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Hlavní determinanty ovlivňující poptávku po životním pojištění v České republice
[Analysis of Determinants, Influencing Life Insurance Demand in the Czech Republic]

Author

Listed:
  • Markéta Arltová
  • Tomáš Kábrt

Abstract

This article examines the impact of demographic, economic and institutional determinants on life insurance demand in the Czech Republic between 1993 and 2015. Theoretical part discusses general characteristics of the insurance market, life insurance, its importance in the Czech Republic. It also includes detailed research of historical studies and articles. In empirical part is surveyed an influence of determinants on life insurance demand, using econometric models based on time series and principal component analysis. We used autoregressive distributed lag model, which defines short-term relationships between principal components and an error correction model, which examines long-term relationships between time series. It was found that an increase in average wage and banking sector size had a positive impact on life insurance demand and an increase in young dependency ratio, old dependency ratio, interest rate and net national savings had a negative impact on life insurance demand. Number of tertiary educated people, public sector size, and consumer spending were classified as insignificant variables.

Suggested Citation

  • Markéta Arltová & Tomáš Kábrt, 2018. "Hlavní determinanty ovlivňující poptávku po životním pojištění v České republice [Analysis of Determinants, Influencing Life Insurance Demand in the Czech Republic]," Politická ekonomie, Prague University of Economics and Business, vol. 2018(3), pages 344-365.
    • Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1192:p:344-365
    DOI: 10.18267/j.polek.1192
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    References listed on IDEAS

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    More about this item

    Keywords

    time series analysis; principal component analysis; ADL model; error correction model; life insurance demand; determinants;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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