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Hlavní determinanty ovlivňující poptávku po životním pojištění v České republice

Analysis of Determinants, Influencing Life Insurance Demand in the Czech Republic

Markéta Arltová and Tomáš Kábrt

Politická ekonomie, 2018, vol. 2018, issue 3, 344-365

Abstract: This article examines the impact of demographic, economic and institutional determinants on life insurance demand in the Czech Republic between 1993 and 2015. Theoretical part discusses general characteristics of the insurance market, life insurance, its importance in the Czech Republic. It also includes detailed research of historical studies and articles. In empirical part is surveyed an influence of determinants on life insurance demand, using econometric models based on time series and principal component analysis. We used autoregressive distributed lag model, which defines short-term relationships between principal components and an error correction model, which examines long-term relationships between time series. It was found that an increase in average wage and banking sector size had a positive impact on life insurance demand and an increase in young dependency ratio, old dependency ratio, interest rate and net national savings had a negative impact on life insurance demand. Number of tertiary educated people, public sector size, and consumer spending were classified as insignificant variables.

Keywords: time series analysis; principal component analysis; ADL model; error correction model; life insurance demand; determinants (search for similar items in EconPapers)
JEL-codes: C01 C32 C58 G22 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.18267/j.polek.1192

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Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:3:id:1192:p:344-365