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LIFE INSURANCE IN THE EUROPEAN UNION DURING THE ECONOMIC CRISIS
Abstract
The insurance market as one of the segments of the financial market is closely linked to the overall economic situation in each country. Favourable development of the insurance market positively affects economic growth of the state, and vice versa, economic development influences the development of the insurance market. Different specificities are manifested on national insurance markets, caused by economic and social factors. However, at the same time it is possible to see some common trends and interactions. The current period is characterized by globalization, which results in the fact that the markets are interlinked and mutually influenced. Interaction of markets is reflected both at the level of various segments of the financial market and also at the level of national markets. The main intention of this article is to highlight the development of the insurance market regarding life insurance in the EU during the economic crisis in the context of national differences. We will focus on analyzing the development of some important indicators such as insurance premiums, costs for insurance claims and other. Various methods are used for comparison in the article. In addition to methods of time series analysis, we also used the method Data Envelopment Analysis (DEA) to analyze the efficiency of insurance markets regarding life insurance. DEA is used to analyze the efficiency of transformation of multiple inputs to multiple outputs. It is based on a non-parametric approach. DEA models use linear programming to construct non-parametric data envelopes. They assess efficiency using the efficiency score. Efficiency scores are calculated as relative values to data envelopes. This study contributes to existing sources concerning analysis of the insurance market regarding life insurance in the EU. It is distinguished by the focus on the analysis of efficiency of national insurance markets regarding life insurance. The article is part of a research project funded by the Scientific Grant Agency of the Ministry of Education, Science, Research and Sport of the Slovak Republic and the Slovak Academy of Sciences VEGA 1/0208/14 Insurance Market and Insurance Companies Efficiency.
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