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Liberalisation and Market Concentration Impact on Performance of the Non-Life Insurance Industry: The Evidence from Eastern Europe

Author

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  • Vladimir Njegomir

    (Faculty of Legal and Business Studies, 14 Sonja Marinkovic, 21000 Novi Sad, Serbia.)

  • Dragan Stojić

    (Faculty of Economics, 16 Dr Sime Milosevica, 21000 Novi Sad, Serbia.)

Abstract

The aim of this paper is to examine market structure, conduct and performance relationship (S-C-P) hypothesis for the non-life insurance industry in Eastern European countries. Additionally, we examine the effect of liberalisation on market structure and performance. We use the country-specific fixed effects models for panel data for the period 2004–2008 allowing each cross-sectional unit to have a different intercept term serving as an unobserved random variable that is potentially correlated with the observed regressors. Three models are presented, each placing market structure, liberalisation and profitability in a distinct environment defined by related control variables. The research results support the S-C-P hypothesis in all of the observed models, showing evidence of strong influence of market structure and liberalisation on market profitability. These results could be useful in decision-making for both governments and insurance companies.

Suggested Citation

  • Vladimir Njegomir & Dragan Stojić, 2011. "Liberalisation and Market Concentration Impact on Performance of the Non-Life Insurance Industry: The Evidence from Eastern Europe," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 36(1), pages 94-106, January.
    • Handle: RePEc:pal:gpprii:v:36:y:2011:i:1:p:94-106
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    Cited by:

    1. Gentiana Sharku & Sali Shehu, 2016. "Concentration of Albanian Insurance Market," Ekonomika a Management, Prague University of Economics and Business, vol. 2016(3).

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