Systemic risk of insurers around the globe |
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| Institution: | 1. Department of Risk Management and Insurance, University of Cologne, Albertus-Magnus-Platz, 50923 Cologne, Germany;2. Henry B. Tippie College of Business, University of Iowa, 108 John Pappajohn Business Bldg., Iowa City, IA 52242-1994, United States;3. Faculty of Management, Economics and Social Sciences, University of Cologne, Albertus-Magnus-Platz, 50923 Cologne, Germany;1. Queen’s School of Business, Queen’s University, 143 Union Street, Kingston, ON K7L 2P3, Canada;2. Dept. of Health, Policy & Management, Columbia University, 600 W 168th Street, New York, NY 10032, United States |
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| 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. |
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| Keywords: | Systemic risk Insurer size Interconnectedness Insurance G01 G22 |
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