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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
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    File URL: http://www.amfiteatrueconomic.ro/temp/Article_1290.pdf
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    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.
    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.
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    Cited by:

    1. 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.
    2. Comfort Fuah Kwanga, 2017. "Claims settlement in insurance contracts from a consumer protection perspective in Cameroon," Juridical Tribune (Tribuna Juridica), Bucharest Academy of Economic Studies, Law Department, vol. 7(Special), pages 37-53, October.

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    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

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