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Determinants of life insurance demand in new EU member states: panel data analysis

Author

Listed:
  • Mihovil AnÄ‘elinović

    (Faculty of Economics and Business, University of Zagreb)

  • Petar MiÅ¡ević

    (Croatian Chamber of Economy)

  • Ana Pavković

    (Faculty of Economics and Business, University of Zagreb)

Abstract

The paper analyzes determinants of demand for life insurance products in thirteen countries of the European Union. The expected demand determinants cover sixteen factors divided into macroeconomic, demographic, social and institutional variables. The main aim of the paper is to identify the variables that best explain variations in demand for life insurance and to draw a conclusion as to whether policy makers can contribute to the development of the life insurance market. For this purpose, an unbalanced panel model with a fixed effect for the period from 1995 to 2014 was estimated. The most important variables were macroeconomic ones, especially gross domestic product per capita. Insurance companies need to take into account demographic trends and existing economic situations in the respective economies when developing their products, and as analysis indicates, they have to make efforts in educating the population concerning the benefits of life insurance and the need for long-term savings.

Suggested Citation

  • Mihovil AnÄ‘elinović & Petar MiÅ¡ević & Ana Pavković, 2016. "Determinants of life insurance demand in new EU member states: panel data analysis," Notitia - journal for economic, business and social issues, Notitia Ltd., vol. 1(2), pages 1-12, December.
    • Handle: RePEc:noa:journl:y:2016:i:2:p:1-12
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    More about this item

    Keywords

    life insurance demand; new EU Member States; panel data analysis;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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