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Crisis Effects To Insurance Market

Author

Listed:
  • Bogdan FIRTESCU

    (Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, firtescu@uaic.ro, Iasi, Romania,)

Abstract

The economic crisis affects all financial system components, including insurance system, which is an important component. There are three types of financial crises: currency crises, banking crises and debt crises. The term insurance crisis is, in our opinion, different in its effects from economic crises in insurance industry. Economic crisis affects the insurance industry because of the insurance integration in financial system components and their interrelations. There was a delimitation between insurance, banking and financial markets, but we see nowadays, in the context of globalization, a major interaction between these fields (bank assurance and unit-linked insurance products are just a few examples). Actual paper wants to emphasize the evolution of the Romanian and some European countries� insurance market during the recent financial crises. In this approach, we consider that the situation that characterizes the entire economy and financial system, it is also valid for insurance market and insurance system. Our research refers goal to some comparisons with the evolution of the European insurance system and market and Romania focusing the analyse on some important indicators such Insurance Density, Insurance Penetration Rate, total Growth Premium, Gross Written Premium. The effects of crisis on insurance market (life section) are highlighted through a linear regression panel data (from EUROSTAT database 2002-2010).

Suggested Citation

  • Bogdan FIRTESCU, 2014. "Crisis Effects To Insurance Market," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 0(Special i), pages 85-91, September.
    • Handle: RePEc:aic:jopafl:y:2014:v:s1:p:85-91
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    References listed on IDEAS

    as
    1. Martin Eling & Hato Schmeiser, 2010. "Insurance and the Credit Crisis: Impact and Ten Consequences for Risk Management and Supervision," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 35(1), pages 9-34, January.
    2. Faisal Baluch & Stanley Mutenga & Chris Parsons, 2011. "Insurance, Systemic Risk and the Financial Crisis," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 36(1), pages 126-163, January.
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    Cited by:

    1. Magdalena Kozińska, 2023. "Zarządzanie kryzysowe w sektorze ubezpieczeniowym – o upadłości i resolution ubezpieczycieli w Polsce," Bank i Kredyt, Narodowy Bank Polski, vol. 54(6), pages 673-696.

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    More about this item

    Keywords

    market; insurance density; insurance penetration rate; crisis; gross written premium;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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