CRISIS EFFECTS TO INSURANCE MARKET

The economic crisis affects all financial system components, including insurance system, which is an important component. There are three types of financial crises: currency crises, banking crises and debt crises. The term insurance crisis is, in our opinion, different in its effects from economic crises in insurance. industry. Economic crisis affects the insurance industry because of the insurance integration in financial system components and their interrelations. There was a delimitation between insurance, banking and financial markets, but we see nowadays, in the context of globalization, a major interaction between these fields (bankassurance and unit-linked insurance products are just a few examples). Actual paper wants to emphasize the evolution of the Romanian and some European countries' insurance market during the recent financial crises. In this approach, we consider that the situation that characterizes the entire economy and financial system, it is also valid for insurance market and insurance system. Our research refers goal to some comparisons with the evolution of the European insurance system and market and Romania focusing the analyse on some important indicators such Insurance Density, Insurance Penetration Rate, total Growth, Premium, Gross Written Premium. The effects of crisis on insurance market (life section) are highlighted through a linear regression panel data (from Eurostat database 2002-2010).