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Competition In Insurance Markets Of The Region Of Former Yugoslavia

Author

Listed:
  • Boris Marović

    (University of Novi Sad, Faculty of Technical Sciences, Novi Sad)

  • Vladimir Njegomir

    (Belgrade Union University Faculty for Legal and Business Studies, Novi Sad)

  • Dragan Marković

    (Executive Director at Triglav osiguranje, a.d.o., Belgrade)

Abstract

Competition is the essence of success [20], suggests Michael Porter, a leading scientist in the field of business strategies and competitiveness. According to Porter, competition defines validity of activities undertaken by specific companies which include innovation, culture, or practical implementation. Analysis of competition and competitive position is crucial for market success of each insurance and reinsurance company. In this paper, we focus to the analysis of the competition in insurance markets in the countries of former Yugoslavia. The main conclusion is that without an enhancement of competitive advantage, driven by improvements in productivity, innovation and costs, insurance companies will not be able to achieve successful business performance in the future. Improving competition in not only in the interest of individual insurance companies, but also of the market as a whole and thus the insured, given that the improved competition brings improved quality of service and lower insurance premiums.

Suggested Citation

  • Boris Marović & Vladimir Njegomir & Dragan Marković, 2013. "Competition In Insurance Markets Of The Region Of Former Yugoslavia," Serbian Association of Economists Journal, SAE - Serbian Association of Economists, issue 5-6, pages 354-363, August.
    • Handle: RePEc:srb:journl:y:2013:i:5-6:p:354-363
    as

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    File URL: http://www.ses.org.rs/ekonomika-preduzeca/2013-5-6-05.pdf
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    References listed on IDEAS

    as
    1. Vladimir Njegomir & Boris Marović & Rado Maksimović, 2010. "The Economic Crisis And The Insurance Industry: The Evidence From The Ex-Yugoslavia Region," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 55(185), pages 129-162, April - J.
    2. Yu‐Luen Ma & Nat Pope, 2003. "Determinants of International Insurers’ Participation in Foreign Non‐Life Markets," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 70(2), pages 235-248, June.
    3. Nat Pope & Yu‐Luen Ma, 2008. "The Market Structure–Performance Relationship in the International Insurance Sector," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 75(4), pages 947-966, December.
    4. Kwoka, John E, Jr, 1979. "The Effect of Market Share Distribution on Industry Performance," The Review of Economics and Statistics, MIT Press, vol. 61(1), pages 101-109, February.
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    More about this item

    Keywords

    competition; market; insurance; former Yugoslavia;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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