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Macroprudential Objectives and Instruments for Insurance – An Initial Discussion

Author

Listed:
  • Casper Christophersen
  • Juan Zschiesche

    (EIOPA)

Abstract

This article seeks to contribute to the ongoing debate on the objectives of macroprudential policies and the interaction between micro- and macroprudential policy in insurance. We consider two channels through which the insurance sector could influence economic growth and link these considerations to the ongoing discussions on possible macroprudential concerns in the insurance sector. While we discuss some potential macroprudential objectives and instruments, they are put forward merely for discussion and illustration, and do not constitute, and should not be seen as, EIOPA policy proposals.

Suggested Citation

  • Casper Christophersen & Juan Zschiesche, 2015. "Macroprudential Objectives and Instruments for Insurance – An Initial Discussion," EIOPA Financial Stability Report - Thematic Articles 5, EIOPA, Risks and Financial Stability Department.
    • Handle: RePEc:eio:thafsr:5
    as

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    File URL: https://www.eiopa.europa.eu/sites/default/files/financial_stability/macroprudential_objectives_and_instruments_for_insurancefsr-may2015-.pdf
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    References listed on IDEAS

    as
    1. Ian Tower & Gregorio Impavido, 2009. "How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter," IMF Working Papers 2009/151, International Monetary Fund.
    2. Billio, Monica & Getmansky, Mila & Lo, Andrew W. & Pelizzon, Loriana, 2012. "Econometric measures of connectedness and systemic risk in the finance and insurance sectors," Journal of Financial Economics, Elsevier, vol. 104(3), pages 535-559.
    3. Ceyla Pazarbasioglu & Luc Laeven & Oana M Croitoru & Stijn Claessens & Fabian Valencia & Marc C Dobler & Katharine Seal, 2011. "Crisis Management and Resolution; Early Lessons from the Financial Crisis," IMF Staff Discussion Notes 11/05, International Monetary Fund.
    4. Jacek Osinski & Katharine Seal & Lex Hoogduin, 2013. "Macroprudential and Microprudential Policies; Toward Cohabitation," IMF Staff Discussion Notes 13/5, International Monetary Fund.
    5. Ceyla Pazarbasioglu & Mr. Luc Laeven & Mrs. Oana M Croitoru & Mr. Stijn Claessens & Mr. Fabian Valencia & Mr. Marc C Dobler & Katharine Seal, 2011. "Crisis Management and Resolution: Early Lessons from the Financial Crisis," IMF Staff Discussion Notes 2011/005, International Monetary Fund.
    6. Maurice Kugler & Reza Ofoghi, 2005. "Does Insurance Promote Economic Growth? Evidence from the UK," Money Macro and Finance (MMF) Research Group Conference 2005 8, Money Macro and Finance Research Group.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Philippe Deprez & Mario V. Wüthrich, 2016. "Macroprudential Insurance Regulation: A Swiss Case Study," Risks, MDPI, vol. 4(4), pages 1-30, December.
    2. Berdin, Elia & Sottocornola, Matteo, 2017. "Systemic risk in insurance: Towards a new approach," SAFE Policy Letters 62, Leibniz Institute for Financial Research SAFE.
    3. Khetan, Umang & Neamțu, Ioana & Sen, Ishita, 2023. "The market for sharing interest rate risk: quantities behind prices," Bank of England working papers 1031, Bank of England.

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    More about this item

    Keywords

    Insurance; macroprudential instruments; financial stability;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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