Structure and Complexity of Global Insurance Groups

39 Pages Posted: 1 Feb 2022

See all articles by Anastasia Kartasheva

Anastasia Kartasheva

University of St. Gallen - School of Finance; Swiss Finance Institute; Joshua J. Harris Alternative Investment Program

Date Written: November 24, 2021

Abstract

The top 100 international (re)insurance groups account for 85% of the global insurance assets and thus are the driving force of the global insurance supply. Yet little is known about their internal structure, business focus and the international footprint. We fill the gap by providing the first comprehensive analysis of the structure and complexity of the global insurance groups. We construct and analyze a novel dataset on the corporate structure of the top 100 global insurance groups with headquarters located in 21 countries and their 8,000 subsidiaries located in 117 countries and offshore territories. We document how the level of internationalization and the business focus of foreign subsidiaries vary across headquarters regions as well as advanced and emerging economies. Then we examine the measures of business and geographic complexity of insurance groups and relate them to insurers’ performance and their contribution to the global risk sharing.

Keywords: global insurance market, insurers’ corporate structure and complexity, financial regulation

JEL Classification: G22, G38, F30, F65, L22, L25

Suggested Citation

Kartasheva, Anastasia, Structure and Complexity of Global Insurance Groups (November 24, 2021). Available at SSRN: https://ssrn.com/abstract=3970792 or http://dx.doi.org/10.2139/ssrn.3970792

Anastasia Kartasheva (Contact Author)

University of St. Gallen - School of Finance ( email )

Unterer Graben 21
St. Gallen, 9000
Switzerland

Swiss Finance Institute ( email )

c/o University of Geneva
40, Bd du Pont-d'Arve
CH-1211 Geneva 4
Switzerland

Joshua J. Harris Alternative Investment Program ( email )

The Wharton School
3620 Locust Walk
Philadelphia, PA 19104
United States

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