Instytucjonalne uwarunkowania niestabilności na rynku ubezpieczeń… 83 Ta książka jest udostępniana na licencji Creative Commons – Uznanie autorstwa-Użycie nie- komercyjne-Bez utworów zależnych 4.0 Międzynarodowe Lyubov Klapkiv Uniwersytet Marii Curie-Skłodowskiej w Lublinie, Polska Centre of Research in Economics of Grenoble, France lyubov.klapkiv@mail.umcs.pl Faruk Ülgen CREG-University of Grenoble Alpes, Grenoble, France faruk.ulgen@univ-grenoble-alpes.fr INSTYTUCJONALNE UWARUNKOWANIA NIESTABILNOśCI NA RYNKU UBEZPIECZEń. STUDIUM PRZYPADKU HOLDINGU AMERICAN INTERNATIONAL GROUP, INC. https://doi.org/10.18559/978-83-8211-131-6/6 Institutional determinants of instability in the insurance market: A case study of the holding company American International Group, Inc. Abstract The aim of the article is to analyze the institutional conditions of instability that occurred on the insurance market during the global fnancial c risis ( GFC) o n t he e xample o f t he A merican I n- ternational Group, Inc. The global fnancial crisis of 2007–2008 c alled into question the abil- ity of liberalized fnancial markets to function in a stable manner in the long term and ques- tioned the positive contribution of fnancial innovation to economic development. Numerous and varied factors played a role in this process: low interest rates, easy and accessible credit, loose regulations, “toxic” mortgage loans leading to high-risk fnancial operations in innovative products. As a result of the crisis, attention has shifted to the banking sector as it has been the most important source of instability in the fnancial market. The insurance sector is usually con- sidered a minor player in the fnancial market but clearly regulated. T he total assets of Euro- pean Union banks in 2019 accounted for EUR 49.3 trillion, and the total assets of the EU insur- ance sector: EUR 12,706.1 billion. However, the case of AIG shows that the role of insurance companies in generating and spreading fnancial instability is underestimated. It can also be concluded that the insurance sector in the United States of America still remains insufciently regulated. The collapse of AIG was a combination of defects and violations in the regulatory mechanisms and the lack of appropriate legislation, which allowed for the appearance of cer- tain elements of fraud in the functioning of the insurance market. Keywords: instability, institutionalism, fnancial market, fnancial innovation. Sugerowane cytowanie: Klapkiv, L. i Ülgen, F. (2022). Instytucjonalne uwarunkowania niestabilności na rynku ubezpieczeń. Studium przypadku holdingu American International Group, Inc. W: M. Lemkowska, M. Wojtkowiak (red.), Sek- tor ubezpieczeń w obliczu wyzwań współczesności (s. 83–97). Poznań: Wydawnictwo Uniwersytetu Ekono- micznego w Poznaniu. https://doi.org/10.18559/978-83-8211-131-6/6