Dynamic relaionship between human development and insurance in the transition economies: An empirical application

Studies carried out regarding development of insurance and selling insurance have taken an important place in literature. The insurance has become a significant economic indicator for the countries as well as being an important element of the finance sector. Economic development term within economic indicators is a term that is being commonly examined today. Nowadays, another term that has come into prominence as much as the economic development is human development. Human development is an indicator examining development levels of the societies within the scope of a set of criteria such as health, education, economic development of the societies, and contributing realization of the substantial studies in the light of this information. It can be seen that even if some societies have economically developed, they have fallen short in terms of human development or even if they are advanced in terms of human development they are not in the same level in terms of economical development. This difference varies depending on routines of consumption and savings of the societies. Existence of the relationship between the insurance and the economical development is inevitable. Also, existence of a relationship between the human development and the insurance is in question since the insurance is a discipline that performs securing financial acquisitions and preserving the wealth. In this study, human development levels and insurance premium production levels on a group of countries selected among the migration economy countries have been interpreted by making an analysis pursuant to the data obtained from United Nations Development Programme (UNDP) and European Insurance and Reassurance Federation (CEA) reports. Key Words: Human Development and Insurance, Economies in Transition, Human Development Index and Insurance, Insurance Premiums