Powiązania sektora ubezpieczeń z systemem finansowym i sferą realną gospodarki
Insurance sector's connections with the financial system and the real economy

Summary/Abstract: The article discusses relationships between the insurance sector, which is becoming increas- ingly integrated with the remaining elements of the financial system, and the real economy. Access to insurance services is essential for economic and social stability. Insurers, similarly to banks and financial markets, meet the needs of households and companies in the field of financial intermediation. Insurance institutions collect premiums and various forms of reserve funds, which they subsequently invest on the financial market. Therefore, they play an important role in the economic growth by increasing the internal cash flow and turnover on the capital market.The study attempts to demonstrate that insurance companies are a separate category of financial institutions, with specific characteristics which result primarily from the nature of insurance. In economy, they play roles which are considered to be primary, such as risk trans- fer and financing, promotion of financial stability, assistance in reducing and alleviating casualty losses, risk diversification and management as well as collective risk coverage. They reduce the financial impact of various fortuitous events, both at the micro and macroeco- nomic level.Despite their distinctive nature, insurance institutions are deeply set in the economy's finan- cial system and take part in functions carried out by the whole financial system, whose main role is to move resources from savers to investors. The financial sector facilitates allocation of resources in the economy, boosts savings, reduces transaction costs and provides liquidity. Insurance institutions play an important role in carrying out these functions, and thus con- tribute to growth as well as social and economic development.

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