Factors Influencing Non-Life Insurance Demand: Case of Lithuania

Malakauskienė Karolina (), Lakštutienė Aušrinė () and Witkowska Justyna ()
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Malakauskienė Karolina: Product manager, Luminor bank, Lithuania
Lakštutienė Aušrinė: Assoc., Prof., Kaunas University of Technology, Lithuania
Witkowska Justyna: Assoc., Prof., University of Warmia and Mazury in Olsztyn, Poland

Management Theory and Studies for Rural Business and Infrastructure Development, 2022, vol. 44, issue 3, 244-253

Abstract: This paper studies factors affecting non-life insurance demand in Lithuania. The study identified variables that are important in analyzing the demand for non-life insurance and were applied in estimating multivariate VAR, Classical Granger, and Toda-Yamamoto causalities. Lithuania’s case showed three significant causal relationships: positive - between non-life insurance demand and inflation and loss probability, negative - between density and short-term interest rate. Loss probability and short-term interest rate have been shown to be significant across all models. Inflation was deemed to be the effect of shift in demand rather than the cause.

Keywords: non-life insurance demand; VAR; Granger Causality (search for similar items in EconPapers)
JEL-codes: G22 O43 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:mtrbid:v:44:y:2022:i:3:p:244-253:n:12

DOI: 10.15544/mts.2022.25

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