Vladimir Njegomir

Vladimir Njegomir
Fakultet Za Pravne i Poslovne Studije Dr Lazar Vrkatić · Department of Economics

PhD in Economics and PhD in Technical Sciences

About

96
Publications
68,501
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268
Citations
Introduction
Vladimir Njegomir currently works at the Faculty of Law and Business Studies Dr Lazar Vrkatic. Vladimir does research in Risk Management, Insurance, Reinsurance and Entrepreneurship.
Additional affiliations
May 2012 - March 2013
Dunav osiguranje (Dunav insurance company)
Position
  • Managing Director
Description
  • I have developed a strategic development plan for the Company, reinsurance strategy, development strategies and sales for different types of insurance services, various procedures and rule books for strategic planning, corporate governance, and business analysis. Additionally, as a middle management level member, I continuously monitored the Company’s and subsidiary companies’ business activities and proposed measures for operations improvement and profit increase.
September 2010 - present
Fakultet Za Pravne i Poslovne Studije Dr Lazar Vrkatić
Position
  • Professor (Full)
Description
  • In addition to teaching, I am continuously engaged in the accreditation process of study programs and as a member of many commissions. In 2014 I was elected as a Vice Dean for Scientific Research. In that position, I have conducted several projects for the Ministry of Education of Serbia and the Provincial Secretariat. Since 2019 I am Vice Dean for Research and Vice Dean for Publishing. Since 2016 I am Editor-in-Chief of the CIVITAS journal.
January 2003 - May 2010
Q-Sphere
Position
  • Analyst
Description
  • I have been focused on financial management and engineering for a London-based computer software company, Q-Sphere. I have been working on proposals for scientific projects co-financed by the European Commission, mainly focused on risk management and analyzing the most efficient ways for the company to participate in them. I have also been involved in the global hedge fund industry analyses and insurance industry from London, Belgrade, and Novi Sad.
Education
December 2015 - December 2016
University for Peace European Centre for Peace and Development
Field of study
  • Insurance and Entrepreneurship
January 2007 - June 2009
University of Novi Sad Faculty of technical sciences
Field of study
  • Risk management and insurance
December 2003 - January 2007
European University Faculty of Business and Service
Field of study
  • Insurance

Publications

Publications (96)
Article
Full-text available
According to the impact, infectious diseases are a critical risk for 2020 and the following years in the Global Risk Report. The realization of the Covid-19 virus set the pandemic as a crucial global risk for humans, the economy, and society. The main idea of this paper is to give insight into the global socio-economic consequences of the actual Co...
Article
Full-text available
The aim of this paper is to present and discuss the opportunities and risks related to the implementation of new digital disruptive technologies in the operation of insurance companies. We compare theoretical knowledge and empirical evidence of six alternative approaches of digitalization implementation in insurance companies. We review trends and...
Conference Paper
Full-text available
The insurance business is associated with insurable risks to which the Law of Large Numbers and the central limit theorem can be applied. The basic assumption is that risks do not accumulate. The COVID-19 pandemic has completely changed the world in which we live. In addition to the loss of human lives, it encouraged turbulence in the economy, poli...
Article
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The aim of this research was to examine predictive factors of entrepreneurial orientation of students in transitional, social, and economic contexts. Attitudes towards work, value orientations, gender, and the entrepreneurial experience of the father and the mother of the respondents were examined as predictor variables. The sample comprised 220 st...
Book
Full-text available
Insurance and Entrepreneurship: a Theoretical and Empirical Analysis of Interdependence is the first monograph where empirical analysis of the interdependence of insurance and entrepreneurship applied. The monograph is the result of the author's efforts to confirm the well-founded theoretical assumptions that insurance positively affects entreprene...
Article
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This study aims to analyse the relationship between corporate social responsibility (CSR) of insurance companies and their market share. The main idea of the research is to indicate that activities aimed at implementing CSR should be considered as an investment, rather than a cost. Insurance is based on trust, and trust is built mostly by a sociall...
Article
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We live in turbulent times. The fact is that we live in a world characterized by the ubiquity of risk. This paper aims to emphasize the importance of the risks we have faced already but will undoubtedly determine the decade of the 2020s, to name them, analyze their impacts on the economy and insurance industry, and suggest proven methods of their m...
