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Original scientific paper

Impact of economic factors on life insurance development in Western Balkan Countries

Milijana Novović Burić orcid id ; University of Montenegro, Faculty of Economics, Podgorica
Julija Cerović Smolović ; University of Montenegro, Faculty of Economics, Podgorica
Milena Lipovina Božović ; University of Montenegro, Faculty of Economics, Podgorica
Ana Lalević Filipović ; University of Montenegro, Faculty of Economics, Jovana Tomaševića 37, 81 000 Podgorica

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other European countries, but in the recent decade it has been developing
moderately under the influence of various factors, primarily economic, but also
demographic, political and other. The aim of this manuscript is to analyze and
indicate the most significant economic factors that have important influence on life
insurance products purchase. In order to prove the hypothesis established in the
manuscript, panel data analysis is used to examine the impact of GDP,
unemployment rate, wages and interest rate on total life premium in Western
Balkans in the period 2005 to 2015. The results of the analysis showed that the
above-mentioned economic factors mainly affect total life premium in countries of
the Western Balkans. GDP and wages have a significant and positive impact on
demand for life insurance, while the impact of unemployment rate and interest rate
is negative.


life insurance market, economic factors, insurance premium, panel data model, the Western Balkans

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Article data in other languages: croatian

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