GLOBAL LIFE AND NON-LIFE INSURANCE COMPANIES
AND THE GLOBAL FINANCIAL CIRIS OF 2008

Table of Contents

Economic Impacts 4
Regulatory/Legal Impacts 6
Operational Impacts 6
Other Impacts 7
Consequent Developments 8
Conclusion 9
Reference List 11

GLOBAL LIFE AND NON-LIFE INSURANCE COMPANIES
AND THE GLOBAL FINANCIAL CIRIS OF 2008

Zurich-based global insurance company Swiss Re and Bloomberg came up with an accurate chronological summary of how the global financial crisis morphed into an economic crisis. From January 2007 to May 2009, a subprime crisis started it all, which was followed by a banking (financial) crisis that snowballed into an asset crisis. Eventually, the inevitable economic crisis happened that extended beyond 2009 to 2011 (Swiss Re, 2010). Fortunately, the economic losses of the market and businesses and the fears of the global public did not lead to the abolition of any industry, especially the global insurance industry. Needless to say, insurance companies recorded different forms of losses because of the event. A few years after the crisis, in 2018, the global insurance industry remains an important private sector member. Together with pension funds, the global insurance industry manages assets at an estimated amount of $74 trillion. Aside from being global institutional investors in corporations and other businesses, the significance of their financial intermediary role (as capital channels) within the international financial system cannot be overemphasized.
This report will discuss the impacts of the global financial/economic crisis from 2008 – 2011. Specifically, the discussions will categorize insurance companies into life and non-life. While there are other various possible categorizations – as to risks (marine, life, fire, casualty, etc.), as to risk carrier (social/state and private), as to subject matter insured (human life, property, financial loss, and liability), for authorization or licensing purposes (such as the EU’s long-term and general business classifications), and as to buyers (personal lines and commercial lines), the journals and academic resources utilized

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