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The Insurance and Reinsurance Industry in the Restructuring of Financial Institutions

Philippe Trainar * Professeur titulaire de chaire assurance, CNAM (Centre national des arts et métiers) ; directeur, Fondation SCOR pour la Science ; membre, Conseil scientifique, ACPR (Autorité de contrôle prudentiel et de résolution). Contact : L'auteur remercie particulièrement Vivien Levy-Garboua et Patrick Thourot pour leur lecture attentive de la première version de l'article et pour leurs remarques critiques et leurs suggestions qui ont permis de bonifier ce travail dont l'auteur reste cependant seul responsable des imperfections et des erreurs.

The (re)insurance industry has shown a great capacity of resilience during the financial crisis and its activity is still developing. It is nonetheless undergoing big changes with the strengthening of prudential requirements, an increasing capital intensity and a growing internationalization. The financial crisis and the subsequent monetary policies have also induced insurers to underweight equities and sovereign bonds in their portfolios and consequently to increase the share of the so-called alternative investments, in order to offset the low interest rates effects. Because of its profitability and resilience, the industry has attracted more investors. As a result, (re)insurance companies can provide better insurance coverage and margins are narrowing on some business lines such as insurance against natural disasters. Therefore the restructuring of the insurance industry is not yet achieved.

Classification JEL: G01, G22, L11.

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1   Le tableau 2 présente le défaut de ne pas distinguer les effets de flux des effets de valorisation. Pour une étude beaucoup plus approfondie de la déformation des situations nettes des différents agents économiques durant la crise, on se référera à : Heipertz J., Rancière R. et Valla N. (2016), « Domestic and International Sectoral Portfolios: Network Structure and Contagion Effects », document de travail.

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