INSURANCE SYSTEM AND EUROPEAN INSURANCE MARKET DURING CRISIS - EVIDENCE FROM SOME POST-COMUNIST COUNTRIES

Bogdan-Narcis Firtescu

Revista Economica, 2012, vol. Supplement, issue 4, 266-275

Abstract: The economic crisis affects all financial system components, including insurance system, which is an important component. There are three types of financial crises: currency crises, banking crises and debt crises. The term insurance crisis is, in our opinion, different in its effects from economic crises in insurance industry. Economic crisis affects the insurance industry because of the insurance integration in financial system components and their interrelations. There was a delimitation between insurance, banking and financial markets, but we see nowadays, in the context of globalization, a major interaction between these fields (bankassurance and unit-linked insurance products are just a few examples). Actual paper wants to emphasize the evolution of the Romanian and other post - communist countries insurance market during the recent financial crises. In this approach, we consider that the situation that characterizes the entire economy and financial system, it is also valid for insurance market and insurance system. Our research refers goal to some comparisons with the evolution of the European insurance system and market and other post-communist countries (Bulgaria, Czech Republic, Hungary, Poland and Romania). The analyze was focused on some important indicators such Insurance Density, Insurance Penetration Rate, total Growth Premium, Gross Written Premium in countries mentioned above.

Date: 2012
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