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Financial integration within the European Union: Towards a single market for insurance

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Author Info

  • Beckmann, Rainer
  • Eppendorfer, Carsten
  • Neimke, Markus

Abstract

Our study analyses the extent of integration of the EU market for life and non-life insurance. The main integration indicator used is the market share (premium based) of foreign companies in domestic markets. For the calculation of this indicator, three different kinds of foreign presence are taken into account: foreign presence through merger and acquisitions, through branches and agencies and direct cross-border sales without physical presence. Whereas the static view reveals a high degree of national fragmentation the dynamic view indicates advancing integration. The results also show that integration is even less advanced for life than for non-life insurance and that mergers and acquisitions are the dominant strategy to access a foreign market. Besides summarising the liberalisation history of the European insurance sector and discussing consumer benefits from further integration, the study contributes to a better understanding of obstacles to insurance market integration.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5280.

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Date of creation: 2002
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Handle: RePEc:pra:mprapa:5280

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Related research

Keywords: European Financial Integration; Insurance Sector; Internal Market;

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References

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  1. Belke, A. & Gros, D., 1997. "Estimating the Costs and Benefits of EMU: The Impact of External Shocks on Labour Markets," Discussion Paper 1997-95, Tilburg University, Center for Economic Research.
  2. Belke, Ansgar, 2002. "Towards a Balanced Policy Mix under EMU: Co-ordination of Macroeconomic Policies and ‘Economic Government’?," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 17, pages 21-53.
  3. Matthias G�cke & Ansgar Belke, 1999. "Micro and Macro Hysteresis in Employment under Exchange Rate Uncertainty," Computing in Economics and Finance 1999 722, Society for Computational Economics.
  4. Belke, Ansgar & Gocke, Matthias, 1999. "A Simple Model of Hysteresis in Employment under Exchange Rate Uncertainty," Scottish Journal of Political Economy, Scottish Economic Society, vol. 46(3), pages 260-86, August.
  5. Ansgar Belke, 2001. "Too Big to Fail: Bankenkonkurs, "Bailout" und Wählerstimmenkalkül," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 192/2001, Department of Economics, University of Hohenheim, Germany.
  6. Ansgar Belke & Carsten Eppendorfer & Jens Michael Heine, 2002. "Zur Bedeutung unterschiedlicher Finanzmarktstrukturen für den geldpolitischen Transmissionsmechanismus in der EWU," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 200/2002, Department of Economics, University of Hohenheim, Germany.
  7. Schüler, Martin, 2002. "Integration of the European market for e-finance: evidence from online brokerage," ZEW Discussion Papers 02-24, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  8. Belke, A. & Gros, D., 1998. "Evidence on the Costs of Intra-European Exchange Rate Variability," Discussion Paper 1998-14, Tilburg University, Center for Economic Research.
  9. Beckmann, Rainer & Eppendorfer, Carsten & Neimke, Markus, 2002. "Market Access Strategies in the EU Banking Sector - Obstacles and Benefits towards an integrated European Retail Market," MPRA Paper 5273, University Library of Munich, Germany.
  10. Beckmann, Rainer & Hebler, Martin & Kösters, Wim & Neimke, Markus, 2000. "Theoretische Konzepte zum Europäischen Integrationsprozeß: Ein aktueller Überblick
    [Theoretical concepts for the process of European integration: A current overview]
    ," MPRA Paper 35703, University Library of Munich, Germany.
  11. Beckmann, Rainer & Eppendorfer, Carsten & Neimke, Markus, 2002. "Deepening European Financial Integration: Theoretical Considerations and Empirical Evaluation of Growth and Employment Benefits," MPRA Paper 5272, University Library of Munich, Germany.
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Cited by:
  1. Beckmann, Rainer & Eppendorfer, Carsten & Neimke, Markus, 2002. "Deepening European Financial Integration: Theoretical Considerations and Empirical Evaluation of Growth and Employment Benefits," MPRA Paper 5272, University Library of Munich, Germany.
  2. Maudos, Joaquin & Pérez, Francisco, 2004. "Convergencia, integración y competencia en los mercados financieros europeos
    [Convergence, integration and competition in the European financial markets]
    ," MPRA Paper 15889, University Library of Munich, Germany, revised 2004.
  3. Trigo Gamarra, Lucinda, 2008. "The effects of liberalization and deregulation on the performance of financial institutions: The case of the German life insurance market," Thuenen-Series of Applied Economic Theory 93, University of Rostock, Institute of Economics.

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