatures.

This paper aims to analyze systemic risk in and the effect of capital regulation on the European insurance sector. In particular, the evolution of an exposure measure (SRISK) and a contribution measure (Delta CoVaR) are analyzed from 1985 to 2016.

With the help of multivariate regressions, the main drivers of systemic risk are identified.

The paper finds an increasing degree of interconnectedness between banks and insurance that correlates with systemic risk exposure. Interconnectedness peaks during periods of crisis but has a long-term influence also during normal times. Moreover, the paper finds that the insurance sector was greatly affected by spillovers from the process of capital regulation in banking. While European insurance companies initially at the start of the Basel process of capital regulation were well capitalized according to the SRISK measure, they started to become capital deficient after the implementation of the model-based approach in banking with increasing speed thereafter.

These findings are highly relevant for the ongoing global process of capital regulation in the insurance sector and potential reforms of Solvency II. Systemic risk is a leading threat to the stability of the global financial system and keeping it under control is a main challenge for policymakers and supervisors.

This paper provides novel tools for supervisors to monitor risk exposures in the insurance sector while taking into account systemic feedback from the financial system and the banking sector in particular. These tools also allow an evidence-based policy evaluation of regulatory measures such as Solvency II.