Profitability determinants in the Serbian insurance sector: a panel data approach

Kaličanin, Tijana and Zdravković, Aleksandar and Balaban, Mladenka (2024) Profitability determinants in the Serbian insurance sector: a panel data approach. International review (1-2). pp. 197-202. ISSN 2217-9739

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Abstract

The aim of this paper was to analyze profitability determinants in the insurance sector of the Republic of Serbia. The study relies on empirical research that involves the evaluation of panel regression models including all insurance companies that operated in the Republic of Serbia in the period 2005 – 2021. The data are collected from the financial statements published by the National Bank of Serbia, covering unbalanced panel that includes a total number of 32 life insurance, non-life insurance and reinsurance companies. The results of the panel regression models indicate that insurance-specific variables have a significant and robust role in determining financial performance, whilst macroeconomic variables seem to affect profitability to a lesser extent. Besides insurance-specific variables, market concentration also appears as the significant determinant of insurance sector performance, being positively associated with profitability indicators.

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