A correction in the stock market is not a question of "if" but "when," according to Allianz CEO Oliver Bate.
Speaking to CNBC at the World Economic Forum in Davos, Switzerland, the bank chief acknowledged the ever-improving health of the global economy but warned of major danger spots ahead.
"Underlying economic growth has been much better than people predicted, so that's the good news despite all the political turmoil," Bate said, who has headed the German financial services provider since 2014. "But markets are very, very dangerous."
"And you don't see that, because valuations are at ever-higher levels and credit risk looks like it has disappeared," he went on.
"Well, it hasn't disappeared, we know that, and we need to make sure we're prepared for the next market correction."