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Systemic Importance of Insurance Companies¡ªAn Empirical Analysis

Listed author(s):
  • Anushri Bansal
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    Insurance companies are increasingly being regulated under the assumption that, like banks, they pose systemic risk to the overall economy and especially the financial system. This analysis investigates this premise by comparing the systemic importance of insurance companies and the insurance industry with that of banks, brokers, real estate firms, and their respective industries. Empirical results suggest that intra-industry linkages exist among insurance firms, although they are comparatively weaker than those in banking and real estate. Moreover, systemic risks arising from the effects of distress in other economic sectors are lower for insurance companies¡ªalthough not negligible. Given its size, systemic problems arising over time from the insurance industry would have a very disruptive macroeconomic impact.

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    File URL: http://www.macrothink.org/journal/index.php/ifb/article/view/9340/7573
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    File URL: http://www.macrothink.org/journal/index.php/ifb/article/view/9340
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    Article provided by Macrothink Institute in its journal International Finance and Banking.

    Volume (Year): 3 (2016)
    Issue (Month): 1 (June)
    Pages: 44-76

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    Handle: RePEc:mth:ifb888:v:3:y:2016:i:1:p:44-76
    Contact details of provider: Web page: http://ifb.macrothink.org

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    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.
    2. World Bank, 2004. "The World Bank Annual Report 2004," World Bank Publications, The World Bank, number 13928.
    3. repec:idb:brikps:21318 is not listed on IDEAS
    4. repec:idb:brikps:21198 is not listed on IDEAS
    5. World Bank, 2004. "The World Bank Annual Report 2004," World Bank Publications, The World Bank, number 13927.
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