Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 1 (15) Number 3 pp. 20-37

Klime Poposki1,2, Jordan Kjosevski3, Zoran Stojanovsk2

1University St. Kliment Ohridski, Republic of Macedonia.
2
Insurance Supervision Agency of the Republic of Macedonia
3
Independent researcher.

The determinants of non-life insurance penetration in selected countries from South Eastern Europe

Abstract:

This study examines the determinants of non-life insurance penetration in 8 countries from South Eastern Europe (SEE), during the period 1995–2011, applying a panel vector error correction model (PVECM). This model will help us to identify the most important determinants of non-life insurance penetration in selected SEE countries. As a measure for non-life insurance demand we used non-life insurance penetration. Empirical results provided the evidence that the number of passenger cars per 1,000 people, GDP per capita and rule of law positively and significantly influence the non-life insurance penetration. The results also indicate that when the non-life insurance penetration deviates from its long-run equilibrium the speed of adjustment will subsequently bring it back to the equilibrium level, which in our case will take almost 1 year.

pub/2015_3_20.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume15/issue3/2015_3_20.pdf
Keywords: non-life insurance penetration, South Eastern Europe, PVECM

DOI: 10.18559/ebr.2015.3.3

For citation:

MLA Poposki, Klime, et al. "The determinants of non-life insurance penetration in selected countries from South Eastern Europe." Economics and Business Review EBR 15.3 (2015): 20-37. DOI: 10.18559/ebr.2015.3.3
APA k., P., KjosevskiJ.,, & Z., S. (2015). The determinants of non-life insurance penetration in selected countries from South Eastern Europe. Economics and Business Review EBR 15(3), 20-37 DOI: 10.18559/ebr.2015.3.3
ISO 690 POPOSKI, Klime, KJOSEVSKI, Jordan, STOJANOVSK, Zoran. The determinants of non-life insurance penetration in selected countries from South Eastern Europe. Economics and Business Review EBR, 2015, 15.3: 20-37. DOI: 10.18559/ebr.2015.3.3