Systemic Risk of Insurers Around the Globe

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

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.

Citation

Weiß, G. N., Bierth, C., & Irresberger, F. (2015). Systemic Risk of Insurers Around the Globe. Journal of Banking and Finance, 55, 232-245. https://doi.org/10.1016/j.jbankfin.2015.02.014

• Journal Article Type: Article
• Acceptance Date: Feb 15, 2015
• Online Publication Date: Feb 23, 2015
• Publication Date: 2015-06
• Deposit Date: Jul 23, 2020
• Publicly Available Date: Jul 24, 2020
• Journal: Journal of Banking and Finance
• Print ISSN: 0378-4266
• Publisher: Elsevier
• Peer Reviewed: Peer Reviewed
• Volume: 55
• Pages: 232-245
• DOI: https://doi.org/10.1016/j.jbankfin.2015.02.014
• Public URL: https://durham-repository.worktribe.com/output/1265803