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Systemic risk and insurance

Author

Listed:
  • Pierre-Emmanuel Darpeix

    (PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

The literature generally agrees that the traditional insurance sector is not a source of systemic risk, and insurers are often considered to be shock absorbers rather than shock amplifiers. Yet, the evolution of the industry both in terms of structure (concentration of the reinsurers, increased linkages with banks, especially through bancassurance conglomerates) and in terms of techniques (securitization, monolines, derivatives) increased the systemic relevance of the insurers.

Suggested Citation

  • Pierre-Emmanuel Darpeix, 2015. "Systemic risk and insurance," PSE Working Papers halshs-01227969, HAL.
    • Handle: RePEc:hal:psewpa:halshs-01227969
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01227969
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    References listed on IDEAS

    as
    1. Eling, Martin & Pankoke, David, 2012. "Systemic Risk in the Insurance Sector – What Do We Know?," Working Papers on Finance 1222, University of St. Gallen, School of Finance.
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    Keywords

    Insurance; Systemic risk; International regulation;
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