The Impact of Macroeconomic Stabilisation on the Development of Non-Life Insurance Markets of the Visegrad Group in 2004-2020

• Autorzy: Konrad Rojek , Jarosław Cwyl , Anna Borcuch
• Języki publikacji: EN

Abstrakty

EN

Purpose: The article's purpose is to present the impact of macroeconomic stabilisation on the development of the non-life insurance markets of the Visegrad Group1 between 2004 and 2020. Design/methodology/approach: A critical review of literature is undertaken. The research used the Zeroed Unitarisation Method, the Macroeconomic Stabilisation Pentagon Model and the Reciprocal Correlogram. Findings: The studies carried out indicate that insurance markets are influenced by a number of factors, which are both macroeconomic in nature and individual characteristics of the market in question (size and structure). The highest value of the synthetic indicator of the development of the non-life insurance market in the last period included in the analysis (2020) was recorded in Poland. The most favorable situation in terms of macroeconomic stabilisation was recorded in the case of Poland (0.518) at the end of the analyzed period. Research limitations/implications: To verify the hypothesis regarding the impact of macroeconomic stabilisation on the development of insurance markets, scientific research requires further research on another group of countries (insurance markets). Originality/value: The results of the research will contribute significantly to the development of theories on the determinants of the development of insurance markets.(original abstract)

Słowa kluczowe

EN

Macroeconomic situation; Insurance market; Property insurance

PL

Sytuacja makroekonomiczna; Rynek ubezpieczeniowy; Ubezpieczenia majątkowe

• Czasopismo: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
• Rocznik: 2023
• Numer: z. 188 Współczesne zarządzanie = Contemporary management
• Strony: 589--603

