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Determinants Of Nonlife Insurance Market Attractiveness For Foreign Investments: Eastern European Evidence

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  • Vladimir Njegomir
  • Bogdan Stojić

Abstract

The aim of this paper is to investigate factors that influence the attractiveness of nonlife insurance market for foreign insurers in Eastern Europe. We use country-specific effects models for panel data that covers fifteen countries during the period 2004-2009, allowing each cross-sectional unit to have a different intercept term serving as an unobserved variable that is potentially correlated with the observed regressors. The research results indicate that the main forces affecting market attractiveness are insurance demand, entry barriers, market concentration and the return on investment. These findings provide significant implications for local governments and for both foreign and domestic insurers.

Suggested Citation

  • Vladimir Njegomir & Bogdan Stojić, 2012. "Determinants Of Nonlife Insurance Market Attractiveness For Foreign Investments: Eastern European Evidence," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 25(2), pages 297-310, January.
    • Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:297-310
    DOI: 10.1080/1331677X.2012.11517509
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    Citations

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    Cited by:

    1. Relwendé Sawadogo, 2021. "The relationship between insurance and banking sectors in Sub-Saharan African: Does globalization matter?," Economic Change and Restructuring, Springer, vol. 54(1), pages 101-119, February.
    2. Lee, Hui Shan & Cheng, Fan Fah & Chong, Shyue Chuan & Sia, Bik Kai, 2018. "Influence of Macroeconomics Factors and Legal Stability to the Insurance Growth in the ASEAN-5 Countries," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 52(2), pages 219-229.
    3. Vladimir Njegomir & Boris Marovic & Radenko Puric, 2014. "Development And Competitiveness Aspects Of Insurance Markets Of Former Yugoslavia: The Emphasis On Montenegrin Insurance Market," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 23(1), pages 291-308, june.
    4. Bojan Srbinoski & Klime Poposki & W. Jean Kwon & Ksenija Dencic-Mihajlov, 2024. "Greenfield foreign direct investments and insurance market diversification: a cross-country analysis," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 49(3), pages 636-661, July.
    5. Relwende Sawadogo, Samuel Guerineau and Idrissa M. Ouedraogo, 2018. "Life Insurance Development and Economic Growth: Evidence from Developing Countries," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 43(2), pages 1-28, June.
    6. Patricia Born & Douglas Bujakowski, 2022. "Insurance research in Central, Eastern, and Southeastern Europe: What we can learn from XPRIMM data," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 25(2), pages 219-231, June.

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