Insurance corporations and pension funds in OECD countries
AbstractInsurance companies and pension funds are part of complex systems of private insurance and public social protection created to reduce the cost of economic hazards. In the current phase of the business cycle, with many OECD countries struggling with low economic growth, high public deficits and debts, ageing populations and expensive welfare systems, private insurance is bound to play an increasing role. The aim of this paper is to provide an overview of the evolution of insurance companies and pension funds in OECD countries over the period 1995-2009. Secondly, it examines the impact of this evolution on households’ financial wealth. The paper finds that both insurance companies and private pensions still account for a small share of the financial sector as a whole and that the recent financial crisis has significantly reduced their asset value. These institutions nonetheless account for an increasing share of households’ financial assets. The paper also calls for further improvements in the consistency between supervisory and national accounting standards and in overall data quality to enhance cross-country data comparability and support the policy-making process.
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Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 165.
Date of creation: Jun 2013
Date of revision:
insurance companies; pension funds;
Find related papers by JEL classification:
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
This paper has been announced in the following NEP Reports:
- NEP-AGE-2013-06-16 (Economics of Ageing)
- NEP-ALL-2013-06-16 (All new papers)
- NEP-IAS-2013-06-16 (Insurance Economics)
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