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Current Changes in the Role of the Insurance Sector

Author

Listed:
  • Jaroslav Danhel

    () (University of Finance and Administration)

  • Eva Duchackova

    () (University of Economics, Prague)

Abstract

The authors analyze changes resulting from impacts of the globalization process and the crisis on the financial markets, particularly on the conservative insurance sector, which is forced to accelerate the dynamics of structural changes. The adequacy of the current regulatory measures for the financial/banking markets, and the insurance sector in particular, is discussed, together with the consequences of implementing measures aimed at consumer protection/anti-discrimination measures, including the search for balance between higher internal stability and client safety on the one side, and efficiency of insurance for clients and effectiveness of the activity itself on the other side. Furthermore, the article addresses current internal problems of the sector. An opinion is expressed in conclusion that the insurance sector has potential to remain a stable sector, in spite of the outlined problems.

Suggested Citation

  • Jaroslav Danhel & Eva Duchackova, 2013. "Current Changes in the Role of the Insurance Sector," ACTA VSFS, University of Finance and Administration, vol. 7(1), pages 31-45.
  • Handle: RePEc:prf:journl:v:7:y:2013:i:1:p:31-45
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    File URL: http://www.vsfs.cz/periodika/acta-2013-01.pdf
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    More about this item

    Keywords

    financial; economic and debt crisis; financial markets; insurance sector; regulatory projects; risk based approach/risk management; new architecture of the financial market regulation; consumer protection; anti-discrimination measures;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • D69 - Microeconomics - - Welfare Economics - - - Other
    • K29 - Law and Economics - - Regulation and Business Law - - - Other

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