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Adalbert Winkler PowerPoint Presentation
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Adalbert Winkler

Adalbert Winkler

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Adalbert Winkler

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  1. Comment on„The Evolution of the Insurance Sector in Central and Eastern Europe (CEE) and the Newly Independent States (NIS) of the former Soviet Union“ by Robert B. K. Pye Adalbert Winkler Dubrovnik, 27 June 2003

  2. Summary • Comprehensive survey of a heavily under-researched segment of financial sector development in transition economies • Striking parallels with banking sector development • Links between banking/financial market development and evolution of insurance sector?

  3. Comprehensive survey • Chronological order • Development of quantitative indicators • Structure • Environment

  4. Comprehensive survey • Main results:UnderdevelopmentHighly biased structureLack of “insurance culture” • Strong regional differences

  5. Parallels with banking sector development (I) • Great divide (Berglof/Bolton) vs. three tier development (Pye) • The legacy: no need for banks/financial markets/insurance • High expectations in the beginning of transition • Economic stability and a “cultural change” as precondition for development

  6. Parallels with banking sector development (II) • Quantitative indicators: insurance density rates, insurance penetration rates vs. M2/GDP and Private sector/GDP ratios • Simple products dominate: motor third liability insurance vs. short-term lending, short-term deposits, simple payment systems (cash)

  7. Parallels with banking sector development (III) • Environment/structure of the industry: liberalisation, international standards, effective legal environment, foreign entry • Will development of the sector take-off?

  8. Links between banking/financial markets and insurance?

  9. Links between banking/financial markets and insurance? • Common factors determining development • Banking/financial market development leads developments in insurance (life insurance)? • Development of insurance sector in developed market economies?