Economics Working Papers, 2023 (vol. 7), issue 6

European Insurance Market Analysis via a Joint Functional Clustering Method

Athanasiadis Stavros

Economics Working Papers 2023, 7(6):4-61 | DOI: 10.32725/ewp.2023.006577  

The enlargement of the European Union (EU) to include Central and South-Eastern European countries in 2004 and 2007 launched an integration process that unifies the economies and financial markets of member states and enables the convergence of these two areas. This study focuses on analyzing the development and similarity of the European insurance sector after the EU enlargement. We study 34 European insurance markets from 2004 until 2021 based on a certain set of indicators that characterize insurance markets, such as Insurance Density, Insurance Penetration and Gross Written Premiums to name a few. With a functional clustering method applied to...