The consequences of financial crises on insurance .
Introduction
In recent years, the two crises have shaken the financial world : in 2008 and 2009, the so-called crisis ofsubprime s (in English: subprime mortgage crisis ) , and , since 2011, the crisis of sovereign debt of European countries . The question that arises is to determine the impact of these two crises on insurance.To believe the voiceless media, the inefficient regulatory and supervisory authorities and the La Place banking and insurance companies in self-satisfaction, there is no problem. Everyone has his point of view. Also will -I like to share one of the first victim s of these two financial crises.
The first victim is a professor of insurance law who, in order to update his courses and his textbooks ,must abandon his Civil Code and his Insurance Code , and look in legal and technical books of financial instruments for instructions on how to use the law. insurance, in its version of the Third Millennium. Dayafter day, he tries to unravel the mysteries of market finance and the last UFO-legal-economic-financialcreated by financial engineering , then sold by “ salespeople ” in the bancassurance sector to their clients.This teacher-researcher has great difficulty in understanding, if not the difference between a derivative product and a structured product, at least what are " formula " UCITS , referred to in article R. 214-27 of the Code. monetary and financial, structured foreign UCITS equivalent under Article 36 of Regulation EU No. 583/2010 of the Commission on 1 st July 2010 implementing Directive 2009/65 / EC of complex debt securities and equivalent financial securities, in particular EMTNs ( Euro Medium Term Notes ). T ll these " products " invaded, on tiptoe, the insurance policies on the life account units that have gradually replaced our old life insurance policies that were denominated in a currency until the 1970s !
PRIPs !!! For the anecdote, it will be recalled that, since 2007, the European Commission has been trying to put in place, for the sake of consistency and clarification (sic !) A regulation protecting consumers who access the financial markets, common to UCITS and products. structured, the life insurance unit-linked pensions and some products under the label imaged of PRIPs-packaged retail investment products ( in old French : retail investment products packaged ) .The last step, before the development of proposals for legislative initiatives, is a call for contributions for any investor, public authority and more generally all persons concerned , before January 31, 2011.
The other victims, much more to be pitied , are the customers of insurance companies and banking and financial establishments . Today, these consumer- savers , sometimes called “ insured ”, are less and less “ reassured ”. Indeed, they had subscribed c 're amazing " product " of life insurance in unit, without really understanding the meaning of the words " capital protected funds " or " full capital guarantee at maturity excluding commission " blown to their ears by benevolent intermediaries and advisers , more or less competent in the field of insurance .
Plan. From there, we will present our study in two parts . The first part will address the impacts of financial crises on insurance companies . L is part two present the impact of these crises on the insured .
First part. The impact of financial crises on insurance companies: “Everything is going very well Madame la Marquise. "
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