Conference Paper
Full-text available
We live in turbulent times. The fact is that we live in a world characterized by the ubiquity of risk. This paper aims to emphasize the importance of the risks we have faced already but will undoubtedly determine the decade of the 2020s, to name them, analyze their impacts on the economy and insurance industry, and suggest proven methods of their m...
Conference Paper
Full-text available
Numerous risk forecasts for 2020 indicated various risks, primarily climate and information risks, which will dominate in this and the following years. Pandemics are mentioned only in the World Economic Forum Risk Report. However, the first half of the year indicated that the coronary virus pandemic is crucial for 2020. This paper aims to investiga...
Article
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Rezime: Marketing omogućava preduzetnicima da se uspešno pozicioniraju u svesti potrošača, da budu uspešni konkurenti i da zadovolje zahteve potrošača na profitabilan način. Preduzetnici mogu koristiti nekoliko različitih marketinških strategija, kao što su marketing odnosa, ekspedicioni marketing, marketing jedan na jedan, marketing u realnom vrem...
Article
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Insurance is an activity of general interest because it provides indirect economic protection from risk. Insurance is the oldest and most practical method of risk management, by its transfer from the insured person (legal or natural person) to the insurance company. Insurance, however, realizes acumulative function due to time lags between the writ...
Article
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Marketing allows entrepreneurs to position themselves successfully in consumer awareness, to be successful competitors, and to satisfy consumer demands profitably. Entrepreneurs can use several marketing strategies, such as relationship marketing, expedition marketing, one-toone marketing, real-time marketing, and digital marketing. The aim of the...
Conference Paper
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Insurance is an area of wider social interest since it protects people against the financial consequences of losses, but also because of the role of insurance companies as institutional investors. Because of the importance of insurance and in order to protect the insured, the state, or its institutions, influence the insurance business and market....
Article
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Marketing is a management process responsible for identi�fying, anticipating and meeting consumer demands so as to generate pro�fts (CIM, 2015: 2).Tus the very defnition of marketing identifes profts as the economic goal. Te study of economics examines how societies use scarce resources in order to produce valuable goods and distribute them to p...
Article
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Marketing je proces upravljanja odgovoran za identifikova-nje, anticipiranje i zadovoljenje zahteva potrošača na profitabilan način (CIM, 2015, str. 2). Iz same definicije marketinga proizilazi ekonomski cilj – profit. Ekonomija, s druge strane, izučava kako društva koriste oskudne resurse da bi proizvela vredna dobra i raspodelila ih različi-tim l...
Book
Full-text available
Autor knjige, prof. dr Vladimir Njegomir, je uz velik napor i trud uspeo da u celovitosti ukaže na problematiku upravljanja rizicima u osiguranju i reosiguranju. Knjiga je nastala kao rezultat nastojanja autora da se integralno obuhvate sve novine u pogledu ispoljavanja rizika, upravljanja rizicima, osiguranja i reosiguranja ali i da se omogući odg...
Conference Paper
Full-text available
Insurance is an activity of general interest because it provides indirect economic protection from risk. Insurance is the oldest and most practical method of risk management, by its transfer from the insured person (legal or natural person) to the insurance company. Insurance, however, realizes acumulative function due to time lags between the writ...
Article
Full-text available
Marketing in insurance companies aims to make profits through the creation of satisfied and loyal insureds. Insurance companies should create an offer in order to satisfy the needs of existing and potential insureds, to find the best way to present this offer to potential insurers, as well as the most appropriate way of distributing the offer of in...
Article
Full-text available
Agricultural sector has an enormous economic significance for Serbia. However, majority of small farmers have been reluctant to conclude insurance contracts of any kind. Despite the great importance of insurance, various studies have shown conflicting results regarding the factors that have a positive impact on agricultural producers to engage with...
Article
Full-text available
The improvement of science and practice of risk management, the development of the insurance market, an increasing importance of the insurance industry and the introduction of Basel II regulations in the banking industry, have led to the development of new solvency regulation in the EU - Solvency II. The aim of the research presented in this paper...
Article
Full-text available
The characteristics of the developing market to which the Serbian market belongs are: illiquidity, low turnover and nontransparency. The aim of this paper is to examine the possibility of application of the Markowitz's model for forming the set of efficient portfolios on the capital market in Serbia. The research is based on previous theoretical an...
