The rising interconnectedness of the insurance sector
研究了1973-2018年16个发达国家保险业与金融及非金融公司关联性的长期演变，发现保险业的关联性随时间增强，大型保险公司与金融和非金融公司的联系与大型银行一样高。
Abstract This paper examines the long‐term evolution of the linkages of the insurance sector with financial and nonfinancial companies. We develop a measure of connectedness using a multifactor model of weekly equity returns. The empirical analysis is conducted from 1973 to 2018, for 16 developed countries, at both the sectoral and institution levels. The results indicate that, unlike other sectors, the connectedness level of the insurance industry has strengthened over time. We also find that the linkages of the largest insurance companies with financial and nonfinancial firms are structurally different but as high as those of the largest banks.