 DRIVERS OF LIFE INSURANCE CONSUMPTION - AN EMPIRICAL ANALYSIS OF WESTERN BALKAN COUNTRIESPerseta Grabova and Gentiana Sharku Economic Annals, 2021, vol. 66, issue 231, 33 - 58 Abstract: Life insurance in the Western Balkan Countries is underdeveloped, but it has huge potential for development in the future. The scope of this article is to examine whether and how economic, socio-demographic, and institutional factors determine the demand for life insurance in the Western Balkans, using life insurance density and life insurance penetration as indicators of life insurance demand during 2006–2019. In order to conduct a cross-country analysis we use panel data regression models and a feasible generalised least squares regression model. The analysis reveals that the most significant factors are income per capita and changes in the urban population. The article contributes to the existing literature by identifying the variables that affect demand for life insurance in the Western Balkans and by providing evidence for insurance operators, authorities, and governments of the respective countries to find ways to further develop the insurance market. Keywords: life insurance demand; life insurance density; life insurance penetration; panel data model; Western Balkan Countries (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:beo:journl:v:66:y:2021:i:231:p:33-58 Ordering information: This journal article can be ordered from Access Statistics for this article Economic Annals is currently edited by Will Bartlett More articles in Economic Annals from Faculty of Economics and Business, University of Belgrade Contact information at EDIRC. |
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