Животно и капитално пензиско осигурување и економскиот развој

Abstract

Life and fully funded pension insurance affect economic development by improving the functions of the financial system, and through the exercise of their functions in the identification, acquisition, dispersion and transferring risk and accumulation, allocation and substitution of savings. Companies in both sectors are dominant institutional investors today, affecting qualitative deepening of capital markets, the expansion of the investment spectrum and extending the investment horizon, influencing the increasing competition, efficiency and coping with the market imperfection. With its business model, based on actuarial basis, and advanced techniques of risk management as part of an internal corporate culture and management, life and fully funded pension insurance are significant element in the solutions to the problems and challenges associated with demographic trends, savings and investments and reduction of risk in the economy. Life insurance in Republic of Macedonia is still under development, with limited capacity and participation in the insurance market and the financial system of the country. Fully funded pension insurance is part of pension system reform, and faces serious challenges. The two sectors are affected by numerous limiting factors, and should be subject to ongoing legislative, supervisory and academic integrated action towards intensification of the sectors activity and fostering their correlation to the countries economic growth. Empirical research in the dissertation is based on multi level model of correlation, regression and cointegration, and concludes a positive correlation between the life and the fully funded pension insurance and GDP, with dominant influence of GDP growth on the sectors and in turn less impact of the sectors on the economic development of thee Republic of Macedonia. It shows Granger causality between GDP and fully funded pension funds and between life premiums and fully funded pension assets.