THE SIGNIFICANCE OF REAL GDP GROWTH FOR THE INSURANCE DEVELOPMENT

Nemanja Pantić; Ivan Milojević; Danijela Pantović

doi:10.59864/Oditor82502NP

Autori

Nemanja Pantić University of Kragujevac, Facuty of Hotel Management and Tourism in Vrnjačka Banja, Vojvođanska 5A, 36210, Vrnjaćka Banja, R. Serbia Author https://orcid.org/0000-0003-0030-6950
Ivan Milojević University of Business Studies in Banja Luka, Faculty of Business and Financial Studies, Jovana Dučića 23a, 78000, Banja Luka, Bosnia and Herzegovina Author https://orcid.org/0000-0003-3653-3477
Danijela Pantović University of Kragujevac, Facuty of Hotel Management and Tourism in Vrnjačka Banja, Vojvođanska 5A, 36210, Vrnjaćka Banja, R. Serbia Author https://orcid.org/0000-0001-8605-8614

DOI:

https://doi.org/10.59864/Oditor82502NP

Ključne reči:

real GDP growth, gross direct insurance premium per capita, insurance penetration, OECD

Apstrakt

Insurance has a growing economic and social importance since risks are also very dynamic category. Remediation of damages due to the realization of the risk is imperative because any delay in compensation has additional negative effects. Insurance is a mechanism that compensates and repairs damages in the most efficient way. It can be seen as a consequence but also a lever of economic development. In this article, insurance is being considered as a consequence of economic development. In this regard was performed an analysis of the importance of real GDP growth on the development of the insurance market in OECD member countries. Therefore, three hypotheses assumes the dependence between real GDP growth, gross direct insurance premiums per capita and insurance penetration. A correlation analysis has been conducted to examine the aforementioned dependencies, and the results were interpreted by analyzing the Pearson correlation coefficient. All three hypotheses were proven, with two strong and positive correlations and one moderately positive correlation.

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