The Development of Life Insurance in the Czech Republic and the Slovak Republic

This article investigates the influence of selected determinants on the development of life insurance in the Czech Republic and the Slovak Republic in the years 2007–2019. The aim of the present study is to examine whether there are relationships between the development of selected determinants and the development of life insurance in the Czech Republic and Slovak Republic. We are using the correlation analysis, specifically Spearman‘s correlation coefficient, performed in the Eviews program with quarterly data. The determinants can be divided into positive and negative. Positive determinants encourage consumers to take out an insurance contract, thus acting to increase interest in insurance. Negative determinants have the opposite effect, which means that the consumer‘s willingness to take out insurance decreases, and the consumer is not interested in insurance on the development of life insurance in selected countries in the period under review. A positive impact on the development of life insurance was found in the case of gross domestic product, average gross monthly wage, interest rate on deposits and population in selected countries in the period under review.