ODDZIAŁYWANIE KRYZYSU SUB-PRIME NA DOCHODOWOŚĆ ZAKŁADÓW UBEZPIECZEŃ

Global financial crisis caused by the fall of the sub-prime mortgage market led to insolvency of many reputable financial institutions. The impact of crisis was of a direct and indirect nature. Some insurance firms experienced losses due to direct investments into ABSs and hedge funds. The second group of insurers gained losses as a result of guarantying the solvency of bonds backed by mortgages. The next insurance companies experienced losses due to liability insurance policies offering protection against errors and omissions made during securitization. Sub-prime crisis indirectly infl uenced profits of the insurance sector. Assets price reduction on the financial markets caused decline of the value of the insurance companies’ investment portfolios and decline of profits from financial operations. Current economic slowdown, lower consumer spending and investments and fall of social trust into the financial institutions are reasons for decline of demand for insurance services and decline of the insurance sector profits. Recent reports published by supervisory agencies and consulting companies state that losses of the insurance sector are not high and amount to around 12% of losses of the whole financial sector. Additionally they ensure that in Europe, and in Poland there are not noticeable direct losses coming from the sub-prime crisis.