Abstract
The European insurance market is currently the subject of harmonization of legal, solvency and accounting rules. However, the demand for insurance is still driven by government incentives and by the extent of financial innovation and variations in consumer penetration and wealth across countries. Moreover, the capitalization and taxation incentives are still very focused on a national basis, and thus the existing regulations, industry structure, link between public and private insurance, and consumer demands for particular classes of both life and non-life insurance are idiosyncratic to each country.
This research was funded by a KPMG-UIUC research grant under the Business Performance Measurement’ Program. The authors are grateful to Rashad Abdel-Khalik for his guidance, and appreciate the research assistance provided by Tim Orton. Paul Klumpes dedicates this research in memory of Ab Flikkema. The chapter has benefited very significantly from many helpful comments provided by the editors, Bertrand Venard and David Cummins.
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Klumpes, P., Fenn, P., Diacon, S., O’Brien, C., Yildirim, C. (2007). European Insurance Markets: Recent Trends and Future Regulatory Developments. In: Cummins, J.D., Venard, B. (eds) Handbook of International Insurance. Huebner International Series on Risk, Insurance and Economic Security, vol 26. Springer, Boston, MA. https://doi.org/10.1007/978-0-387-34163-7_16
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