Insurance Convergence and Post-crisis Dynamics in Central and Eastern Europe

Martin Ertl ()
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Martin Ertl: UNIQA Insurance Group AG, UNIQA Capital Markets GmbH

The Geneva Papers on Risk and Insurance - Issues and Practice, 2017, vol. 42, issue 2, No 7, 323-347

Abstract: Abstract What is the impact of economic convergence and of structural breaks like the global financial crisis on insurance development? We employ a dynamic panel data GMM framework on a sample of eight Central- and Eastern European countries in the period between 1994 and 2014. Particular emphasis is on the relationship between economic growth and growth of life and non-life insurance during the transition period. A variety of enabling environment indicators influences insurance growth, and we find considerable differences between the life and non-life insurance market. In addition, we identify an insurance convergence effect that is significant before the 2008/2009 financial crisis. We investigate how these dependencies changed in the aftermath of the crisis.

Keywords: Central and Eastern Europe; insurance; growth; convergence (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1057/s41288-017-0043-6

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