Insurance and Banking Industry in a New Era. Going through Overlapping Crises

Dear Colleagues,

In recent years, the life and non-life insurance sectors have been subjected to consistent and complex economic pressures from the financial world, but more recently from the public health sector. The negative effects of the financial crisis that began in 2008 had still not been erased within national economies when the COVID-19 pandemic emerged. This pandemic has again destabilized the economic, social, institutional, and financial environments worldwide. The Russo-Ukrainian conflict put additional pressure on the global economy which was still not stabilized after the COVID-19 pandemic. The waves of tectonic economic instability unleashed by the Ukraine conflict have caught the global players of politicians, central bankers, economists and investment analysts off guard.

Best practices in terms of prudential supervision support the view that the assessment of financial system resilience should also account for the evolution of interconnectedness between the various segments of the financial system. It is already known that the insurance sector plays a crucial role in the functioning of both the financial system and economic activity. However, there is a trade-off between the benefits of risk sharing and the potential of triggering systemic risk. The European Central Bank is also concerned about the insurance sector from a financial stability point of view, and it regularly monitors and analyses the current developments, prospects, and risks confronting the euro area insurance sector. It is acknowledged that, by identifying the linkages between the banking and insurance sectors, the contagion channels through which potential vulnerabilities in one sector could be transmitted to another could be uncovered.

Digitalization, reliable environmental policies, creating a consistent institutional environment and supportive for the development of the private sector, unfailing economic growth solutions are possible to support the insurance and banking sectors in an international context. Authors are invited to submit papers that address these new aspects, highlighting the challenges that this economic sector has faced, is facing and will face, also highlighting what are the possible changes in the world of risk management, in line with the perspectives of the upcoming decade.

Prof. Dr. Ingrid-Mihaela Dragotă
Guest Editor

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