Economic Annals 2011 Volume 56, Issue 191, Pages: 143-161
https://doi.org/10.2298/EKA1191143K
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The impact of the global financial crisis on the structure of investment portfolios of insurance companies
Kočović Jelena (Faculty of Economics, Belgrade)
Rakonjac-Antić Tatjana (Faculty of Economics, Belgrade)
Jovović Marija (Faculty of Economics, Belgrade)
This article deals with the impact of the global financial crisis on the
scale and structure of investment portfolios of insurance companies, with
respect to their difference compared to other types of financial institution,
which derives from the specific nature of insurance activities. The analysis
includes insurance companies’ exhibited and expected patterns of behavior as
investors in the period before, during, and after the crisis, considering
both the markets of economically developed countries and the domestic
financial market of Serbia. The direction of insurers’ investments in the
post-crisis period should be very carefully examined in terms of their future
implications for the insurance companies’ long-term financial health, and
defined in a broader context of managing all risks to which they are exposed,
taking into account the interdependence of these risks. Pertinent
recommendations in this regard have arisen from research of relevant past
experience and current trends, and also from an analysis and comparison of
views on this subject presented by a number of authors.
Keywords: global financial crisis, life insurance, non-life insurance, investment portfolio, investment risk