Jean-Paul Décamps, and Stéphane Villeneuve, Jusqu'où les compagnies d'assurance peuvent-elles investir dans le financement des dettes des PME/ETI ? : How Far Can Insurance Companies Invest in SMEs Debt Financing?, Revue d'économie financière, n. 126, 2017, pp. 231–240.


Under the combined effects of a decline in rates and the political desire to help finance the economy within a regulatory environment that is restrictive for banks, since 2012 the law has authorized insurance companies, under certain conditions, to allocate up to 5% of their clients’ savings to the private loan market and in this way to help finance small and mid-size companies. After describing the features of the financing mechanism with non-bank loans, the goal of this article is to use economic theory to propose a debate on the advantages and disadvantages of such a mechanism.

JEL codes

  • G11: Portfolio Choice • Investment Decisions
  • G14: Information and Market Efficiency • Event Studies • Insider Trading
  • G22: Insurance • Insurance Companies • Actuarial Studies
  • G28: Government Policy and Regulation
  • L25: Firm Performance: Size, Diversification, and Scope

Research partnership

Scor Chair