Determinants of insolvency in life insurance companies: a systematic literature review and bibliometric analysis using Biblioshiny and VOSviewer

Life-insurer insolvency threatens policyholder protection and financial stability, particularly where supervisory capacity is limited. This study isolates insolvency in life insurance and combines a PRISMA-guided systematic review with bibliometric mapping to characterise the field’s intellectual and collaborative structure. Unlike performance-focused reviews that synthesise efficiency, accounting and market metrics, and ratings, we focus specifically on insolvency and map core sources (Bradford’s law), country collaboration networks, keyword co-occurrence, and thematic structure. We analyse peer-reviewed studies indexed in Scopus from 1990 through August, 2025; after deduplication and screening, 409 articles were retained and examined using Biblioshiny and VOSviewer. Grey literature is excluded to ensure methodological consistency, and the potential publication bias is acknowledged in the limitations. Across studies, macroeconomic tightening, inflation, recessions, and market volatility are generally associated with higher insolvency risk. Firm specific factors matter: thin capital, rapid growth, and aggressive underwriting raise risk, whereas stronger capitalisation, prudent growth, and sound governance mitigate it. Fundamental financial risk, including liquidity pressure, asset and liability mismatches, concentration risk, and mispriced reinsurance, increase vulnerability; effective asset and liability management and appropriately priced reinsurance reduce it. The findings clarify the field’s structure, highlight core and emerging themes, and provide theory driven guidance that is consistent with financial distress and early warning framework for supervisors and managers on early warning design, capital planning, liquidity and reinsurance management, and future research priorities.