Insurance Corporations and Pension Funds in OECD Countries

44 Pages Posted: 22 Jun 2013

See all articles by Massimo Coletta

Massimo Coletta

Bank of Italy

Maria Belen Zinni

Organization for Economic Co-Operation and Development (OECD)

Date Written: June 20, 2013

Abstract

Insurance companies and pension funds are part of complex systems of private insurance and public social protection created to reduce the cost of economic hazards. In the current phase of the business cycle, with many OECD countries struggling with low economic growth, high public deficits and debts, ageing populations and expensive welfare systems, private insurance is bound to play an increasing role. The aim of this paper is to provide an overview of the evolution of insurance companies and pension funds in OECD countries over the period 1995-2009. Secondly, it examines the impact of this evolution on households’ financial wealth. The paper finds that both insurance companies and private pensions still account for a small share of the financial sector as a whole and that the recent financial crisis has significantly reduced their asset value. These institutions nonetheless account for an increasing share of households’ financial assets. The paper also calls for further improvements in the consistency between supervisory and national accounting standards and in overall data quality to enhance cross-country data comparability and support the policy-making process.

Keywords: insurance companies, pension funds

JEL Classification: G22, G23

Suggested Citation

Coletta, Massimo and Zinni, Maria Belen, Insurance Corporations and Pension Funds in OECD Countries (June 20, 2013). Bank of Italy Occasional Paper No. 165, Available at SSRN: https://ssrn.com/abstract=2283125 or http://dx.doi.org/10.2139/ssrn.2283125

Massimo Coletta (Contact Author)

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Maria Belen Zinni

Organization for Economic Co-Operation and Development (OECD) ( email )

2 rue Andre Pascal
Paris Cedex 16, 75775
France

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