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The determinants of non-life insurance consumption: A VECM analysis in Central and South-Eastern Europe

Author

Listed:
  • Jordan Kjosevski

    (Stopanska Banka AD — Skopje, Skopje, Republic of Macedonia)

  • Mihail Petkovski

    (University Ss. Cyril and Methodius in Skopje, Faculty of Economics, Skopje, Republic of Macedonia)

Abstract

This study examines the determinant of non-life insurance consumption in 14 countries of Central and South-Eastern Europe between 1995 and 2010 within a vector error correction model (VECM). We use non-life insurance penetration as a measure for non-life insurance consumption. Empirical results provide evidence that the number of dwellings and number of passenger cars positively and significantly influence non-life insurance consumption in the long run, while the existence of the rule of law and EU membership are significant in the short run.

Suggested Citation

  • Jordan Kjosevski & Mihail Petkovski, 2015. "The determinants of non-life insurance consumption: A VECM analysis in Central and South-Eastern Europe," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(1), pages 107-127, March.
    • Handle: RePEc:aka:aoecon:v:65:y:2015:i:1:p:107-127
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    Citations

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    Cited by:

    1. Hui Shan Lee & Shyue Chuan Chong & Shen Yap & Bik Kai Sia & Ying Xi Chen, 2021. "Does Economic Freedom in Host Countries Lead to Increased Non-Life Insurance Development?," SAGE Open, , vol. 11(4), pages 21582440211, October.
    2. Jordan KJOSEVSKI & Mihail PETKOVSKI & Kiril SIMEONOVSKI, 2022. "The Effects of Individual and Economic Risks and Stress Testing of Non-Life Sector Profitability: The Case of the NorthMacedonian Insurance Sector," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 125-144, April.
    3. Lee, Hui Shan & Cheng, Fan Fah & Chong, Shyue Chuan & Sia, Bik Kai, 2018. "Influence of Macroeconomics Factors and Legal Stability to the Insurance Growth in the ASEAN-5 Countries," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 52(2), pages 219-229.

    More about this item

    Keywords

    non-life insurance demand; Central and South-Eastern European countries; cointegration; VECM;
    All these keywords.

    JEL classification:

    • C39 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Other
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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