Global financial fragmentation : implications for the insurance and reinsurance industries

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<title>Global financial fragmentation : implications for the insurance and reinsurance industries</title>
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<namePart>Dhar, Shamik </namePart>
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<namePart>Darren, Pain</namePart>
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<dateIssued>2026</dateIssued>
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<abstract displayLabel="Summary">The growing financial fragmentation driven by geopolitical tensions may reduce diversification and hamper the international transfer of risks in the insurance sector. The report identifies four main channels through which this may occur: reduced cross-border diversification, restrictions on international reinsurance, greater geographical concentration of investments, and difficulties with liquidity and balance sheet management. Restrictions on cross-border flows, regulatory divergence or the localisation of capital may reduce reinsurers' ability to distribute risks internationally and increase the cost of such protection.
The study emphasises, however, that financial fragmentation does not in itself threaten the viability of international insurance markets, although it may make them less efficient, more regionalised and more vulnerable to episodes of financial stress. Against this backdrop, it recommends that insurers and reinsurers review their reinsurance and investment strategies, strengthen liquidity management and maintain pre-positioned capital in key markets</abstract>
<tableOfContents displayLabel="Contents">Introduction. Defining global financial fragmentation -- The geoeconomics of financial fragmentation --  Potential impact on international insurance and reinsurance markets -- Quantitative modelling framework -- Strategic industry responses and public policy considerations -- Conclusions</tableOfContents>
<note type="statement of responsibility">Shamik Dhar and Darren Pain</note>
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<topic>Mercado de seguros</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20250003316">
<topic>Gestión de riesgos</topic>
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<topic>Riesgos geopolíticos</topic>
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<topic>Transferencia de riesgos</topic>
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<topic>Diversificación de los riesgos</topic>
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<topic>Reaseguro internacional</topic>
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<topic>Inversiones</topic>
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<topic>Mercados financieros</topic>
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<topic>Liquidez</topic>
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