Article
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Liability insurance has taken a step forward in increasing the safety of, above all, third parties. Through the payment of a relatively small amount of insurance premium, this type of insurance provides the insured the needed safety, and the third party receives a secured payer of damage. The state is even more interested in applying this type of i...
Article
Full-text available
Marketing in insurance companies aims to make profits through the creation of satisfied and loyal insureds. Insurance companies should create an offer in order to satisfy the needs of existing and potential insureds, to find the best way to present this offer to potential insurers, as well as the most appropriate way of distributing the offer of in...
Article
Full-text available
Worldwide researches of the crop insurance suggest two key problems: the lack of the insurer's interest for defining supply and on the other side, insufficient interest of farmers - potential insureds. The role of the state is necessary in promoting insurance in agriculture, as well as in financing researches that are not exclusively commercial. Ha...
Article
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In modern business conditions, entrepreneurship is a key factor in innovations, development of new products and services, employment creation of wealth and more efficient use of available resources. The role of entrepreneurship in the economy is extremely significant and has been proven in developed countries. Having in mind the enormous importance...
Article
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3031Vladimir Njegomir1 MARKETING IN INSURANCE: THE IMPORTANCE OF EFFICIENT INSURANCE CLAIMS MANAGEMENT Abstract: Marketing stands as one of the most important business functions for creating customers and generating demand and is of great importance in the insurance industry. Its purpose is greater than in other business areas, as insurance service...
Article
Full-text available
The improvement of science and practice of risk management, the development of the insurance market, an increasing importance of the insurance industry and the introduction of Basel II regulations in the banking industry, have led to the development of new solvency regulation in the EU - Solvency II. The aim of the research presented in this paper...
Article
Full-text available
Apstrakt: Razvoj preduzetničke orijentacije jedna je od najvažnijih društvenih tema u Srbiji. Preduzetničko obrazovanje uvodi se u srednjoškolsko obrazovanje, ali i na svim nivoima i svim oblastima visokoškolskih studija. Nastavnici, ne samo iz oblasti preduzetništva već iz svih naučnih oblasti, trebalo bi da imaju preduzetnički duh kako bi isti pr...
Conference Paper
Full-text available
The development of entrepreneurial orientation is one of the most important social topics in Serbia. Entrepreneurial education is being introduced in secondary education, but also at all levels and in all fields of higher education. Teachers, not only in the field of entrepreneurship, but also in every scientific field, need to have an entrepreneur...
Article
Full-text available
Due to the transformation of the social-economic system and the affirmation of the capital market in countries that are currently in transition, including those countries in the Balkan region, the issues of the concept, role, importance, method of functioning, efficient portfolio management, and efficient management of institutional investors are g...
Conference Paper
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Entrepreneurship means innovation, creativity and the willingness to take risk. The most commonly applied and the most appropriate mechanism for managing insurable risks of entrepreneurs is insurance. The role of insurance is to reduce entrepreneurs’ insurable risks in order to make entrepreneurial activities safer and more certain. The aim of the...
Article
Full-text available
Insufficiency of internal financial resources and limited access to external sources of capital, as one of the key problems, local entrepreneurs usually describe with high cost of capital, complicated procedures, lack of transparency in regard to the settlement of credit requests and problems with security of loans. The aim of this study is to anal...
Article
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Entrepreneurship involves the exploitation of market opportunities that is based on ideas and innovation. The aim of entrepreneurship in insurance companies is to encourage innovation, the creation of new businesses, increase profitability while taking care to society. Corporate social responsibility means that insurance companies, following the pr...
Article
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The aim of this paper is to provide empirical evidence on the relation between line-of-business diversification and performance for the insurance companies that operated in the republic of Serbia in the period 2004–2014. The research results show that the relation between risk-adjusted returns measured both by return on assets and return on equity...
Article
Full-text available
Insufficiency of internal financial resources and limited access to external sources of capital, as one of the key problems, local agricultural producers - entrepreneurs usualy describe with high cost of capital, complicated procedures, lack of transparency in regard to the settlement of credit requests and problems with security of loans. The aim...
Article
Full-text available
Agricultural production in Serbia accounts for the largest part of the gross domestic product and can be an economic backbone and the main driver of the domestic food industry and exports, primarily because of its potential such as arable land and a long tradition of agricultural production in these regions. However, numerous risks threaten its sta...
