This report provides a comparative view of the distribution of insurance entities’ investments by asset type in a selection of markets, including four of the world’s largest (Eurozone, United States, Japan and United Kingdom), as well as Spain, Brazil, and Mexico. Presenting information from 2008 to 2018, traditional investment portfolios (in which the investment risk stays on the insurance entities’ balance sheets) was distinguished from investments where the policyholder bears the risk, wherever possible. The study is completed with an analysis of the 2018 information regarding the investment portfolios of six large European insurance groups with global operations, and a comparison of the applicable gross capital charges required for the most representative investment portfolio categories of the insurers using the Solvency II standard formula.
The report offers a reflection on the impact on the economy and on social security as a result of the aging of the population, proposing that the rising age of the population could be one of the factors behind the trend toward greater financial interdependence, secular stagnation, and economic inequality. Likewise, the study takes on the primary effects of the demographic transition on the maintenance of the health and pension systems.
Health systems: a global analysis
This study analyzes a selection of health systems in different regions of the world, including models that incorporate some feature differentiating them from the others and that can be used as a reference when designing public policies related to healthcare systems. It also proposes an indicator of the effectiveness of health systems, which has been estimated for a total of 180 countries and makes it possible to obtain a comparative global view of those systems.
Insurance industry investment (edition 2018)
This report analyzes the dimension and role of the insurance sector as a relevant and stable investor for financing economies. In order to have a representative group of markets, the kinds of assets insurers invest in, in what proportions, and the variations thereof in the last decade have been studied. It is shown how investment decisions depend in large part on the need for asset and liability matching, on capital charges from solvency regimes and on their intrinsic risk.
Insurance solvency regulation systems
Insurers and their groups are entities that, without exception, due to the key role they play in the workings of the financial system and of economic activity in general, are subject to systems of prudent regulation. In this context, the recent financial crises have opened a process of progressive and asymmetric convergence towards risk-based regulations on a global scale. This study analyzes the progress of this process, and the complexity associated with it, taking into account the outlook in large, mature markets like the United States and the Eurozone, as well as in other emerging markets like Latin America and Asia-Pacific. This report also deals with the efforts the International Association of Insurance Supervisors (IAIS) is making in the development of globally consistent supervision frameworks for large international insurance groups.
Insurance solvency regulation systems (English)
Insurance solvency regulation systems (Spanish)
Insurance solvency regulation systems (English) (ePub)
Insurance solvency regulation systems (Spanish) (ePub)
The main objective of this research is to help diagnose one of the most important pillars of today’s social organization, pension systems, by emphasizing the risks which they are exposed to and identifying the elements that can contribute to their long-term sustainability and stability.
Elements for the expansion of insurance in Latin America
The main objective of this study is to analyze the key determinants of the level of insurance penetration in Latin America, in order to outline the general lines that could be considered in the design of public policies whose aim is to increase their penetration in the economies of the region. Thus, the conceptual framework used in the preparation of this work has been focused on the analysis of the main factors that can boost the penetration level (premiums / GDP) from the point of view both of the offer (factors that affect the creation of insurance services), as well as the demand (factors that explain the intensity of consumption of those services).
Elements for the expansion of insurance in Latin America (English)
Elements for the expansion of insurance in Latin America (Spanish)
Elements for the expansion of insurance in Latin America (English) (ePub)
Elements for the expansion of insurance in Latin America (Spanish) (ePub)