A market analysis warning that insurance companies loaded with risky corporate loans could be the next financial crisis, echoing 2008 — bad news for the broader economy if it plays out.

• Borrowing to buy stocks is at a record high in the US, but that's a warning sign, not the main danger.
• South Korea's market just crashed over 20% in a month because everyday people bought stocks with heavy borrowed money and got forced to sell.
• The real worry is insurance companies, which hold over $10 trillion and have been buying repackaged bundles of risky business loans (CLOs) — the modern version of the 2008 mortgage mess.
• These loans went to shaky, economy-sensitive businesses like construction firms and even yoga studios, and business bankruptcies are already climbing.
• Insurance companies are heavily leveraged, so even a small wave of loan defaults could wipe out their cushion and spill into the real economy.

Outlook: If bankruptcies keep rising, defaults could hit the loan bundles insurers hold and trigger a 2008-style blowup.