IDEAS home Printed from https://ideas.repec.org/a/aes/amfeco/v36y2014i16p550.html
   My bibliography  Save this article

Analysis of the Romanian Insurance Market Based on Ensuring and Exercising Consumers` Right to Claim

Author

Listed:
  • Dan Armeanu

    (The Bucharest University of Economic Studies)

  • Nicolae Istudor

    (The Bucharest University of Economic Studies)

  • Sgârdea Marian Florinel

    (The Bucharest University of Economic Studies)

  • Ana-Maria Burca

    (The Bucharest University of Economic Studies)

Abstract

In the financial market of insurance, consumer protection represents an important component contributing to the stability, discipline and efficiency of the market. In this respect, the activity of educating and informing insurance consumers on ensuring and exercising their right to claim plays a leading role in the mechanism of consumer protection. This study aims to improve the decision-making capacity of the financial services consumers from the Romanian insurance market through better information on ensuring and exercising their right to claim under the legislation. Thus, by applying three data analysis techniques – principal components analysis, cluster analysis and discriminant analysis – to the data regarding the petitions that were registered by the 41 insurance companies which operated in the Romanian market in 2012, a classification that assesses the insurance market transparency is achieved, resulting in a better information for consumers and, hence, the improvement of their protection through reducing the level of transactions that are harmful to consumers.

Suggested Citation

  • Dan Armeanu & Nicolae Istudor & Sgârdea Marian Florinel & Ana-Maria Burca, 2014. "Analysis of the Romanian Insurance Market Based on Ensuring and Exercising Consumers` Right to Claim," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 16(36), pages 550-550, May.
    • Handle: RePEc:aes:amfeco:v:36:y:2014:i:16:p:550
    as

    Download full text from publisher

    File URL: http://www.amfiteatrueconomic.ro/temp/Article_1290.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Constantin-Adrian BLANARU, 2012. "Financial Products Consumer Protection In Conditions Of Crisis," Jurnalul de Studii Juridice, Editura Lumen, Department of Economics on Behalf of Petre Andrei University Iasi, vol. 1, pages 183-188, June.
    2. Baldwin, Robert & Cave, Martin & Lodge, Martin, 2011. "Understanding Regulation: Theory, Strategy, and Practice," OUP Catalogue, Oxford University Press, edition 2, number 9780199576098, Decembrie.
    3. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    4. Remus Baciu & Adriana Deac, 2010. "Romanian Harmonization of Laws with European Union Policies Regarding Consumer Protection," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 12(28), pages 558-574, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Comfort Fuah Kwanga, 2017. "Claims settlement in insurance contracts from a consumer protection perspective in Cameroon," Juridical Tribune - Review of Comparative and International Law, Bucharest Academy of Economic Studies, vol. 7(Special), pages 37-53, October.
    2. Mariana Dubravská, 2015. "Selected Approaches To Evaluation Of The Best Non-Life Insurance Company In The Polish Insurance Market," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 11(1), pages 47-55, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Parker, David, 2001. "Economic Regulation: A Preliminary Literature Review and Summary of Research Questions Arising," Centre on Regulation and Competition (CRC) Working papers 30616, University of Manchester, Institute for Development Policy and Management (IDPM).
    2. J.A. den Hertog, 2010. "Review of economic theories of regulation," Working Papers 10-18, Utrecht School of Economics.
    3. Mark A. Geistfeld, 2009. "Products Liability," Chapters, in: Michael Faure (ed.), Tort Law and Economics, chapter 11, Edward Elgar Publishing.
    4. Chu-Shiu Li, 2005. "Risk Signaling in the Health Insurance Market," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 4(1), pages 45-52, April.
    5. Mason, Susan G. & Holley, Don & Wells, Aaron & Jain, Amit & Wuerzer, Thomas & Joshi, Alark, 2016. "An experiment-based methodology to understand the dynamics of group decision making," Socio-Economic Planning Sciences, Elsevier, vol. 56(C), pages 14-26.
    6. Adriani, Fabrizio & Deidda, Luca G., 2011. "Competition and the signaling role of prices," International Journal of Industrial Organization, Elsevier, vol. 29(4), pages 412-425, July.
    7. Chiraz FEKI, 2016. "Information asymmetry and technical efficiency: Case of a panel of Tunisian insurance companies," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 299-314, Winter.
    8. Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1999. "An Information-Based Model of Foreign Direct Investment: The Gains from Trade Revisited," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 6(4), pages 579-596, November.
    9. Boyer, Tristan, 2002. "Gouvernement d'entreprise et décisions d'emploi [Corporate Governance and employment decisions]," MPRA Paper 10287, University Library of Munich, Germany.
    10. Tisdell, Clem, 2014. "Information Technology's Impacts on Productivity, Welfare and Social Change: Second Version," Economic Theory, Applications and Issues Working Papers 195701, University of Queensland, School of Economics.
    11. Michael R. CARTER & Alain de JANVRY & Elisabeth SADOULET & Alexandros SARRIS, 2014. "Index-based weather insurance for developing countries: A review of evidence and a set of propositions for up-scaling," Working Papers P111, FERDI.
    12. Kirk, Marcus, 2011. "Research for sale: Determinants and consequences of paid-for analyst research," Journal of Financial Economics, Elsevier, vol. 100(1), pages 182-200, April.
    13. Bokusheva, Raushan, 2004. "Crop insurance in transition: A qualitative and quantitative assessment of insurance products (Preliminary results)," IAMO Discussion Papers 14869, Institute of Agricultural Development in Transition Economies (IAMO).
    14. Sevcan Yesiltas, 2009. "Financing Constraints and Investment: The Case of Turkish Manufacturing Firms," 2009 Meeting Papers 874, Society for Economic Dynamics.
    15. Konduru, Srinivasa & Kalaitzandonakes, Nicholas G. & Magnier, Alexandre, 2009. "GMO Testing Strategies and Implications for Trade: A Game Theoretic Approach," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49594, Agricultural and Applied Economics Association.
    16. Jonathan Gruber, 2008. "Covering the Uninsured in the United States," Journal of Economic Literature, American Economic Association, vol. 46(3), pages 571-606, September.
    17. König, Philipp J. & Pothier, David, 2018. "Safe but fragile: Information acquisition, sponsor support and shadow bank runs," Discussion Papers 15/2018, Deutsche Bundesbank.
    18. Andrea Attar & Thomas Mariotti & François Salanié, 2021. "Entry-Proofness and Discriminatory Pricing under Adverse Selection," American Economic Review, American Economic Association, vol. 111(8), pages 2623-2659, August.
    19. Reynolds, Travis & Kolodinsky, Jane & Murray, Byron, 2012. "Consumer preferences and willingness to pay for compact fluorescent lighting: Policy implications for energy efficiency promotion in Saint Lucia," Energy Policy, Elsevier, vol. 41(C), pages 712-722.
    20. Jeremiah Harris & Ralph Siebert, 2015. "Driven by the Discount Factor: Impact of Mergers on Market Performance in the Semiconductor Industry," CESifo Working Paper Series 5199, CESifo.

    More about this item

    Keywords

    the right to be informed; claims; financial services; insurance market; data analysis techniques.;
    All these keywords.

    JEL classification:

    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aes:amfeco:v:36:y:2014:i:16:p:550. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Valentin Dumitru (email available below). General contact details of provider: https://edirc.repec.org/data/aseeero.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.