Article
Full-text available
Agricultural entrepreneurship is the basis of creativity, innovation, profitability and risk management of agricultural producers. Although the agricultural entrepreneurship is often ignored in Serbia, in the paper we emphasize its importance due to the fact that the contribution of agriculture still has the largest share in gross domestic product....
Conference Paper
Full-text available
Climate changes are now visible, tangible, and quantifiable and are one of the most significant risks facing the entire world. Floods in 2016 and 2014 and the drought in 2012 are striking examples of the manifestation of climate changes in Serbia as well. The aim of the research is to analyze the pattern of climate changes in the world and in Serbi...
Article
Taxation of insurance is an instrument of state intervention in the insurance market. In addition, taxation is an important instrument of the economic policy of each country as it provides budget revenues. However, viewed from the perspective of insurance companies, taxation is a cost that is ultimately paid by insureds. In the taxation of insuranc...
Conference Paper
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Growth of global warming has not been recorded in so dramatic intensity, in all of human history, as it is expressed in the late twentieth and early twenty-first century. Frequency and severity of catastrophic events, such as floods, tsunamis, fires, hurricanes that jeopardize individuals, economy and the society as a whole, are results of climate...
Conference Paper
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Young people from 18 to 35 represent the basic lever of the development of every society. Their self-employment and entrepreneurship are of particular importance for poor countries and the countries in post-transitional period. The entrepreneurship of the young people is permeated by a large number of challenges. The most important challenges are t...
Article
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Sažetak Ključna uloga osiguravajućih društava jeste obezbeđenje posredne ekonomske zaštite i obavljanje poslova finansijskog posredovanja, odnosno institucionalnog investiranja. Cilj osiguravajućih društava kao institucionalnih investitora je da obezbede dodatnu likvidnost na finansijskom tržištu, maksimiziraju profit uz prihvatljiv nivo investicio...
Article
Full-text available
Climate change in the form of global warming is visible, tangible, measurable and is one of the most significant risks facing the world. During the conceptualization as the objective of the paper, we have determined the analysis of the impact of climate change on agricultural production and the ways of reduction of negative impacts. The most import...
Article
Full-text available
Agricultural production is exposed to the effects of various risks, of which the production risks represent its specificity, given that they stem from the fact that the production is done outdoor and that it encompass management of living beings. Climate changes directly affect the production risks of agricultural production. In the literature, cli...
Conference Paper
Full-text available
The aim of this paper is to point out on the double potential of insurance for the develompment of the entrepreneurship, that is to analyse the support to the development of enterpreneurship by two functions of insurance - risk management and institutional investment on financial markets. The paper is structured in a way that facilitates the realis...
Chapter
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Insurance companies, investment funds, pension funds as institutional investors, as well as other financial intermediaries have great importance in stimulating economic activity and fostering economic dynamism. Among all the financial intermediaries, we highlighted insurance, given their dominant role in the EU and Serbia. As the aim of this paper,...
Article
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The subject of this paper is the issue of business continuity and risks of disruptions and the role of insurance. Special importance is given to the problem of supply chain sustainability. The critical element of success in business is maintaining continuous operations. If companies are not in a position to achieve that aim, or to finance their los...
Conference Paper
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State capitalism is related to direct state intervention in the national economy and some forms of state involvement always exist, even in developed economies. The contemporary meaning of state capitalism refers to developing economies and emerging markets, as well as countries where socioeconomic reforms toward market liberalization occurred. In t...
Conference Paper
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Corporate entrepreneurship or internal entrepreneurship is the definition of the entrepreneurial spirit in already established insurance companies that seek to identify and implement profitable ideas that have the potential to meet the different stakeholders. Innovations that enable faster resolution of claims, fairer and more timely payment of cla...
Article
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Corporate governance in all companies, including insurance companies, includes the rules, regulations and institutions that regulate the way in which the governance and control of these companies is performed and implement them in practice. The basic requirement of development and implementation of corporate governance is the improvement of all of...
Article
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Solvency II Directive represents a new framework of unique solvency regulation of insurance and reinsurance companies in the European Union. Although it has not yet been implemented in national legislations, it can be concluded, based on the directive wording and conducted quantitative studies, that it will have implications on agricultural produce...
Article
Full-text available
Agricultural production is of great importance in the economies of region of former Yugoslavia, in relative terms significantly more than the global average. This production is carried out in the open air conditions and also is exposed to the effects of a large number of risks in relation to other activities. The research presented in this paper is...
