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Life Insurance - Their Characteristics Importance and Actuality On The Romanian Market

Keywords: life insurance , insurance contract , insurant , insurer , protection , insured risk , risk transfer , financial sustainability , solvency , inflation , financial stability , risk management

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For the twenty-first century life, there cannot be a real, long-term and sustained progress, without insurance. Let’s only consider the avalanche of natural disasters and acts of terrorism in recent years that have affected many parts of the world, brought suffering to millions of people and caused huge economic losses. The common knowledge that a country’s economic strength lays in bankingand insurance needs no arguments. It is not accidental that the most stable economies, where even population’s prosperity is remarkable, are found in countries where insurance is well represented in economic life. In a modern economy, insurances play an important role due to its contribution to financial stability, by promoting effective control of various risk categories and mobilizing people’s savings. This paper plans to identify the main characteristics, trends and developments of life insurance products and their market, as well as the interactions between the insurance sector, banks and financial markets and to highlight some of the determinants of insurance demand. Also, another topic addressed is the current economic context, and the effects of inflation and economic recession on this sector. Finally, this paper contains a short observation of the evolution of this particular market, striving to make a “prediction” of the immediate prospects of this activity.


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