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This study aims to analyse the relationship between corporate social responsibility (CSR) of insurance companies and their market share. The main idea of the research is to indicate that activities aimed at implementing CSR should be... more
This study aims to analyse the relationship between corporate social responsibility (CSR) of insurance companies and their market share. The main idea of the research is to indicate that activities aimed at implementing CSR should be considered as an investment, rather than a cost. Insurance is based on trust, and trust is built mostly by a socially responsible business. Effective implementation of the CSR is a crucial instrument for achieving a competitive advantage in the insurance industry, given that it allows the development of positive awareness in relation to a particular insurance company. The research is based on publicly available data on 16 insurance companies operating in the Serbian insurance market. Research results indicate that those insurance companies that have integrated CSR in their strategy, implementing a sustainable business principle, have been recognized as socially responsible by the actual and potential insured persons and other stakeholders, which results...
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Background: Numerous authors have researched the impact of insurance on entrepreneurship and focused primarily on different aspects of health and social insurance, and their alternatives to private insurance. This paper investigates the... more
Background: Numerous authors have researched the impact of insurance on entrepreneurship and focused primarily on different aspects of health and social insurance, and their alternatives to private insurance. This paper investigates the importance of various lines of insurance on entrepreneurial performance. Purpose: The aim of the research is to analyse how insurance affects entrepreneurship in certain sectors of activity. Study design/methodology/approach: A linear regression model was applied on data collected through the questionnaire, which consisted of 12 questions embodying the variables included in the regression analysis. The survey was conducted on a sample of 460 entrepreneurs, which provided a confidence interval of 4.5 at a confidence level of 95%. The questionnaire was submitted to entrepreneurs in person, and it was filled in accountancy agencies that provide them accounting services, thus avoiding initial mistrust of entrepreneurs as respondents. Findings/conclusions...
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Due to the COVID-19 pandemic, the world has changed completely in less than two years' time. The pandemic has threatened human lives, society, and global economy. As the largest pandemic of modern times, second only to the Spanish... more
Due to the COVID-19 pandemic, the world has changed completely in less than two years' time. The pandemic has threatened human lives, society, and global economy. As the largest pandemic of modern times, second only to the Spanish flu, it has had a significant negative impact on the economy, especially the service sector. The goal of this paper is to analyse the impact of COVID-19 on the economy. The analysis includes short-term economic effects in the first months of the outbreak, cost-and sector-specific impact, and economic expectations. The overall conclusion is that the pandemic has had severe negative impacts on the global economy, causing a significant GDP loss, increased unemployment, and the greatest decline in retail trade, compared to other recessions in the past 40 years. However, the pandemic has also accelerated the development of the digital economy.
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According to the impact, infectious diseases are a critical risk for 2020 and the following years in the Global Risk Report. The realization of the Covid-19 virus set the pandemic as a crucial global risk for humans, the economy, and... more
According to the impact, infectious diseases are a critical risk for 2020 and the following years in the Global Risk Report. The realization of the Covid-19 virus set the pandemic as a crucial global risk for humans, the economy, and society. The main idea of this paper is to give insight into the global socio-economic consequences of the actual Covid-19 pandemic, with a specific view of the business of insurance and reinsurance companies, who are responding to the widening of the COVID-19 pandemic on multiple fronts—as claims payers, employers, and investment managers. Considering that both individuals and businesses face high costs and losses regarding disruption of travel, business interruption, and supply chains, many expect insurers to reimburse some of these costs and losses. Insurance companies are also significant investors in financial markets and will face losses due to equity and fixed income market losses regarding decreasing interest rates as an attempt of central banks...
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Insurance and reinsurance industry is famous for its traditionalism, that is uninventiveness and neglecting of marketing as business concept and function and by doing so, neglecting opportunities for optimal combination of different... more
Insurance and reinsurance industry is famous for its traditionalism, that is uninventiveness and neglecting of marketing as business concept and function and by doing so, neglecting opportunities for optimal combination of different distribution channels. However, having in mind Drucker's thesis that only marketing and innovations produce results and that everything else are costs, that applies to all businesses including insurance and reinsurance companies, it is clear that they need to change their way of managing business. Keeping current and attracting new customers, by using optimal combination of marketing mix elements and within its scope by creating optimal mix of distribution channels, as business requirement and objective of insurance and reinsurance companies with strong marketing orientation that leads them to fulfillment of primary objective of their existence - making profit, is becoming specially emphasized with opening of domestic insurance and reinsurance market...
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Agricultural production is characterised by permanent exposure to variabilities that result from seasonal temperature changes, droughts, floods, policies changes, etc. The aim of the paper is to determine risk exposures in agriculture and... more
Agricultural production is characterised by permanent exposure to variabilities that result from seasonal temperature changes, droughts, floods, policies changes, etc. The aim of the paper is to determine risk exposures in agriculture and methods for risk management in a simplified and holistic way. Research results indicate that all risks can be grouped into regulatory, market and production. The methods of risk management depends on the type of risks. Having considered that risk management is not necessarily directed towards reduction of potential dangers but also towards taking advantage of possible profitable opportunities, understanding and successful application of different alternatives presented in the paper can facilitate the creation of farmers' sustainable business success in the long run.