Article
Full-text available
Insurance is a key form of risk financing that is in close interdependence with the economic development. The development of insurance that accompanied economic development and changes in the social system, in the countries of the region, had certain common characteristics because of the shared history but also there are differences in the economic...
Conference Paper
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Competition is the essence of success [12], suggests Michael Porter, a leading scientist in the field of companys’ strategies and competitiveness. Competition by Porter defines validity of activities undertaken by specific companies which include innovation, culture, or practical implementation. Analysis of competition and competitive position is c...
Conference Paper
Full-text available
Insurance is one of the most important forms of risk management in developing countries. Since insurance is a promise of future payments, given the lower levels of disposable income, the demand for traditional insurance coverage is not adequate in developing countries, not only in the absolute size of the premium but also in relative terms compared...
Conference Paper
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The functioning of the insurance and long-term viability of the insurance companies is based on the formation of risk’s communities which essentially are based on the principles of reciprocity and solidarity. If the basic principles of insurance are disturbed, as occurs in the case of adverse selection, moral hazard and insurance fraud, conduct of...
Article
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The aim of this paper is to review the recent progress in innovation activities of investment funds and insurance companies. The paper reviews the main innovation trends globally, their causes and consequences. The research has identified that innovations of insurance companies and invesmtnet funds are predominantly incremental and focused on produ...
Article
Full-text available
Hedge funds invest capital of a limited number of wealthy individuals and institutional investors’ in high-risk and high-return investments. English origin of the word hedge means to protect, enclose, fence and initially word hedge corresponded to the characteristics of these funds. In modern business conditions, word hedge has different interpreta...
Article
Full-text available
Competition is the essence of success [20], suggests Michael Porter, a leading scientist in the field of business strategies and competitiveness. According to Porter, competition defines validity of activities undertaken by specific companies which include innovation, culture, or practical implementation. Analysis of competition and competitive pos...
Article
Full-text available
Insurance industry has historically been influenced by many factors, either an internal or external nature, which have caused not only great losses but also have jeopardised the very existence of insurance and reinsurance companies. Recently, particularly during the last decade, when the development of the global economy and human society have reac...
Conference Paper
Full-text available
The aim of this paper is to review recent progress in innovation activities of investment funds and insurance companies. The paper reviews main innovation trends globally, their causes and consequences. The research has identified that innovations of insurance companies and invesmtnet funds are predominantly incremental and focused on products alth...
Conference Paper
Full-text available
Catastrophic events are rare events that in recent times, thanks to globalisation and climate changes occur more frequently. Their consequences are becoming ever more destructive due to increased concentration of people and material values. Insurance has been a key form of protection from the risk thanks to the possibilities of risk diversification...
Article
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Life insurance in the Republic of Macedonia has a short history, if we do not count the experience of ZOIL Makedonija before the independence of Republic of Macedonia. The recent history of life insurance covers the last seven years and the segment of life insurance comprises about 6% of the total insurance market in the Republic of Macedonia. In t...
Article
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The aim of this paper is to investigate factors that influence the attractiveness of nonlife insurance market for foreign insurers in Eastern Europe. We use country-specific effects models for panel data that covers fifteen countries during the period 2004-2009, allowing each cross-sectional unit to have a different intercept term serving as an uno...
Article
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Optimization of a diversified portfolio has been realized through the changes in the allocation of existing and new types of financial assets or changing the investment manager, which affects exposure to the systematic and non-systematic risk, well known as beta and alpha coefficients, with the ultimate goal of achieving a better relationship betwe...
Article
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The ability to respond swiftly and effectively to a major incident caused by realisation of risks which can be influenced by factors that might come from almost all fields of insurance and reinsurance business, presents conditio sine qua non of insurance and reinsurance companies' survival and profitable continuity of business. Having that in mind...
Article
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The users of financial services generally do not have the required expertise that they need to process the available financial information when they make financial and investment decisions, and as such they represent a sensitive category of financial market participants, which may intentionally or unintentionally be exposed to manipulation. If the...
Article
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This paper analysis the emerging role of capital markets' instruments in insurance risk management in general as well as the possibilities of their application in Serbian insurance market. The analysis of capital markets solutions in the global insurance industry is provided as the basis for the examination of challenges and opportunities of the ut...
