Wpływ firm ubezpieczeniowych na rynek kapitałowy
The Impact of Insurance Companies on the Capital Market

Summary/Abstract: The importence of the isurance industry grows along with the GDP, as expenditures on any kind of insurance rise systematically faster than economic grow. Having covered theior basic needs, people are more intrested in higher-level needs of safety and stablization. The colection of insurance premiums leads to ever-higher capital resources managed by the insurers. Yhe money is invested mainly on the capital market providing it with a relatively stable inflow of capital. Although insurers' investment activity is not fully isolated from the financial market fluctuations, it is nontheless much less volatile than other parties' investments. Such hypotesis seems to be supported by the European statistics. On the one hand, smaller premium dynamics is observed especially in the Scandinavian countries, where the social state is very strongly developed and assumes a major part of social risk. On the other hand, the highest dynamics is observed in the post-socialist, emerging European economies, where the government's long-lasting dusties in the social areas were rapidly reduced during the transition time. Above mentioned opinion does not apply to the derivatives market, currency, and credit risk management.

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