Systemic risk of insurers around the globe

Christopher Bierth, Felix Irresberger and Gregor N.F. Weiß

Journal of Banking & Finance, 2015, vol. 55, issue C, 232-245

Abstract: We study the exposure and contribution of 253 international life and non-life insurers to systemic risk between 2000 and 2012. For our full sample period, we find systemic risk in the international insurance sector to be small. In contrast, the contribution of insurers to the fragility of the financial system peaked during the recent financial crisis. In our panel regressions, we find the interconnectedness of large insurers with the insurance sector to be a significant driver of the insurers’ exposure to systemic risk. In contrast, the contribution of insurers to systemic risk appears to be primarily driven by the insurers’ leverage.

Keywords: Systemic risk; Insurer size; Interconnectedness; Insurance (search for similar items in EconPapers)
JEL-codes: G01 G22 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (48)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:55:y:2015:i:c:p:232-245

DOI: 10.1016/j.jbankfin.2015.02.014

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