Relationship Between Insurance Market and Economic Growth in the European Union

This paper examines the relationship between insurance market development and economic growth in EU member states period 1998-2018. Our results indicate that there is no causality premium per capita GDP case of 11 out 23 analysed countries, including four countries classified as emerging markets. However, panel data covering all we determined a two-way growth. In short run, has positive significant impact on proven individual except Ireland Luxembourg, where applied model shows only error-correction coefficient values. Besides, our effect long run Belgium, Cyprus, Bulgaria, Romania Slovenia, i.e., key determinant long-term The show statistically analysis observed On other hand, category developed markets showed relationship, but not one. Since could contribute to ensuring stability special attention needs be paid strategy changing business environment.