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Integration of insurance markets – case of the countries of Central and Eastern Europe that are members of the European Union
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Wydział Ekonomii i Finansów, Uniwersytet Technologiczno-Humanistyczny im. Kazimierza Pułaskiego w Radomiu, Polska
Submission date: 2023-08-13
Acceptance date: 2023-11-02
Publication date: 2023-12-27
Corresponding author
Marzanna Barbara Lament
Wydział Ekonomii i Finansów, Uniwersytet Technologiczno-Humanistyczny im. Kazimierza Pułaskiego w Radomiu, Malczewskiego 29, 26-600, Radom, Polska
Ekonomista 2023;(4):387-402
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ABSTRACT
EU directives have freed insurance companies from regulating prices and conditions. However, institutional and cultural features
still differ significantly between countries. Issues related to the integration of insurance markets should be considered
an important area of research for two reasons. Firstly, because of the importance that the integration of international
financial markets has for their development and because of the impact of integration on economic growth. Secondly, the insurance
market is fairly specific on account of the complexity of insurance contracts. This makes insurance integration difficult
to assess, and for this reason, it is a poorly recognized research topic. This article examines the extent to which the insurance
markets of CEE are integrated. The measures of insurance market integration have been determined with regard to
gross written premium and investment. The empirical analysis is based on statistical and econometric methods and justifies
the conclusion that the extent to which the insurance markets of the countries under investigation are integrated indicates
a tendency for this process to continue. However, they are less integrated the rest of the EU countries and the eurozone.