Bertrand Venard

Insurance Market Dynamics: Between Global Developments and Local Contingencies

Insurance markets have changed radically and deeply in the past twenty years. Deregulation, globalization of insurance institutions, intensified competition, electronic commerce, bancassurance, and the emergence of new risks are among the challenges faced by insurance markets. Although important global trends are reshaping insurance markets, the emphasis on globalization overlooks the local diversity of insurance markets worldwide. This article reviews the global developments and local factors affecting insurance markets and evaluates the advantages and disadvantages of globalization. Among the important global trends are the increasing sophistication of insurance products, the globalization of risk diversification through reinsurance, the emergence of mega-financial intermediaries, and the growing importance of supranational agencies such as the World Bank and the World Trade Organization. On the other hand, there remains significant heterogeneity among countries and regions that has a profound impact on insurance markets. Among the important local differences are political, legal, and cultural components as well as differences in financial markets, taxation, regulatory systems, insurer investment strategies, and insurance distribution systems.

The Hungarian Insurance Market: Economic Transition in the Insurance Sector

This article analyzes Hungarys insurance sector as an important part of the countrys economic transition from a centrally planned economy to a market economy. It details the historic economic development of the Hungarian insurance market from a state monopoly to a competitive insurance market where foreign-owned insurance companies have a dominant market share.

International Insurance Markets: Between Global Dynamics and Local Contingencies—An Introduction

Insurance markets have radically and deeply changed in the last 20 years. Deregulation, globalization of insurance institutions, intensified competition, electronic commerce, bancassurance, and the emergence of new risks are among the challenges faced by insurance markets now. These developing trends pose both global and local challenges for insurance firms.

The French insurance market: Background and trends

The French insurance market is in the top four worldwide in terms of its annual insurance premiums. This is not surprising because the country is also the fifth world economic power in terms of gross domestic product. This economic position and the size of the insurance market are sufficient to stress the importance of covering the French insurance market. In addition, the business of insurance in France has a long history.