Financial Economics of Insurance

Research Focus

The team is interested in advancing our understanding of the role of insurers and reinsurers in the financial system and the real economy. Our research is motivated by the fact that over the last three decades insurers’ business models evolved from the traditional intermediation of small diversifiable risks and conservative asset allocation strategies to a complex mix of contracts. These contracts are embedding significant tail risks and interconnectedness with the financial market, banks, asset managers and other financial institutions. Besides, insurance companies expanded beyond the national borders and have become the largest class of institutional investors managing one-third of global assets. Our research contributes to the debates among academics, policy makers and financial industry practitioners on the impact of these structural changes on insurers’ business models. These changes have implications for the insurance sector role in the financial system as well as the design of microprudential and macroprudential insurance regulation. Currently, our research focus is in the following areas:

  • Liquidity risk in insurance and macroprudential regulation

  • Finance and insurance of extreme risks such as pandemic, cyber and climate

  • Private equity ownership in insurance and investment of insurers in alternative assets

  • Insurance protection gaps and the structure of the global insurance market

  • Interconnection between insurers and banks, financial markets, and credit rating agencies

  • Financial stability aspects of financial innovation

Research Lead

Anastasia Kartasheva

Prof. Dr. Anastasia Kartasheva

Associate Professor


  • Anastasia Kartasheva hsg scaled

    Prof. Dr. Anastasia Kartasheva

    Associate Professor
  • Guxha Danjela HSG Profile scaled

    Dr. Danjela Guxha

    Postdoctoral Researcher
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    M.A. Artur Dobysh

    Research Associate