Non-life Insurance Market and Macroeconomic Indicators in Baltic States

Mihaela Simionescu

Bulgarian Economic Papers from Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria // Center for Economic Theories and Policies at Sofia University St Kliment Ohridski

Abstract: Knowing that insurance market might be sensitive to economic evolutions, the aim of this paper is to investigate the effect of few macroeconomic indicators on non-life insurance market in the Baltic States in the period 1993-2020. The results based on panel data models and panel cointegration suggest a low impact of economic growth on non-life insurance market described by direct premium written, insurance density, insurance penetration for non-life segment. Expenditure on tertiary education has a more significant impact on non-life insurance market, while growth in unemployment rates reduces the development of this market. All in all, this study validates the hypothesis that people with higher education are more eager to buy insurance products. On the other hand, the development of this sector has not determined yet sustainable development of the Baltic economies.

Keywords: non-life insurance market; direct premium written; insurance density; insurance penetration (search for similar items in EconPapers)
JEL-codes: C51 C53 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2022-06, Revised 2022-06
New Economics Papers: this item is included in nep-dem, nep-fdg and nep-ias
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