Conference Paper
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Entrepreneurship and innovations are capital-intensive activities, and they usually cause above-average exposures to risks. Financial systems of developed economies facilitate financial savings transfers to the most profitable investments, among which special place belongs to entrepreneurship and innovation. Previous experience in Serbia and other...
Conference Paper
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The trend of continuous increase in the number and intensity of loss events has manifested the limitation of total available capacity of insurance industry, the industry that represents the dominant method of organized protection from risks in contemporary times. Although the possibilities of capacity increase are possible through reinsurance, this...
Article
Full-text available
The aim of this paper is to examine market structure, liberalisation and performance relationship for the non-life insurance industry in the ex-Yugoslavia region. We use the country-specific fixed effects models for panel data allowing each cross-sectional unit to have a different intercept term serving as an unobserved random variable that is pote...
Article
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In the contemporary conditions understanding of the technological changes is an issue of development and survival of insurance companies. This paper is pointing out the opportunities and risks in the insurance sector that new technologies carry with them. Risk managers have to make many decisions, usually on the base of relationship between costs a...
Article
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Plant production as well as livestock are exposed to numerous production risks that if transfered to insurance can improve agricultural results. We have determined the need for research of importance and issues in agricultural insurance in Serbia as the aim of the research. Research results suggest that agricultural insurance is undeveloped, becaus...
Article
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The aim of this paper is to examine market structure, conduct and performance relationship (S-C-P) hypothesis for the non-life insurance industry in Eastern European countries. Additionally, we examine the effect of liberalisation on market structure and performance. We use the country-specific fixed effects models for panel data for the period 200...
Article
Full-text available
The trend of continuous increase in the number and intensity of loss events has manifested the limitationof total available capacity of insurance industry, the industry that represents the dominant method of organizedprotection from risks in contemporary times. Although the possibilities of capacity increase are possible throughreinsurance, this in...
Article
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Article
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The aim of this paper is to investigate factors that influence the attractiveness of insurance market for foreign insurers in case of ex-Yugoslavia region. We use country-specific fixed effects models for panel data that covers five countries during the period 2004-2008, allowing each cross-sectional unit to have a different intercept term serving...
Conference Paper
Full-text available
The aim of this paper is to examine the impact of small and medium-size insurance companies in promoting economic growth in the Eastern Europe region. We focus on the non-life insurance industry of eleven countries of the region in the period 2004-2008. The results of the study could be useful for regional governments that seek to improve economic...
Conference Paper
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Zemlje Istočne Evrope, uključujući i zemlje regiona bivše Jugoslavije, poslednjih godina beležile su stope ekonomskog rasta znatno veće nego razvijene zemlje. Dosadašnji razvoj je prvenstveno bio baziran na stranim sredstvima plasiranim bilo kroz donacije, strane direktne investicije, kredite inostranih banaka. Međutim, obezbeđenje održivog ekonoms...
Article
Full-text available
This paper analyses the impact of global financial crisis on individual functional operations and resulting insurance industry's relationships with regulators, rating agencies, insureds, reinsurers and capital market investors in order to determine current insurance industry position and to derive a conclusion on necessary measures that have to be...
Article
Full-text available
The paper analyses the impact of the economic crisis on the insurance industries of the ex-Yugoslavia region. The analysis encompasses five countries: Slovenia, Croatia, Serbia, Bosnia and Herzegovina, and FYR Macedonia. We examine insurance industry specifics separately for each country for the period 2004-2008 and for the first six months of 2009...
Article
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The aim of this paper is to examine the impact of insurance on economic growth and interaction of insurance and banking in promoting economic growth in ex-Yugoslavia region. We use the country-specific fixed effects models for panel data for the period 2004-2008 allowing each cross-sectional unit to have a different intercept term serving as an uno...
Article
Full-text available
This paper analyses the impact of global financial crisis on individual functional operations and resulting insurance industry's relationships with regulators, rating agencies, insureds, reinsurers and capital market investors in order to determine current insurance industry position and to derive a conclusion on necessary measures that have to be...
Article
Full-text available
The aim of this paper is to investigate factors that influence the attractiveness of insurance market for foreign insurers in case of ex-Yugoslavia region. We use country-specific fixed effects models for panel data that covers five countries during the period 2004-2008, allowing each cross-sectional unit to have a different intercept term serving...