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

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      <subfield code="a">Srbinoski, Bojan </subfield>
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      <subfield code="a">An empirical investigation of determinants of life insurers' performance</subfield>
      <subfield code="b">: Evidence from selected countries in Central, Eastern, and Southeastern Europe (CESEE)</subfield>
      <subfield code="c">Bojan Srbinoski, Klime Poposki, Gorazd Cibej</subfield>
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      <subfield code="a">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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      <subfield code="a">Seguro de vida</subfield>
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      <subfield code="a">Mercado de seguros</subfield>
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      <subfield code="a">Europa Central</subfield>
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      <subfield code="a">Europa Oriental</subfield>
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      <subfield code="a">Poposki, Klime</subfield>
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      <subfield code="a">Cibej, Gorazd</subfield>
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      <subfield code="g">20/09/2021 Tomo 24 Número 3 - 2021 , p. 293-310</subfield>
      <subfield code="x">1098-1616</subfield>
      <subfield code="t">Risk management & insurance review</subfield>
      <subfield code="d">Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</subfield>