Development and similarity of insurance markets of European Union countries after the enlargement in 2004

TL;DR

This paper analyzes how the insurance markets of EU countries evolved and became more similar following the 2004 enlargement, highlighting the sector's development and convergence across member states.

Contribution

It provides an analysis of the development and similarity of insurance markets in EU countries post-2004 enlargement, a topic with limited prior comparative studies.

Findings

Insurance markets in new member states grew significantly after 2004.

Convergence of insurance market characteristics among EU countries increased.

The development process varied between old and new member states.

Abstract

The enlargement of the European Union to new countries in 2004 launched mechanisms supporting the development of various social and economic areas, as well as levelling the differences between the Community members in these areas. This article focuses on the insurance sector. Its main purpose is to analyze the development and similarity of the insurance markets of old and new members of the European Union after the enlargement in 2004.