INTEGRATION OF ROMANIAN INSURANCES MARKET IN EU
Abstract
One of the most important phenomena of the last decade has been the convergence of the financial services industry, especially the capital and insurance markets. The convergence in the insurance industry was determined by the increased frequency and the severity of catastrophic risks, market inefficiency in the past, and the new technologies in IT and communications.
These globally developments can be observed much better at EU level, one of the most integrated areas of the world, which aimed the convergence of financial market, including an important component such as insurance market. As part of the EU, Romania also aims to financial market convergence with the EU countries.
The article offers an overview and an analysis of the insurance market in the EU and Romania. Through a wide series of indicators such as: the amount of insurance premiums, degree of penetration, number of employees or number of insurance companies, it will analyze the evolution of this market convergence, as per all EU countries and Romania. It will identify the stage in which the insurance market in Romania is, regarding the requirements of full integration. Finally, there will be identified factors encouraging and particularly those who are impediments to insurance market convergence in Romania.
Keywords
References
ASF, Raport anual 2013
BNR, Raport asupra stabilităţii financiare 2014
Beckmann, R., Eppendorfer, C., Neimke, M., Financial integration within the European Union: Towards a single market for insurance, MPRA Paper No. 5280, 2007
CSA, Raportul privind activitatea desfăşurată şi evoluţia pieţei de asigurări în anii 2004 -2012
Cummins, J., D., Weiss, M., A., Convergence of insurance and financial markets: hybrid and securitized risk-transfer solutions, The Journal of Risk and Insurance, 2009, Vol. 76, No. 3, 493-545 DOI: 10.1111/j.1539-6975.2009.01311.x
European Commission, European Financial Stability and Integration Report 2013, Commission Staff Working Document 170, 28 April 2014, Brussels
Ernst & Young , European Solvency II. Global Survey 2014
Firţescu, B., Influence Factors on European Life Insurance Market during Crises, 21st International Economic Conference 2014, IECS 2014, 16-17 May 2014, Sibiu, Romania
. Insurance Europe, European Insurance in Figures Statistics, nr. 50, 2014
Legea 32/10.04.2000 privind activitatea de asigurare şi supravegherea asigurărilor
OECD, Global Insurance Market Trends, 2014
Roland Berger, Financial Performance of European Insurers, 2014
Schoenmaker, D., Post-Crisis Reversal in Banking and Insurance Integration: An Empirical Survey, European Commission, Economic Papers 496, ec.europa.eu/economy_finance/publications, april 2013
Stanley, B., Mutengab, S., Parsons, C., Insurance, Systemic Risk and the Financial Crisis, http://www.palgrave-journals.com/gpp/journal/v36/n1/pdf/gpp201040a.pdf,
World Economic Forum, Convergence of Insurance and Capital Markets, 2008
This work is licensed under a Creative Commons Attribution 3.0 License.