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https://doi.org/10.2478/bsrj-2019-025

Financial Stability of Insurance Companies in Selected CEE Countries

Tomislava Pavić Kramarić orcid id orcid.org/0000-0002-0974-4423 ; University of Split, University Department of Professional Studies, Split, Croatia
Marko Miletić orcid id orcid.org/0000-0002-6955-3047 ; University of Split, University Department of Professional Studies, Split, Croatia
Renata Kožul Blaževski ; University of Split, University Department of Professional Studies, Split, Croatia


Puni tekst: engleski pdf 545 Kb

str. 163-178

preuzimanja: 734

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Sažetak

Background: Financial stability or soundness of insurance companies has gained importance over the years, especially after the financial crisis of 2008. Various stakeholders such as policy makers, regulators, the insured, etc. are interested in keeping the insurance sector stable since it contributes to overall financial stability. Objectives: The authors explore the determinants of insurers’ soundness in selected countries in Central and Eastern Europe. The analysis covers life, non-life and composite insurers that operated in Croatia, Hungary, and Poland in the period 2013 – 2017. Methods/Approach: A set of insurer – specific, industry – specific and macroeconomic variables are taken into consideration for having a potential influence on soundness measured by the Z-score. The variables include the size based on total assets, the share of premium ceded to reinsurance, claims growth, gross written premium growth, the premium to surplus ratio, market shares held by the five largest insurers, the share of gross written premium in the gross domestic product (GDP) and the GDP per capita growth. Results: The findings reveal that soundness of Croatian insurers is positively influenced by the size of an insurer. Both in Hungary and Poland reinsurance plays an important factor positively affecting soundness. Conclusions: Each of the insurance markets covered by the analysis reveals its characteristics and offers guidelines on factors influencing financial stability.

Ključne riječi

insurance companies; soundness; Central and Eastern European countries

Hrčak ID:

224567

URI

https://hrcak.srce.hr/224567

Datum izdavanja:

1.9.2019.

Posjeta: 1.262 *