DEVELOPMENTS IN THE INSURANCE INDUSTRY IN EUROPE IN ECONOMIC AND FINANCIAL CRISIS

Viorel Crăciuneanu
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Viorel Crăciuneanu: Bucharest University of Economic Studies

Theoretical and Applied Economics, 2013, vol. XX, issue Special I, 52-60

Abstract: This paper analyzes the evolution of the insurance sector in Europe, focusing on the European Union member states, and considering the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7740 billion Euro in 2011, an amount corresponding to 55% of the GDP of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global financial and economic crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.

Keywords: insurance; gross premiums; household consumption expenditure; expenditure on insurance. (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:xx:y:2013:i:special-i:p:52-60

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