Financial instruments InsurTech on the financial market in the current global context

The insurance industry has been and is very dynamic, directly related to the degree of penetration of insurance in a country's GDP and proportional to the level of evolution of states. It is recognized that in the past insurance was only an instrument for the protection of personal and even governmental assets, now we can say that the main purpose is to support the economy and the main tool for managing social risks, and even financing instrument, more chosen for small entrepreneurs. However, due to the lack of financial education most of the time, this financial instrument is used sparingly. These are an important pillar for emerging countries, as demonstrated since 1990 in several studies indicating a growth rate proportional to the development of the insurance market. In this paper we aim to reflect the current situation of the insurance market in the context of the pandemic, but especially to present the role and importance of financial instruments such as InsurTech to support and develop economies at national, European and global levels.