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Investment activities of insurance companies operating in Visegrad Group countries - theoretical and empirical approach

Spigarska Ewa, Majerowska Ewa

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2023

z. 175

501--512

Purpose: The objective of this article is to assess the relationship between the investment activities of insurance companies and the gross premium written as well as the selected profitability and liquidity indicators. The research hypothesis assumes that such a relationship can be identified, and it depends on the type of activity and varies for each country. Design/methodology/approach: The study period covers 2013-2020 in a panel approach. Insurance companies operating in the Visegrad countries were subjected to the study. Econometric panel data models were estimated and verified. Findings: The study covering life and non-life insurance companies, indicated confirmation of the assumed research hypothesis. In the case of life insurance companies, considering all companies of the Visegrad Group countries together, the following factors have a statistically significant impact on the level of investments: gross premium written, profit after tax. However, this conclusion cannot be generalised by treating individual countries separately. In comparison, when analysing the performance of non-life insurers, only gross premiums written have a statistically significant impact on the level of investments. Research limitations/implications: The analysis covers only the companies of the insurance sector of the Visegrad countries. In the next step, similar research should be carried out for companies from other groups of countries. Practical implications: The considerations and research results contained in the article can serve insurance company managers in making investment-related decisions based on the technical results obtained. They can also be used by state governments and regulators to predict the future investment behaviour of insurance companies. Originality/value: The uniqueness of the proposed article is demonstrated by the use of panel data and panel estimation used to describe the above-mentioned relationships as well as a comparison of results by type of activity and country.