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Insurance Market Development Before And After The Financial Crisis In The Context Of Ethics And Corruption

Author

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  • GABRIEL ARMEAN

    (FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION, BABEŞ-BOLYAI UNIVERSITY CLUJ-NAPOCA)

  • GABRIELA-MIHAELA MURESAN

    (FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION, BABEŞ-BOLYAI UNIVERSITY CLUJ-NAPOCA)

Abstract

The financial crisis can generate instability in any field. High levels of perceived corruption, unethical behavior or high unemployment rate can be several relevant examples that can influence well-being. The purpose of this study is to group and compare EU countries in two important moments: before and after the financial crisis using clusters analysis. Our contributions consist in a new effort to understand the life insurance market. For example, in 2006 countries such as: Cyprus, Denmark, Estonia, Finland, Spain, Sweden or the UK were remarked by the lowest perceived corruption and inflation, medium levels of the population growth and highest: ethical behavior of firms, human development, penetration rate and employment, while Romania and other countries were characterized by the lowest levels of development and highest perceived corruption and inflation. In 2014, Austria, Czech Republic, Denmark, Estonia, Finland, Germany, Lithuania, Luxembourg, Spain, Sweden or the UK recorded the best values of our indicators. In addition, the situation of Romania has not improved significantly between 2006 and 2014.

Suggested Citation

  • Gabriel Armean & Gabriela-Mihaela Muresan, 2017. "Insurance Market Development Before And After The Financial Crisis In The Context Of Ethics And Corruption," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 191-198, February.
    • Handle: RePEc:cbu:jrnlec:y:2017:v:1:p:191-198
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    References listed on IDEAS

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    1. Pei‐Fen Chen & Chien‐Chiang Lee & Chi‐Feng Lee, 2012. "How does the development of the life insurance market affect economic growth? Some international evidence," Journal of International Development, John Wiley & Sons, Ltd., vol. 24(7), pages 865-893, October.
    2. D.O. Olayungbo & A.E. Akinlo, 2016. "Insurance penetration and economic growth in Africa: Dynamic effects analysis using Bayesian TVP-VAR approach," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1150390-115, December.
    3. Emily Norman Zietz, 2003. "An Examination of the Demand for Life Insurance," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 6(2), pages 159-191, September.
    4. Hollenstein, Heinz, 2003. "Innovation modes in the Swiss service sector: a cluster analysis based on firm-level data," Research Policy, Elsevier, vol. 32(5), pages 845-863, May.
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    1. Gabriel ARMEAN & Gabriela-Mihaela MURESAN, 2017. "A Real Map Of European Life Insurance Market – A Spatial Approach," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 15-22, October.

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