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Systemic risk in the insurance sector : a review and directions for future research

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      <subfield code="a">Systemic risk in the insurance sector</subfield>
      <subfield code="b">: a review and directions for future research</subfield>
      <subfield code="c">Martin Eling, David Antonius Pankoke</subfield>
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      <subfield code="a">This article reviews the extant research on systemic risk in the insurance sector and outlines new areas of research in this field. We summarize and classify 48 theoretical and empirical research papers from both academia and practitioner organizations. The survey reveals that traditional insurance activity in the life, nonlife, and reinsurance sectors neither contributes to systemic risk nor increases insurers¿ vulnerability to impairments of the financial system. However, nontraditional activities (e.g., credit default swap underwriting) might increase vulnerability, and life insurers might be more vulnerable than nonlife insurers due to higher leverage. Whether nontraditional activities also contribute to systemic risk is not entirely clear; however, the activities with the potential to contribute to systemic risk include underwriting financial derivatives and providing financial guarantees. This article is not only likely of interest to academics but also highly relevant for the industry, regulators, and policymakers</subfield>
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      <subfield code="a">Empresas de seguros</subfield>
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      <subfield code="t">Risk management & insurance review</subfield>
      <subfield code="d">Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</subfield>
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      <subfield code="g">03/10/2016 Tomo 19 Número 2 - 2016 , p. 249-284</subfield>
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