The determinants of non-life insurance consumption: A VECM analysis in Central and South-Eastern Europe

Jordan Kjosevski () and Mihail Petkovski ()
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Jordan Kjosevski: Stopanska Banka AD — Skopje, Skopje, Republic of Macedonia
Mihail Petkovski: University Ss. Cyril and Methodius in Skopje, Faculty of Economics, Skopje, Republic of Macedonia

Acta Oeconomica, 2015, vol. 65, issue 1, 107-127

Abstract: This study examines the determinant of non-life insurance consumption in 14 countries of Central and South-Eastern Europe between 1995 and 2010 within a vector error correction model (VECM). We use non-life insurance penetration as a measure for non-life insurance consumption. Empirical results provide evidence that the number of dwellings and number of passenger cars positively and significantly influence non-life insurance consumption in the long run, while the existence of the rule of law and EU membership are significant in the short run.

Keywords: non-life insurance demand; Central and South-Eastern European countries; cointegration; VECM (search for similar items in EconPapers)
JEL-codes: C39 G22 O16 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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