COMPETITION IN INSURANCE MARKETS OF THE REGION OF FORMER YUGOSLAVIA

Boris Marović, Vladimir Njegomir and Dragan Marković
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Boris Marović: University of Novi Sad, Faculty of Technical Sciences, Novi Sad
Vladimir Njegomir: Belgrade Union University Faculty for Legal and Business Studies, Novi Sad
Dragan Marković: Executive Director at Triglav osiguranje, a.d.o., Belgrade

Serbian Association of Economists Journal, 2013, issue 5-6, 354-363

Abstract: Competition is the essence of success [20], suggests Michael Porter, a leading scientist in the field of business strategies and competitiveness. According to Porter, competition defines validity of activities undertaken by specific companies which include innovation, culture, or practical implementation. Analysis of competition and competitive position is crucial for market success of each insurance and reinsurance company. In this paper, we focus to the analysis of the competition in insurance markets in the countries of former Yugoslavia. The main conclusion is that without an enhancement of competitive advantage, driven by improvements in productivity, innovation and costs, insurance companies will not be able to achieve successful business performance in the future. Improving competition in not only in the interest of individual insurance companies, but also of the market as a whole and thus the insured, given that the improved competition brings improved quality of service and lower insurance premiums.

Keywords: competition; market; insurance; former Yugoslavia (search for similar items in EconPapers)
JEL-codes: E00 (search for similar items in EconPapers)
Date: 2013
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