Finansal Krizler ve Sigortacılık: Deneysel Bulguların Işığında Türk Sigorta Sektörüne Dair değerlendirmeler

Çalışmamız Türk sigorta sektörünün finansal krizlerden nasıl etkilendiğini deneysel bulguların ışığında ortaya koymak amacındadır. Çalışma iki ana bölümden meydana gelmektedir. Teorik bölümde, finansal krizlerle sigortacılık arasındaki etkileşim ilgili yazındaki deneysel çalışmaların sonuçları açısından ele alınmıştır. Uygulama bölümünde ise Türkiye verileriyle sabit etkiler panel veri modeli çerçevesinde bir analiz yapılmıştır. Bulgular, Türkiye’de sigorta şirketlerinin prim üretimi, karlılık ve menkul değer portföyleri açısından finansal stres ve krizlerden negatif, ekonomik büyümeden ise pozitif etkilendiğini ortaya koymaktadır

Anahtar Kelimeler:

Finansal krizler, sigortacılık, sistemik risk, panel veri modelleri

FInancIal CrIses and Insurance: EvaluatIons for TurkIsh Insurance Sector In The LIgth of EmpIrIcal FIndIngs

This study aims to analyze how the insurance sector is affected from financial crises in the light of empirical findings. The study has two main parts. The theoretical part of study investigates the interaction between financial crises and insurance industry with respect to empirical studies’ findings in the literature. The practice part analyzes Turkey’s data with fixed effects panel data models. Findings show that insurance companies are affected negatively from financial stress and crises, and positively from economic growth in respect to the measures like premiums received, profitability and securities’ portfolio

Keywords:

Financial crises, insurance, systemic risk, panel data models,

PDF

___

Acharya, Viral V. – BIggs, John, RIchardson, Matthew ve Ryan, Stephen., “On the Financial Regulation of Insurance Companies”, NYU Stern School of Business, 2009, August.
BaltagI, Badi H.. Econometric Analysis of Panel Data, Second Edition, Chichester: John Wiley & Sons Ltd., 2001
Baluch, Faisal – Mutenga, Stanley ve Parsons, Chris. “Insurance, Systemic Risk and the Financial Crisis”, Geneva Papers, V. 36, 2011, ss. 126-163.
Baştürk, Feride H. ve Sayın, Esin. “The Effects of 2008 Crisis on Turkish Insurance Industry”, 12th International Conference on Finance and Banking, Structural and Regional Impacts of Financial Crises, October 28-29, 2009, Silesian University.
Bell, Marian. An Insurance Industry Perspective on 2007-08 Financial Crises, Zurich, 2008
Bernoth, Kertsin ve PIck, Andreas. “Forecasting the Fragility of the Banking and Insurance Sectors”, Journal of Banking and Finance, V. 35, 2011, ss. 807-818.
Chakraborty, Dilip. “Global Financial Crises, India and Insurance and Pension Industry: Why and What Next”, Institute of Actuaries on India, 12th Global Conference of Actuaries, 18-19 February 2010, Mumbai.
Chen, Ming-Chi – Chang, Chia-Chien; LIn, Shih-Kuei ve Shyu, So-De. “Estimation of Housing Price Jump Risks and Their Impact on the Valuation of Mortgage Insurance Contracts”, Journal of Risk and Insurance, V. 77, N. 2, 2010, ss. 399-422.
Chen, Renbao ve Wong, Kie Ann. “The Determinants of Financial Health of Asian Insurance Companies”, Journal of Risk and Insurance, V. 71, N. 3, 2004, ss. 469-499.
CummIns, J. David ve WeIss, Mary A. “Convergence of Insurance and Financial Markets: Hybrid and Securitized Risk-Transfer Solutions”, Journal of Risk and Insurance, V. 76, N. 3, 2009, ss. 493-545.
CummIns, David J. ve WeIss, Mary A. “Systemic Risk and The U.S. Insurance Sector”, Wharton School, September, 2010.
DeloItte, “Sustaining in a Chancing Environment International Regulatory Cooperation within the Insurance Industry”, Deloitte Touche Tohmatsu, London, 2009.
Dougherty, Christopher. Introduction to Econometrics, Third Edition, Oxford University Press, 2007.
ElIng, Martin ve SchmeIser, Hato. “Insurance and the Credit Crises: Impact and Ten Consequences for Risk Management and Supervision”, Geneva Papers, V. 35, N.1, 2010, ss. 9-34.
ElIng, Martin ve Toplek, Denis. “Modeling and Management of Nonlinear Dependencies-Copulas in Dynamic Financial Analysis”, Journal of Risk and Insurance, V. 76, N. 3, 2009, ss. 651-681.
Geneva AssosIatIon, “The Credit Crises and Insurance Industry: 10 Frequent Asked Questions”, Insurance and Finance: Research on Finance Issues in Insurance, 19 November, 2008.
HarrIngton, Scott E. “The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation”, Journal of Risk and Insurance, V. 76, N. 4, 2009, ss. 785-819.
LeIsten, Heiner – Kühlmann, Felix; Brat, Eric; Stange, Astrid; Tschhauser, Pia; Freese, Christopher; Kuenen, Jan W. ve Boyet-Chammard, Celine. “Collateral Damage: Industry Focus – Actions for Insurers Amid the Global Financial Crises”, The Boston Consulting Group, December, 2008.
Lo Duca, Marco ve Peltonen, Toumas A. “Macro-Financial Vulnerabilities and Future Financial Stress: Assessing Systemic Risks and Predicting Systemic Events, ECB Working Paper Series, No: 1311, March, 2011.
MIlIdonIs, Andreas ve Stathopoulos, Konstantinos. “Do U.S. Insurance Firms Offer The “Wrong” Incentives to Their Executives?”, Journal of Risk and Insurance, V. 78, N. 3, 2011, ss. 643-672.
Pazarlıoğlu, M. Vedat ve Gürler, Özlem K. “Telekomünikasyon Yatırımları ve Ekonomik Büyüme: Panel Veri Yaklaşımı”, Finans Politik ve Ekonomik Yorumlar, C. 44, S. 508, 2007, ss. 35-43;
Tunay, Necla ve Tunay, K. Batu. “Türk Sigorta Sektöründe Finansal Performans Modellemesi ve Analizi”, TSEV Sigorta Araştırmaları Dergisi, C.5, 2008, 1-18.
Tunay, Necla ve Tunay, K. Batu. “Türk Sigorta Sektöründe Kırılganlık: Krizin Etkilerini Öngörmek ve Korunabilmek”, Finansal Araştırmalar ve Çalışmalar Dergisi, C.1, S.1, 2009, ss. 251-264.
Tüzüntürk, Selim. “Panel Veri Modellerinin Tahmininde Parametre Homojenliğinin Önemi: Geleneksel Phillips Eğrisi Üzerine Bir Uygulama”, Atatürk Üniversitesi İ.İ.B.F. Dergisi, C. 21, S. 2, 2007, ss. 1-14.
Yafee, Robert. “A Primer for Panel Data Analysis”, Connect: Information Technology at NYU, Fall, 2003, ss. 1-11.
Wagner, Wolf. “Diversification at Financial Institutions and Systemic Crises”, Journal of Financial Intermediation, V.19, 2010, ss. 373-386.