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The Economic Crisis And The Insurance Industry: The Evidence From The Ex-Yugoslavia Region

Author

Listed:
  • Vladimir Njegomir
  • Boris Marović
  • Rado Maksimović

Abstract

The paper analyses the impact of the economic crisis on the insurance industries of the ex-Yugoslavia region. The analysis encompasses five countries: Slovenia, Croatia, Serbia, Bosnia and Herzegovina, and FYR Macedonia. We examine insurance industry specifics separately for each country for the period 2004-2008 and for the first six months of 2009. While the impact of the crisis varies between countries, the research results indicate that the global financial crisis has had limited overall impact on the regional insurance industry. However the current recession resulted in negative premium growth in Serbia, Croatia and FYR Macedonia while the growth in Slovenia and Bosnia and Herzegovina declined. At the same time investment returns have declined and claims have risen in all countries. The crisis had more pronounced impact on non-life insurance premium growth in less developed insurance markets. In developed markets, namely Slovenia and Croatia, the crisis had greater impact on life insurance premium growth.

Suggested Citation

  • Vladimir Njegomir & Boris Marović & Rado Maksimović, 2010. "The Economic Crisis And The Insurance Industry: The Evidence From The Ex-Yugoslavia Region," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 55(185), pages 129-162, April - J.
    • Handle: RePEc:beo:journl:v:55:y:2010:i:185:p:129-162
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    References listed on IDEAS

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    4. Joseph Calandro & Scott Lane, 2002. "The Insurance Performance Measure: Bringing Value To The Insurance Industry," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(4), pages 94-99, January.
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    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Halil D. Kaya, 2023. "The Financial Crises, Income Levels And Banking And Insurance," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 6, pages 24-42, December.
    2. Halil Dincer Kaya, 2023. "The Impact Of The 2008-2009 Global Crisis On Retailers’ And Core Industry Firms’ Loan Applications," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 16-24, February.
    3. Halil D. Kaya, 2022. "The Impact Of The 2008-2009 Global Crisis On Retailers’ And Core Industry Firms’ Banking Relationships," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 16-23, October.
    4. Boris Marović & Vladimir Njegomir & Dragan Marković, 2013. "Competition In Insurance Markets Of The Region Of Former Yugoslavia," Serbian Association of Economists Journal, SAE - Serbian Association of Economists, issue 5-6, pages 354-363, August.
    5. Halil D Kaya & Engku N Engkuchik, 2022. "The 2008-2009 Global Crisis: Impact On Banking And Insurance," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 6-16, August.

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    More about this item

    Keywords

    economic crisis; insurance; ex-Yugoslavia region;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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