Konwergencja rynku kapitałowego i ubezpieczeniowego – identyfikacja czynników
The convergence of capital and insurance markets – identification of drivers

Summary/Abstract: The main problem presented in this article is related to the process of the convergence of capital and insurance markets. The process of convergence is understood as a kind of inter-merger under which insurers and (other) financial institutions participate each other in their markets. This process results in the creation and application of new instruments, in this Insurance-Linked Securities (ILS) that allow to transfer insurance risk to the capital market. ILS are mainly used by insurers and (other) financial institutions, while non-financial entities use them to a lesser extent.The purpose of this article is to identify the main drivers of the process of convergence. We propose here two groups of drivers: intermarket ones (considered from the individual perspective of each market) and intramarket ones (common to both markets). Identification and systematization of these drivers enhances a better understanding of the convergence mechanism , as well as the applicability of its effects

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