An empirical investigation of determinants of life insurers' performance : Evidence from selected countries in Central, Eastern, and Southeastern Europe (CESEE)

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<title>An empirical investigation of determinants of life insurers' performance</title>
<subTitle>: Evidence from selected countries in Central, Eastern, and Southeastern Europe (CESEE)</subTitle>
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<name type="personal" usage="primary" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20210006807">
<namePart>Srbinoski, Bojan </namePart>
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<namePart>Poposki, Klime</namePart>
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<namePart>Cibej, Gorazd</namePart>
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<abstract displayLabel="Summary">Central, Eastern, and Southeastern Europe's life insurance market has received limited attention in the literature due to a lack of available data and lower level of maturity. However, part of the region is characterized by extraordinary growth rates, moderate to high concentration, a heavy presence of foreign affiliates, recent regulatory compliance, and low insurance culture. This study analyzes the firm-specific, industry and macroeconomic determinants of life insurers' performance in selected CESEE countries. We employ a dynamic panel GMM two-step system estimator and uncover the most important drivers of life insurers' profitability in the region. We find that size, leverage, liquidity, reinsurance, market share, and business growth matter for total profitability, while expense management drive underwriting profitability. The study expands the current literature on insurers' performance by examining a neglected region and discusses location-specific characteristics for foreign presence in the region.

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<note type="statement of responsibility">Bojan Srbinoski, Klime Poposki, Gorazd Cibej</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080570590">
<topic>Seguro de vida</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
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<geographic>Europa Central</geographic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20100046142">
<geographic>Europa Oriental</geographic>
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<title>Risk management & insurance review</title>
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<publisher>Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</publisher>
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<identifier type="issn">1098-1616</identifier>
<identifier type="local">MAP20077001748</identifier>
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<text>20/09/2021 Tomo 24 Número 3 - 2021 , p. 293-310</text>
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