L'orizzonte di lungo periodo delle imprese di assicurazione vita - Quo vadis? Le principali sfide tra un contesto di bassi tassi di interesse e la prospettiva di unione dei mercati dei capitali

This thesis aims at examining the issue of life insurance undertakings and, in particular, it investigates the long-term horizon activity carried out on the European insurance market. The study has been conducted through an escalation of three main phases: the birth of insurance (Chapter I - The historical evolution of insurance), the new prudential supervisory regime ࢠSolvency IIࢠfor the European insurance industry (Chapter II - The new prudential supervisory regime Solvency II) and the focus on life insurance undertaking (Chapter III - The long-term horizon of life insurance undertaking). The latter phase has been conceived in a triple perspective aimed at providing a complete dimension, as far as possible, of the long-term horizon of life insurance undertaking. This occurred through the life insurance undertakingsࢠanalysis since they operate on the market, considering the products offered and the investments made (Chapter III - Section I: Analysis on the products and investments). The life insurance undertaking has been then analysed considering the low interest rate environment, both on a micro and macro-prudential view (Chapter III - Section II: The business of life insurance within a low interest rates environment: micro and macro-prudential reflections). Finally, the analysis has been completed with the study of the insurance undertaking role within the so-called capital markets union (Chapter III - Section III: The insurance undertaking and the capital markets union).