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DEMOGRAPHIC DETERMINANTS OF THE INSURANCE MARKET OF THE VISEGRAD GROUP
Abstract
Visegrad group is the group of counties that recently entered European Union. They are going through the massive demographic changes. In this article we were investigating its contribution to the insurance market changes. From the methodological prospect we used covariance and correlation matrices to find out whether there is a relation between each determinants and insurance market, then we used logistic regression model to find out significance and after that we tested the model by the Augmented Dickey Fuller (ADF) Test and the Kwiatkowski-Phillips-Schmidt-Shin (KPSS) Test for the stationarity. T-test, Fisher test and R2 test were performed as well. Demographicdeterminants used in this research article were urbanization level, average age of population, index of vitality, share of the woman population, share of working age population. We found significant relations between changes of average age of population and urbanization level with insurance premiums, which is the main determinant of the insurance market changes. This paper has the very important findings for the insurers, because it gives coefficients of importance to each determinant. The most important fact that we found out how the insurance premiums are changing in Visegrad group countries. We can see also some differences between these states which can be productive for the insurers.
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