{"id":9031,"date":"2025-01-02T17:48:00","date_gmt":"2025-01-02T16:48:00","guid":{"rendered":"https:\/\/casmef.luiss.it\/publications\/systemic-risk-in-the-european-insurance-sector\/"},"modified":"2026-11-05T14:42:32","modified_gmt":"2026-11-05T13:42:32","slug":"systemic-risk-in-the-european-insurance-sector","status":"publish","type":"casmef_publication","link":"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/","title":{"rendered":"Systemic risk in the European insurance sector"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Abstract: This paper investigates the dynamic interdependencies between the European insurance sector and key financial markets\u2014equity, bond, and banking\u2014by extending the Generalized Forecast Error Variance Decomposition framework to a broad set of performance and risk indicators. Our empirical analysis, based on a comprehensive dataset spanning January 2000 to October 2024, shows that the insurance market is not a passive receiver of external shocks but an active conduit in the propagation of systemic risk, particularly during periods of financial stress such as the subprime crisis, the European sovereign debt crisis, and the COVID-19 pandemic. Significant heterogeneity is observed across subsectors, with diversified multiline insurers and reinsurance playing key roles in shock transmission. Moreover, our granular company-level analysis reveals clusters of systemically central insurance companies, underscoring the presence of a core group that consistently exhibits high interconnectivity and influence in risk propagation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bonaccolto, G., Borri, N., Consiglio, A., &#038; Di Giorgio, G. (2025, April). CASMEF Working Paper Series No. (3). Arcelli Centre for Monetary and Financial Studies, LUISS Guido Carli.<\/p>\n","protected":false},"template":"","publication_type":[559],"class_list":["post-9031","casmef_publication","type-casmef_publication","status-publish","hentry"],"acf":{"pub_unit":8774,"pub_file":9027},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Systemic risk in the European insurance sector - Casmef<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Systemic risk in the European insurance sector - Casmef\" \/>\n<meta property=\"og:description\" content=\"Bonaccolto, G., Borri, N., Consiglio, A., &amp; Di Giorgio, G. (2025, April). CASMEF Working Paper Series No. (3). Arcelli Centre for Monetary and Financial Studies, LUISS Guido Carli.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"Casmef\" \/>\n<meta property=\"article:modified_time\" content=\"2026-11-05T13:42:32+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/publications\\\/systemic-risk-in-the-european-insurance-sector\\\/\",\"url\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/publications\\\/systemic-risk-in-the-european-insurance-sector\\\/\",\"name\":\"Systemic risk in the European insurance sector - Casmef\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/#website\"},\"datePublished\":\"2025-01-02T16:48:00+00:00\",\"dateModified\":\"2026-11-05T13:42:32+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/publications\\\/systemic-risk-in-the-european-insurance-sector\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/publications\\\/systemic-risk-in-the-european-insurance-sector\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/publications\\\/systemic-risk-in-the-european-insurance-sector\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Systemic risk in the European insurance sector\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/\",\"name\":\"Casmef\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/#organization\",\"name\":\"Casmef\",\"url\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/casmef.luiss.it\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/Logo-CASMEF.svg\",\"contentUrl\":\"https:\\\/\\\/casmef.luiss.it\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/Logo-CASMEF.svg\",\"caption\":\"Casmef\"},\"image\":{\"@id\":\"https:\\\/\\\/casmef.luiss.it\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Systemic risk in the European insurance sector - Casmef","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/","og_locale":"en_US","og_type":"article","og_title":"Systemic risk in the European insurance sector - Casmef","og_description":"Bonaccolto, G., Borri, N., Consiglio, A., & Di Giorgio, G. (2025, April). CASMEF Working Paper Series No. (3). Arcelli Centre for Monetary and Financial Studies, LUISS Guido Carli.","og_url":"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/","og_site_name":"Casmef","article_modified_time":"2026-11-05T13:42:32+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/","url":"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/","name":"Systemic risk in the European insurance sector - Casmef","isPartOf":{"@id":"https:\/\/casmef.luiss.it\/en\/#website"},"datePublished":"2025-01-02T16:48:00+00:00","dateModified":"2026-11-05T13:42:32+00:00","breadcrumb":{"@id":"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/casmef.luiss.it\/en\/publications\/systemic-risk-in-the-european-insurance-sector\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/casmef.luiss.it\/en\/"},{"@type":"ListItem","position":2,"name":"Systemic risk in the European insurance sector"}]},{"@type":"WebSite","@id":"https:\/\/casmef.luiss.it\/en\/#website","url":"https:\/\/casmef.luiss.it\/en\/","name":"Casmef","description":"","publisher":{"@id":"https:\/\/casmef.luiss.it\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/casmef.luiss.it\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/casmef.luiss.it\/en\/#organization","name":"Casmef","url":"https:\/\/casmef.luiss.it\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/casmef.luiss.it\/en\/#\/schema\/logo\/image\/","url":"https:\/\/casmef.luiss.it\/wp-content\/uploads\/2026\/07\/Logo-CASMEF.svg","contentUrl":"https:\/\/casmef.luiss.it\/wp-content\/uploads\/2026\/07\/Logo-CASMEF.svg","caption":"Casmef"},"image":{"@id":"https:\/\/casmef.luiss.it\/en\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/casmef.luiss.it\/en\/wp-json\/wp\/v2\/casmef_publication\/9031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casmef.luiss.it\/en\/wp-json\/wp\/v2\/casmef_publication"}],"about":[{"href":"https:\/\/casmef.luiss.it\/en\/wp-json\/wp\/v2\/types\/casmef_publication"}],"acf:post":[{"embeddable":true,"href":"https:\/\/casmef.luiss.it\/en\/wp-json\/wp\/v2\/casmef_observatory\/8774"}],"wp:attachment":[{"href":"https:\/\/casmef.luiss.it\/en\/wp-json\/wp\/v2\/media?parent=9031"}],"wp:term":[{"taxonomy":"publication_type","embeddable":true,"href":"https:\/\/casmef.luiss.it\/en\/wp-json\/wp\/v2\/publication_type?post=9031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}