##plugins.themes.bootstrap3.article.main##

  •   Blerta Haliti Baruti

Abstract

The purpose of this paper is to extract the important factors in the nature of insurance companies and their direct role in the economic and financial system development. This market study aims to analyse the insurance system in Kosovo by determining and then analysing its structure, the degree of concentration of insurance companies on the insurance market, their behaviour towards price, number of participants, companies operating in this market and types of products and services they provide. Our analysis are gathered on statistical and qualitative data through the study of the theories on insurance market development in other countries. Furthermore, for the empirical analysis, we used secondary data from Central Bank of Kosovo, Insurance Companies and Association Insurance of Kosovo. Also, we conducted two surveys. First, we conducted a survey with finance managers from all insurance companies and secondary survey was in general, for people who work. This way we tried to get a better understanding of the issue at hand.  The identification of these factors would enable insurance companies to design policies that tackle the demands of consumers for voluntary insurance policies and at the same time to contribute to financial stability of Kosovo’s economy. At the end we have to come out with conclusions on the main research question: Does Insurance Development affect the Financial Markets in developing countries? The expected outcome is that the insurance sector in Kosovo is an important factor for the further development of the financial system.

Keywords: Insurance Market; Development; Financial System, Economic Growth

References

Arena, M. (2008). Does Insurance Market Activity Promote Economic Growth? A Cross-Country Study for Industrialized and Developing Countries. Journal of Risk & Insurance, 75(4), pp.921-946.

Center Bank of Kosovo. Monthly Statistics & Bulletin Monthly Report of Financial System. (2010/2017).

Retrieved from https://www.bqk-kos.org

Cristea, M., Marcu, N. and Cârstina, S. (2014). The Relationship between Insurance and Economic Growth in Romania Compared to the Main Results in Europe – A Theoretical and Empirical Analysis. Procedia Economics and Finance, 8, pp.226-235.

Dash, S., Pradhan, R., Maradana, R., Gaurav, K., Zaki, D. and Jayakumar, M. (2015). Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality. Future Business Journal, 4(1), pp.50-67.

Haiss, P. and Sümegi, K. (2008). The relationship between insurance and economic growth in Europe: a theoretical and empirical analysis. Empirica, 35(4), pp.405-431

Insurance Association of Kosovo. Monthly Bulletin. (2012/2017). Retrieved from https://www.shs-ks.com Images retrieved from: http://rakeback4.me/life-insurance-quotes/life-insurance-quotes-plus-insurance-quotes-wallpaper-backgrounds-91-and-life-insurance-quotes-for-seniors-over-70/

Insurance Company, Illyria Life. Annual Reports (2011/2017). Retrieved from https://www.bks-ks.org

Kaushal, S. and Ghosh, A. (2017). Economic growth and the development of banking and insurance sector in the post-liberalized India. International Journal of Social Economics, 44(12), pp.2187-2207.

Lee, C., Lee, C. and Chiou, Y. (2017). Insurance activities, globalization, and economic growth: New methods, new evidence. Journal of International Financial Markets, Institutions and Money, 51, pp.155-170.

Mohy ul din, S., Regupathi, A. and Abu-Bakar, A. (2017). Insurance effect on economic growth – among economies in various phases of development. Review of International Business and Strategy, 27(4), pp.501-519.

Muhamet. H, and Fidan. Q. (2016) INSURANCE MARKET DISTRIBUTION CHANNELS Kolegji ISPE and AAB reserchergate pp.15-18

Ul Din, S., Abu-Bakar, A. and Regupathi, A. (2017). Does insurance promote economic growth: A comparative study of developed and emerging/developing economies. Cogent Economics & Finance, 5(1).

Downloads

Download data is not yet available.

##plugins.themes.bootstrap3.article.details##

How to Cite
Baruti, B. (2020). Insurance Sector Development and its Effect on the Financial Markets in Developing Countries: The Case of Kosovo. European Journal of Business and Management Research, 5(1). https://doi.org/10.24018/ejbmr.2020.5.1.217