Insurance financialisation: understanding the phenomenon from a risk perspective in the context of centre-periphery relationships

Vitor Boaventura Xavier

Chapter 18 in Research Handbook on Law and Political Economy, 2025, pp 290-302 from Edward Elgar Publishing

Abstract: This paper provides with a law and political economy analysis of private reinsurance contracts in the EU to enhance the understanding of a system of risk governance in which risks travel across borders through a legal instrument reproducing logics of economic subordination and dependence. Reinsurance contracts are atypical contracts through which insurers expand their risk-underwriting appetite. The conclusion of a reinsurance contract contains an underlying power relationship established between the contracting parties. Such underlying power relationship is asymmetrical, with the reinsurer holding more negotiation powers than the insurer. By analysing the political economy of reinsurance contracts in the EU context the paper aims to enhance (i) awareness of the reproduction of broader processes of economic dependency and subordination in risk-transfer contracts and to (ii) policy and normative responses to protect and incentive fairness in economic development across the EU, as well as to safeguard economic freedom and welfare.

Keywords: Insurance; Financialisation; Risk; Regime; Unequal exchange (search for similar items in EconPapers)
Date: 2025
ISBN: 9781803921181
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