IDEAS home Printed from https://ideas.repec.org/a/spt/apfiba/v3y2013i3f3_3_11.html
   My bibliography  Save this article

The Role of the Overall Economic Development on the Insurance Market Growth–Evidence of the European Union

Author

Listed:
  • Tomislava Pavic Kramaric
  • Fran Galetic

Abstract

In this paper the authors wanted to reveal the relationship between overall economic development measured by gross domestic product per capita (GDPPC) influences the insurance market development measured by indicators such as gross written premium per capita (GWPPC) and the share of gross written premium in GDP. Therefore, the authors have calculated correlation coefficients for EU27, and separately for old EU members (EU15) and new EU member states (EU12) for the 2000-2009 period. Moreover, this analysis is conducted for total insurance markets as well as for the both life and nonlife insurance segments. The results of the analysis of the correlation coefficient indicate strong and positive correlation between overall economic development and insurance development in EU27 and particularly in EU12. Moreover, the authors conducted panel analysis to find out how the overall economic development affects insurance sector growth. The results of this analysis reveal that overall economic development has an influence on the demand for insurance that is especially evident in new EU member states.

Suggested Citation

  • Tomislava Pavic Kramaric & Fran Galetic, 2013. "The Role of the Overall Economic Development on the Insurance Market Growth–Evidence of the European Union," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 3(3), pages 1-11.
    • Handle: RePEc:spt:apfiba:v:3:y:2013:i:3:f:3_3_11
    as

    Download full text from publisher

    File URL: http://www.scienpress.com/Upload/JAFB%2fVol%203_3_11.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tomislava Pavić Kramarić & Mirjana Pejić Bach & Ksenija Dumičić & Berislav Žmuk & Maja Mihelja Žaja, 2018. "Exploratory study of insurance companies in selected post-transition countries: non-hierarchical cluster analysis," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 26(3), pages 783-807, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spt:apfiba:v:3:y:2013:i:3:f:3_3_11. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Eleftherios Spyromitros-Xioufis (email available below). General contact details of provider: http://www.scienpress.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.