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Prof. Dr. Anastasia Kartasheva
Research Team Financial Economics of Insurance

Anastasia Kartasheva is an Associate Professor of Insurance Economics at the School of Finance (SoF HSG) and the Institute of Insurance Economics. For the previous seven years she worked at the Bank for International Settlements (BIS), first as an Economist in Financial Systems and Regulation section at the Monetary and Economic Department and then as the Economic Advisor at the International Association of Insurance Supervisors (IAIS). At BIS, she participated as a member and as a secretary of BIS-based committees of the Basel Committee of Banking Supervision, Financial Stability Board and the IAIS. Prior to arriving to Switzerland, Anastasia was an Assistant Professor of Insurance and Risk Management at the Wharton School of the University of Pennsylvania in the US. She holds a PhD in Economics from the University of Toulouse in France, MA in Economics from the New Economic School and a BSc in Mathematical Economics from the Lomonosov Moscow State University in Russia.

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