Twórcy

autor

Konrad Rojek

• Casimir Pulaski University of Technologies and Humanities in Radom, Poland

autor

Jarosław Cwyl

• Casimir Pulaski University of Technologies and Humanities in Radom, Poland

autor

Anna Borcuch

• Casimir Pulaski University of Technologies and Humanities in Radom, Poland

Bibliografia

• 1. Alhassan, A.L., Biekpe, N. (2016). Determinants of life insurance consumption in Africa. Research in International Business and Finance, Vol. 37, pp. 17-27.
• 2. Balcerowicz-Szkutnik, M., Szkutnik, W. (2014). Sektor ubezpieczeń w krajach postradzieckiej Azji Środkowej. Research Papers Of Wrocław University Of Economics, No. 342, pp. 11-28.
• 3. Beck, T., Webb, I. (2003). Economic, demographic and institutional determinants of life insurance consumption. The World Bank Economic Review, Vol. XVII, No. I, pp. 51-88.
• 4. Bednarczyk, T.H. (2011). Ekonomiczne i instytucjonalne czynniki rozwoju ubezpieczeń. Wiadomości Ubezpieczeniowe, No. IV, pp. 85-106.
• 5. Bednarczyk, T.H., Bielawska, K., Jackowska, B., Wycinka, E. (2019). Ekonomiczne i demograficzne uwarunkowania funkcjonowania i rozwoju ubezpieczeń. Gdańsk: Uniwersytet Gdański.
• 6. Brokešová, Z., Pastoráková, E., Ondruška, T. (2014). Determinants of insurance industry development in transition economies: Empirical analysis of Visegrad group data. The Geneva Papers on Risk and Insurance-Issues and Practice, Vol. 39, pp. 471-492.
• 7. Browne, M.J., Kim, K. (1993). An international analysis of life insurance demand. Journal of Risk and Insurance, Vol. 60, No. 4, pp. 616-634.
• 8. Bukowski, S.I., Lament, M. (2019). Impact of foreign capital on the insurance market development in the Visegrad Group countries. Journal of Management and Financial Sciences, Vol. XII, No. 38, pp. 33-45.
• 9. Bukowski, S.I., Lament, M. (2020). Foreign capital impact on insurance market development in EU-15 countries. Entrepreneurial Business and Economics Review, Vol. 8, No. 3, pp. 205-219.
• 10. Christophersen, C., Jakubik, P. (2014). Insurance and the macroeconomic environment. EIOPA-Financial Stability Report, pp. 44-55.
• 11. Curak, M., Dzaja, I., Pepur, S. (2013). The effect of social and demographic factors on life insurance demand in Croatia. International Journal of Business and Social Science, Vol. 4, No. 9, pp. 65-72.
• 12. Din, S.M. Ul, Abu-Bakar, A., Regupathi, A. (2017). Does insurance promote economic growth: A comparative study of developed and emerging/ developing economies. Cogent Economics & Finance, Vol. 5, No. 1, pp. 1-12.
• 13. Erbas, N.S., Sayers, C.L. (2006). Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis. International Monetary Fund, Vol. 179, Iss. 1018- 5941, pp. 1-15.
• 14. Ertl, M. (2017). Insurance Convergence and Post-crisis Dynamics in Central and Eastern Europe. Geneva Paper Risk Insurance Issues Practice, No. 42, pp. 323-347.
• 15. Feyen, E., Lester, R.R., Rocha, R.D.R. (2011). What drives the development of the insurance sector? An empirical analysis based on a panel of developed and developing countries. World Bank Policy research working paper, No. 5572, pp. 1-43.
• 16. Hodula, M., Janků, J., Časta, M., Kučera, A. (2023). On the macrofnancial determinants of life and non life insurance, premiums. The Geneva Papers on Risk and Insurance - Issues and Practice, No. 48, pp. 760-798.
• 17. Insurance Europe (2023). Available online: https://insuranceeurope.eu/statistics, 15.11.2023.
• 18. Kołodko, G.W. (1993). Kwadratura pięciokąta. Od załamania gospodarczego do trwałego wzrostu. Warszawa: Poltext.
• 19. Kramaric, T.P., Galetic, F. (2013). The Role of the Overall Economic Development on the Insurance Market Growth-Evidence of the European Union. Journal of Applied Finance & Banking, Vol. 3, No. 3, ISSN: 1792-6580, pp. 157-168.
• 20. Lament, M., Bukowski, S. (2022). Wybrane determinanty rozwoju rynków ubezpieczeniowych krajów Unii Europejskiej w latach 1999-2019. Wiadomości Ubezpieczeniowe, Vol. 4, pp. 61-74.
• 21. Lament, M., Bukowski, S.I. (2019). Impact of foreign capital on the insurance market development in the Visegrad Group countries. Journal of Management and Financial Sciences, Vol. XII, No. 38, pp. 33-45.
• 22. Li, D., Moshirian, F., Nguyen, P., Wee, T. (2007). The demand for life insurance in OECD countries. Journal of Risk and Insurance, Vol. 74, No. 3, pp. 637-652.
• 23. Misala, J. (2011). Międzynarodowa konkurencyjność gospodarki narodowej. Warszawa: PWE.
• 24. OECD Statistic (2023). Available online: https://stats.oecd.org/, 15.11. 2023.
• 25. Ortyński, K., Wołoszyn, J. (2022). Structure of technical efficiency of insurers in the life insurance industry in Poland. Central European Review Of Economics & Finance, Vol. 39. No. 4, pp. 24-38.
• 26. Outreville, J.F. (1996). Life insurance markets in developing countries. Journal of Risk and Insurance, Vol. 63, No. 2, pp. 263-278.
• 27. Phutkaradze, J. (2014). Impact of insurance market on economic growth in post-transition countries. International Journal of Management and Economics, Vol. 44, No. 1, pp. 92-105.
• 28. Rojek, K (2022). Development of the Polish non-life insurance market and macroeconomic stabilization of the Polish economy in 2000-2020. Central European Review of Economics & Finance, Vol. 39, No. 4, pp. 5-23.
• 29. Segodi, M.P., Sibindi, A.B. (2022). Determinants of life insurance demand: Empirical Evidence from BRICS Countries. Risks, No. 10, pp. 1-14.
• 30. Sen, S., Madheswaran, S. (2013). Regional determinants of life insurance consumption: evidence from selected Asian economies. Asian-Pacific Economic Literature, Vol. 27, No. 2, pp. 86-103.
• 31. Siek, E.J. (2015). Pięciokąt stabilizacji makroekonomicznej. Materiały dydaktyczne. Radom: Katedra Biznesu i Finansów Międzynarodowych Uniwersytet Technologiczno- Humanistyczny im. K. Pułaskiego.
• 32. Śliwiński, A. (2016). Popyt na ubezpieczenia na życie - przegląd badań światowych. In: S. Nowak, A.Z. Nowak, A. Sopoćko (Eds.), Polski rynek ubezpieczeń na tle kryzysów społeczno-gospodarczych (pp. 110-125). Warszawa: Wydawnictwo Naukowe Wydziału Zarządzania.
• 33. World Bank Statistic (2023). Available online: https://data.worldbank.org/, 15.11. 2023.

Identyfikatory

DOI

10.29119/1641-3466.2023.188.35