Instytucjonalne uwarunkowania niestabilności na rynku ubezpieczeń. Studium przypadku holdingu American International Group, Inc

The aim of the article is to analyze the institutional conditions of instability that occurred on the insurance market during the global financial crisis (GFC) on the example of the American International Group, Inc. The global financial crisis of 2007–2008 called into question the ability of liberalized financial markets to function in a stable manner in the long term and questioned the positive contribution of financial innovation to economic development. Numerous and varied factors played a role in this process: low interest rates, easy and accessible credit, loose regulations, "toxic" mortgage loans leading to high-risk financial operations in innovative products. As a result of the crisis, attention has shifted to the banking sector as it has been the most important source of instability in the financial market. The insurance sector is usually considered a minor player in the financial market but clearly regulated. The total assets of European Union banks in 2019 accounted for EUR 49.3 trillion, and the total assets of the EU insurance sector: EUR 12,706.1 billion. However, the case of AIG shows that the role of insurance companies in generating and spreading financial instability is underestimated. It can also be concluded that the insurance sector in the United States of America still remains insufficiently regulated. The collapse of AIG was a combination of defects and violations in the regulatory mechanisms and the lack of appropriate legislation, which allowed for the appearance of certain elements of fraud in the functioning of the insurance market.