Development of the insurance sector in the Western Balkan countries: the drive towards the European Union insurance system

摘要

The Western Balkan countries are characterised by a long period of transition to the market economy followed by their intention to integrate into the European Union. There are many benefits encouraging them to integrate and, in this paper, we are going to show the impact of the integration into the European Union on their financial services market, with the focus on the insurance market. Building the higher level of competitiveness through the legal and institutional standardisation will result in development of the insurance markets of these countries in many aspects. The best way to see it is to look at correlation between their level of integration into the European Union and the level of the insurance market development they reached.