The Challenges Faced by Life Insurance Companies in the Baltic States
The Baltic life insurance market is a young steadily growing market. It began its development in the early 1990s when all three Baltic States, specifically Estonia, Latvia and Lithuania, have regained their independence. The Baltic life insurance market i
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Marta Borda Simon Grima Ilona Kwiecień Editors
Life Insurance in Europe Risk Analysis and Market Challenges
Financial and Monetary Policy Studies Volume 50
Series Editor Ansgar Belke, University of Duisburg-Essen, Essen, Germany
More information about this series at http://www.springer.com/series/5982
Marta Borda • Simon Grima • Ilona Kwiecień Editors
Life Insurance in Europe Risk Analysis and Market Challenges
Editors Marta Borda Department of Insurance Wroclaw University of Economics and Business Wroclaw, Poland
Simon Grima Department of Insurance University of Malta Msida, Malta
Ilona Kwiecień Department of Insurance Wroclaw University of Economics and Business Wroclaw, Poland
ISSN 0921-8580 ISSN 2197-1889 (electronic) Financial and Monetary Policy Studies ISBN 978-3-030-49654-8 ISBN 978-3-030-49655-5 (eBook) https://doi.org/10.1007/978-3-030-49655-5 © Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
The European life insurance sector has faced many new challenges due to new technologies and sociocultural and demographic trends. These disruptions have changed the insurance market in several ways. New technologies applied in underwriting and claims management processes are changing life insurance business practices. Today, purchasing a life insurance product is faster and easier than ever before. On the other hand, digitalization of the life insurance sector creates new challenges because it requires new approaches to risk assessment and premium calculations. European countries have also faced demographic trends, in particular population ageing. Nowadays, thanks to progress in medical and diagnostic technologies and infrastructure,
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