Determinants of Insurance Industry Development in Transition Economies: Empirical Analysis of Visegrad Group Data

Zuzana Brokesova, Erika Pastoráková and Tomáš Ondruška
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Erika Pastoráková: Department of Insurance, University of Economics in Bratislava, Dolnozemská cesta 1, Bratislava 85235, Slovak Republic. E-mails: zuzana.brokesova@euba.sk; erika.pastorakova@euba.sk; tomas.ondruska@euba.sk
Tomáš Ondruška: Department of Insurance, University of Economics in Bratislava, Dolnozemská cesta 1, Bratislava 85235, Slovak Republic. E-mails: zuzana.brokesova@euba.sk; erika.pastorakova@euba.sk; tomas.ondruska@euba.sk

The Geneva Papers on Risk and Insurance - Issues and Practice, 2014, vol. 39, issue 3, 492 pages

Abstract: The private insurance industry represents an integral part of all advanced economies. However, in transition economies its role differs. Monopolisation of the industry as well as wide social systems in the era of communistic government, inter alia, led to the reduction in the needs and offers of private insurance. Its importance began to grow after the regime change in 1989. This paper focuses on the examination of areas and factors that influenced the development of the insurance industry in four Central European transition economies: the Czech Republic, Hungary, the Republic of Poland and the Slovak Republic, also known as the Visegrad Four (V4) countries. Based on the results obtained, we were able to confirm that between 1995 and 2010 in V4 countries, the development of insurance markets was fuelled by different determinants from those fuelling the insurance industry in advanced economies. Different results were found for determinants including inflation rate, the age dependency ratio, degree of urbanisation, the social security system and rate of criminality.

Date: 2014
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