Determinants Of Nonlife Insurance Market Attractiveness For Foreign Investments: Eastern European Evidence

摘要

The aim of this paper is to investigate factors that influence the attractiveness of nonlife insurance market for foreign insurers in Eastern Europe. We use country-specific effects models for panel data that covers fifteen countries during the period 2004-2009, allowing each cross-sectional unit to have a different intercept term serving as an unobserved variable that is potentially correlated with the observed regressors. The research results indicate that the main forces affecting market attractiveness are insurance demand, entry barriers, market concentration and the return on investment. These findings provide significant implications for local governments and for both foreign and domestic insurers.Sa?etakCilj ovog rada je istra?iti faktore koji utje?u na atraktivnost tr?i?ta ne?ivotnih osiguranja za strane osiguravatelje u Isto?noj Europi. Koristili smo modele efekata specifi?nih za pojedine zemlje za dobivanje panelnih podataka koji pokrivaju petnaest zemalja u periodu od 2004-2009, omogu?avaju?i svakoj me?usektorskoj jedinici razli?it presje?ni ?lan u svrhu neuo?ene slu?ajne varijable koja je potencijalno korelirana s uo?enim regresorima. Rezultati istra?ivanja ukazuju na to da glavni utjecaj na atraktivnost tr?i?ta imaju potra?nja za osiguranjem, ulazne barijere, koncentracija tr?i?ta i zarada od investicije. Rezultati bi mogli biti vrlo zna?ajni za lokalne uprave te strane i doma?e osiguravatelje.