General Information

Project Registration Code: PN-II-RU-TE-2014-4-0745

Project Title: STUDY OF ROMANIAN LIFE INSURANCES IN INTERNATIONAL CONTEXT: INNOVATION, SPATIAL AND BEHAVIORAL MODELLING; IMPACT OF INSTITUTIONAL FACTORS

Project Acronym: INSURBEHAV

Project Executive Summary: From a scientific point of view the goal of the project is to combine Institutional Economics approaches with those of Behavioral Finance in Life Insurance. The project aims to identify the role of institutions in the development of life insurance, in emerging markets versus developed countries in Europe. The importance of the life insurance sector for the economic and financial development of emerging markets allows us to deepen this analysis starting from the referential of developed countries, taking into account, beside socio-demographic and economic factors, also the institutional ones. Furthermore, the project aims at studying the effects of behavioral factors – psychological, social, cognitive and emotional – on the decision of individuals to choose between voluntary private pension plans and other life insurance products on the Romanian market. The analysis will also highlight differences between the counties of Romania on the perception of these products. The importance of the research project consists in awareness of the insurers and regulators about existing problems. Insurers will be able to consider not only the developed countries’ experience, but also significant factors specific to the decision of Romanian consumers to get insured, when creating new insurance products. Regulatory organizations will have a reference for solving difficulties of implementing the voluntary private pensions system.

 

Project Duration (month): 24

 

Keywords: Life insurances, Private pensions, Behavioral and institutional factors, Qualitative Data Econometrics, Spatial and Panel Data Econometrics

 

Expertise Domain: SH. SOCIAL SCIENCES AND HUMANITIES

Subdomain: SH1. Individuals, institutions and markets: economics, finance and management

Main Reasearch Area: SH1_4. Financial markets, banking and corporate finance

 

Project Leader:

Assoc. Prof. Simona Laura DRAGOS, Ph.D., Babes-Bolyai University, Cluj Napoca

 

Project members:

Assoc. Prof. Codruta MARE, Ph.D., Babes-Bolyai University, Cluj Napoca

Prof. Ingrid Mihaela DRAGOTA, Ph.D., Academy of Economic Sciences, Bucharest

Prof. Cristian Mihai DRAGOS, Ph.D., Babes-Bolyai University, Cluj Napoca

Assoc. Prof. Alexandra Maria DRULE, Ph.D., Babes-Bolyai University, Cluj Napoca

Ph.D. Student Claudia Andreea UREAN, Babes-Bolyai University, Cluj Napoca

Ph.D. Student Gabriela Mihaela MURESAN, Babes-Bolyai University, Cluj Napoca