Analysis of Cross-Sectoral Products in the Insurance Market
Abstract
Insurance markets play a crucial role in protecting against socio-economic, natural, and technological risks, while supporting economic stability. The emergence of financial convergence has led to the development of cross-sectoral insurance products, integrating elements from banking, stock market, and pension sectors, particularly in developed countries. Although such hybrid products have demonstrated effectiveness in risk diversification, customer base expansion, and innovation, limited research addresses their specific advantages, implementation challenges, and adaptation in developing markets. This study aims to analyze the theoretical and practical foundations of cross-sectoral products in the insurance market, examining their advantages, problems, and potential for wider application. The findings reveal that cross-sectoral products enhance competitiveness, profitability, and market stability by combining multiple financial services within a single offering, while also facing sensitivity to interest rate fluctuations, competing investment products, and sector-specific crises. The research highlights that their adoption in developing countries is driven by increased financial literacy and evolving consumer needs. This study provides an integrated conceptualization of the insurance market as a financial segment trading not only traditional insurance products but also hybrid offerings with mandatory insurance coverage, reflecting the sector’s functional transformation under financial convergence. The results underscore the potential of cross-sectoral products to diversify risks, stimulate demand, and strengthen the resilience of insurance companies in the face of global financial instability, offering strategic insights for market adaptation and product innovation.
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