Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countries
Synergies or trade-offs may arise between financial inclusion and financial stability, depending on the type of financial market and the level of market competition. We focus on the less inclusive and less competitive Central Eastern and Southeastern European non-life insurance markets and examine t...
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| Format: | Article |
| Language: | English |
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Sciendo
2025-04-01
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| Series: | Economics and Business Review |
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| Online Access: | https://doi.org/10.18559/ebr.2025.1.1850 |
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| author | Srbinoski Bojan Kjosevski Jordan Poposki Klime Mecheski Stevcho |
| author_facet | Srbinoski Bojan Kjosevski Jordan Poposki Klime Mecheski Stevcho |
| author_sort | Srbinoski Bojan |
| collection | DOAJ |
| description | Synergies or trade-offs may arise between financial inclusion and financial stability, depending on the type of financial market and the level of market competition. We focus on the less inclusive and less competitive Central Eastern and Southeastern European non-life insurance markets and examine the link between financial inclusion and insurers’ underwriting performance and whether the insurance market concentration affects the inclusion-performance nexus. We use two measures of financial inclusion in insurance, one measuring the availability of insurers and the other measuring the aggregate insurance premium volumes. The results suggest that the impact of inclusion on underwriting performance is conditional on how inclusion is measured and on the prevailing market structure. These findings highlight the need for further research but also suggest that policy efforts aimed at fostering more inclusive insurance markets should consider the structural characteristics of insurance markets to ensure effective outcomes for consumers, insurers, and regulators. |
| format | Article |
| id | doaj-art-46fe2853bf0a4ff08f2988b4899112e6 |
| institution | DOAJ |
| issn | 2450-0097 |
| language | English |
| publishDate | 2025-04-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Economics and Business Review |
| spelling | doaj-art-46fe2853bf0a4ff08f2988b4899112e62025-08-20T03:06:35ZengSciendoEconomics and Business Review2450-00972025-04-0111113315610.18559/ebr.2025.1.1850Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countriesSrbinoski Bojan0Kjosevski Jordan1Poposki Klime2Mecheski Stevcho31University St. Kliment Ohridski, Bitola, Kej Makedonija 95, 6000, Ohrid, North Macedonia2Ohrid, North Macedonia3University St. Kliment Ohridski, Bitola, Kej Makedonija 95, 6000, Ohrid, North Macedonia4University St. Kliment Ohridski, Bitola, Kej Makedonija 95, 6000, Ohrid, North MacedoniaSynergies or trade-offs may arise between financial inclusion and financial stability, depending on the type of financial market and the level of market competition. We focus on the less inclusive and less competitive Central Eastern and Southeastern European non-life insurance markets and examine the link between financial inclusion and insurers’ underwriting performance and whether the insurance market concentration affects the inclusion-performance nexus. We use two measures of financial inclusion in insurance, one measuring the availability of insurers and the other measuring the aggregate insurance premium volumes. The results suggest that the impact of inclusion on underwriting performance is conditional on how inclusion is measured and on the prevailing market structure. These findings highlight the need for further research but also suggest that policy efforts aimed at fostering more inclusive insurance markets should consider the structural characteristics of insurance markets to ensure effective outcomes for consumers, insurers, and regulators.https://doi.org/10.18559/ebr.2025.1.1850insurancefinancial inclusionmarket concentrationunderwriting performanceg22i31l10o52 |
| spellingShingle | Srbinoski Bojan Kjosevski Jordan Poposki Klime Mecheski Stevcho Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countries Economics and Business Review insurance financial inclusion market concentration underwriting performance g22 i31 l10 o52 |
| title | Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countries |
| title_full | Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countries |
| title_fullStr | Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countries |
| title_full_unstemmed | Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countries |
| title_short | Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countries |
| title_sort | financial inclusion market concentration and underwriting performance empirical evidence from central eastern and southeastern european countries |
| topic | insurance financial inclusion market concentration underwriting performance g22 i31 l10 o52 |
| url | https://doi.org/10.18559/ebr.2025.1.1850 |
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