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Statistical Analysis Of Romanian Insurance Market. A Gross Written Premiums Perspective

Author

Listed:
  • Adriana AnaMaria ALEXANDRU(DAVIDESCU)

    (Bucharest Academy of Economic Studies, Department of Statistics and Econometrics)

  • Vasile Alecsandru STRAT

    (Bucharest Academy of Economic Studies, Department of Statistics and Econometrics)

  • Rodica Manuela GOGONEA

    (Bucharest Academy of Economic Studies, Department of Statistics and Econometrics)

Abstract

The paper aims to analyze the Romanian insurance market in 2011 from the perspective of gross written premiums on non-life insurance classes, using principal component analysis technique (PCA) and cluster analysis in order to classify the 30 insurance companies by the most important components obtained by PCA.The empirical results showed that aircraft liability insurance, accident and sickness insurance, liability insurance for ships, insurance of legal expenses and the general liability insurance and surety ship insurance explain best the evolution of the insurance market. Grouping companies after the first two principal components, aircraft liability insurance, accident and sickness insurance, which recovers about 53% of the total variance of the original variables, can highlight three classes of companies: Astra, Allianz-Tiriac and Omniasig. The cluster analysis indicates the existence of four classes of companies: City Insurance, Astra, Groupama Insurances and the rest

Suggested Citation

  • Adriana AnaMaria ALEXANDRU(DAVIDESCU) & Vasile Alecsandru STRAT & Rodica Manuela GOGONEA, 2013. "Statistical Analysis Of Romanian Insurance Market. A Gross Written Premiums Perspective," Journal of Social and Economic Statistics, Bucharest University of Economic Studies, vol. 2(1), pages 70-81, JULY.
    • Handle: RePEc:aes:jsesro:v:2:y:2013:i:1:p:70-81
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    File URL: http://jses.ase.ro/downloads/Vol2NO1/215davidescu.pdf
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    References listed on IDEAS

    as
    1. Dan Armeanu & Leonard Lache, 2008. "Application of the Model of Principal Components Analysis on Romanian Insurance Market," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 6(6(523)), pages 11-20, June.
    2. Constantin Anghelache & Dan Armeanu & Ion Pârtachi, 2009. "Some Aspects Regarding the Analysis of the Life Insurance Market," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 3(03(532)), pages 41-48, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Mirela Monea, 2016. "Analysis of the Romanian Insurance Market," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 16(2), pages 61-68.

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    More about this item

    Keywords

    insurance market; gross written premiums; principal component analysis; cluster analysis;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C87 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Econometric Software
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access

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