G22 - Insurance; Insurance Companies; Actuarial StudiesNávrat zpět

This paper examines the relationship between insurance market development and economic growth in EU member states in the period 1998-2018. Our results indicate that there is no causality between premium per capita and GDP per capita growth in the case of 11 out of the 23 analysed countries, including four countries classified as emerging markets. However, in the case of panel data covering all the countries, we determined a two-way causality between insurance market development and economic growth. In the short run, premium per capita has a positive and significant impact on the economic growth as proven in the data panel and in the case of individual countries, except in the case of Ireland and Luxembourg, where the applied model shows only error-correction coefficient values. Besides, our results indicate that premium per capita has a significant positive effect on economic growth in the long run in the case of Belgium, Cyprus, Bulgaria, Romania and Slovenia, i.e., insurance premium is a key determinant of long-term economic growth. The results show a statistically significant long-term positive relationship between premium per capita and GDP growth per capita in the case of a panel analysis of all the observed countries and countries classified as emerging markets. On the other hand, the panel data analysis of the countries classified in the category of developed markets showed a long-term positive relationship, but not a statistically significant one. Since that results indicate that the insurance market development could contribute to ensuring long-term economic stability and growth of observed countries, special attention needs to be paid to the strategy of insurance market development in a changing business environment.

This paper examines the development and comparison of competition and concentration in the banking and insurance sector in the Czech Republic during the 2007-2019 period using the Herfindahl-Hirschman index (HH index). In the empirical section we calculate the degree of concentration and indexes separately for the banking and insurance markets, where the main variable in relation to banks is the balance sheet and this variable is the gross written premium in relation to insurance companies. Subsequently, we compare the two examined sectors including the analysis of their long-term equilibrium. The result of this research confirms the determined hypotheses, whereas the oligopolic structure of both markets, which falls over time and aims towards a competitive market but does not achieve this goal during the monitored period. Throughout examination, the insurance market demonstrates higher HH index values and therefore lower competitiveness compared to the banking market.

This article examines the impact of demographic, economic and institutional determinants on life insurance demand in the Czech Republic between 1993 and 2015. Theoretical part discusses general characteristics of the insurance market, life insurance, its importance in the Czech Republic. It also includes detailed research of historical studies and articles. In empirical part is surveyed an influence of determinants on life insurance demand, using econometric models based on time series and principal component analysis. We used autoregressive distributed lag model, which defines short-term relationships between principal components and an error correction model, which examines long-term relationships between time series. It was found that an increase in average wage and banking sector size had a positive impact on life insurance demand and an increase in young dependency ratio, old dependency ratio, interest rate and net national savings had a negative impact on life insurance demand. Number of tertiary educated people, public sector size, and consumer spending were classified as insignificant variables.

Component encouraging private savings was introduced or is under consideration in pension schemes of many countries. This diversification of old-age income sources shifts the responsibility for the level of retirement income to the individuals themselves and, at the same time, opens the question about their preparedness for such financial decisions. Inadequate savings could have enormous impact on their future life and determine their standard of living in the period of retirement. The aim of the paper is to identify key demographic and socio-economic factors determining individuals' proactive approach to the private pension savings. We also would like to point out group of individuals with a low level of the private savings involvement. These individuals are potentially poverty vulnerable in their old-age. Using representative sample of 2 826 citizens of the Slovak Republic from the Household Finance and Consumption Survey carried out by the National Bank of Slovakia, we have identified as key factors age, education, income, ownership of second real estate and other financial assets and sharing household with pensioners. Our research contributes to the extension of existing knowledge that can be used by countries with multi-pillar pension systems, absence of occupational employment funds and low availability of products for voluntary pension savings.

The authors of the article point out that the theory of economics has failed to yield a solid theoretical background in such critical situations as the period of the current fi nancial and economic crisis and the transformation period of post-communist economies. Mainly present crisis opens the question of unsatisfactory status of economic science. While classical liberal or Keynesian concepts are failing, theorists cannot look to mathematical modelling for help. It seems that traditional concepts are malfunctioning. Financial market is particularly predisposed for this process. The use of mathematical model is overvalued. The article calls attention on asymmetry of information problem and possible influence and adequacy of regulatory attitudes on return to equilibrium level, particularly in EU. The challenge for today's theoretical economists is to find a new concept for today's global era.

This article is dealed about the requirements on new architecture of financial markets, namely for banking and insurance market. The principles of Basel II and Solvency II are discussed. The second part of article concerned with quality changes in comercial insurable risk and financial decesion of enormous natural catastrophes in last decade. The traditional way - insurance, reinsurance and public finance is completed by insurance derivates (CAT bondes) in present. This solution takes partial place by financing hurricanes Katrina and Rita claims.

In this paper historical performance of eleven approaches for estimation of one-day 95% value-at-risk is evaluated. Random sample of 1000 foreign exchange portfolios consisting of positions in EUR and USD with CZK as a base currency was considered. Since foreign exchange portfolio consists of linear instruments, historical simulation and the variance-covariance method for VaR estimation were investigated. Performance of all approaches was evaluated using seven performance criteria. With minimal degree of simplification we can say that variance-covariance method using exponentially weighted averages with is the best approach. This approach produces risk estimates which are systematically lowest ones and with high time volatility. It also achieves perfect coverage (95 %) and the highest correlation between risk measure and absolute value of the outcome. RiskMetrics variance-covariance approach was dominant in spite of violation of normality assumption.