Table 3: Granger causality between banks and insurance—99% confidence level.

Bankinsurance Aegon Ageas Allianz Amlin Generali Aviva Axa Fondiaria ING Jardine Lloyd Legal & General Muenchener Re RSA Insurance Sampo Scor Storebrand Swiss Life Holding Swiss Re Topdanmark Vienna Insurance Zurich Fin.

Alpha Bank
Banca Carige
Banca Pop. Emi. Romagna
Banca Pop. Di Milano
Banca Pop. Di Sondrio
Banco Com. Portugues
Banco Espirito Santo
Bnp Paribas
Credit Suisse Group
Danske Bank
Deutsche Bank
Dnb Nor Asa
Hsbc Holdings
Intesa Sanpaolo
Kbc Groep
Lloyds Banking
Nat. Bank of Greece
Piraeus Bank
Pohjola Bank
Skandinaviska Enskilda
Societe Generale
Standard Chartered
Svenska Handelsbanken

This table shows the direction of Granger-causality between banks and insurance companies measured at a 99% level of confidence. The calculations follow the setup presented in Section 2.2. The direction of Granger-causality is indicated by arrows in the table: indicates that Granger-causality runs from a particular bank (left most column) to a particular insurance company (top row), while indicate that Granger causality runs from a given insurance company (top row) to a given bank (left most column). It is seen that in a few cases there is a joint effect where Granger-causality runs in both directions, as indicated by both arrows being printed in a given cell.