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professor Vladimir Njegomir’s book comprehensively and thoroughly addresses the issue of the interdependence between insurance and entrepreneurship. This issue is analysed both theoretically and empirically, which is a ground-breaking... more
professor Vladimir Njegomir’s book comprehensively and thoroughly addresses the issue of the interdependence between insurance and entrepreneurship. This issue is analysed both theoretically and empirically, which is a ground-breaking achievement both on a local and global scale. The author’s findings support the established theoretical hypothesis that insurance has a positive influence on entrepreneurship. moreover, the book contains an analysis of the reciprocal influence of entrepreneurship on insurance, and their mutual influence on economic growth. This book is the result of long-term research in the field of insurance, and is based on Njegomir’s previous research projects and publications. professor Njegomir’s book has received positive appraisals from its reviewers, renowned scholars in the field of insurance such as: professor Wolfgang Rohrbach (european academy of Sciences), emeritus professor boris marović, and professor zdravko petrović. according to reviewers, the book’s...
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In the contemporary conditions understanding of the technological changes is an issue of development and survival of insurance companies. This paper is pointing out the opportunities and risks in the insurance sector that new technologies... more
In the contemporary conditions understanding of the technological changes is an issue of development and survival of insurance companies. This paper is pointing out the opportunities and risks in the insurance sector that new technologies carry with them. Risk managers have to make many decisions, usually on the base of relationship between costs and benefits in order to select the best financial effect, or alternatives that would financially have the most positive final result. In making such decisions many variables and factors that affect risks should be considered. In this sense, the application of modern information technology has become a necessity.
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Corporate governance is a set of rules and behaviour that determine the manner in which the companies are managed and controlled, strategically managing the relations between the managers, members of the SuCorporate governance in all... more
Corporate governance is a set of rules and behaviour that determine the manner in which the companies are managed and controlled, strategically managing the relations between the managers, members of the SuCorporate governance in all companies, including insurance companies, includes the rules, regulations and institutions that regulate the way in which the governance and control of these companies is performed and implement them in practice. The basic requirement of development and implementation of corporate governance is the improvement of all of the economic indicators, primarily the long-term sustainable development in the interests of the owners and all other stakeholders, including policyholders, creditors, employees, government and the wider community. The aim of the paper is to analyse the application of corporate governance in the insurance in the world and in Serbia. Since there is no generally accepted framework for standardisation of corporate governance, as it differs ...
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The subject of this paper is the issue of business continuity and risks of disruptions and the role of insurance. Special importance is given to the problem of supply chain sustainability. The critical element of success in business is... more
The subject of this paper is the issue of business continuity and risks of disruptions and the role of insurance. Special importance is given to the problem of supply chain sustainability. The critical element of success in business is maintaining continuous operations. If companies are not in a position to achieve that aim, or to finance their losses after an accident that can cause interruption, they certainly will fail. Insurance has a pivotal role in business and supply chain continuity risk management. As well as in all other cases, insurance cannot directly safeguard companies from accidents and subsequent disruptions but is the most important source of indemnification for losses when insured events materialize. Unlike developed economies, this type of insurance still does not have such importance in Serbia and other former Yugoslavian republics. We conclude that insurance, as an integral part of risk management efforts, should be combined together with other risk management t...
Research Interests: Business and Management
Insurance is a key form of risk financing that is in close interdependence with the economic development. The development of insurance that accompanied economic development and changes in the social system, in the countries of the region,... more
Insurance is a key form of risk financing that is in close interdependence with the economic development. The development of insurance that accompanied economic development and changes in the social system, in the countries of the region, had certain common characteristics because of the shared history but also there are differences in the economic development that have led to a different level of competitiveness and the overall development of the insurance market. The focus of this paper is the development of insurance in Montenegro, the analysis of the insurance market in the region of former Yugoslavia, a comparative analysis of the market situation and an analysis of the competitiveness of the insurance sector in the region.
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Agricultural production is of great importance in the economies of region of former Yugoslavia, in relative terms significantly more than the global average. This production is carried out in the open air conditions and also is exposed to... more
Agricultural production is of great importance in the economies of region of former Yugoslavia, in relative terms significantly more than the global average. This production is carried out in the open air conditions and also is exposed to the effects of a large number of risks in relation to other activities. The research presented in this paper is the provision of agricultural insurance as a mechanism of risk management in the agricultural industry. The aim of the research is to show the key importance of this type of insurance and the determination of comparative differences in the effectiveness of its implementation in Serbia and other countries of the former common state in order to identify problems and propose potential solutions. The paper points out the importance and general characteristics of agriculture insurance and then to the common features of these types of insurance in all countries of the former Yugoslavia and then we analyze the effectiveness of this type of insur...
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The characteristics of the developing market to which the Serbian market belongs are: illiquidity, low turnover and nontransparency. The aim of this paper is to examine the possibility of application of the Markowitz's model for... more
The characteristics of the developing market to which the Serbian market belongs are: illiquidity, low turnover and nontransparency. The aim of this paper is to examine the possibility of application of the Markowitz's model for forming the set of efficient portfolios on the capital market in Serbia. The research is based on previous theoretical and empirical research in the world. Statistical methods of determining return and risk, matrix of variances and covariances for liquid shares have been applied. Portfolio optimization has been conducted by add-in programme Solver included in the Microsoft Excel package, respecting the limitations according to Markowitz's model. The results of the analysis have shown that the set of efficient portfolios, which meets the criterion that they give minimal risk for the given return, can be formed on the capital market in Serbia. The results show that Markowitz's model allows the investors to select the efficient portfolio, but only f...
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Research Interests: Business and industrija
Insurance industry has traditionally been oriented on sale of its products i.e. at the stage which from the aspect of marketing theory can be characterized as sales phase, phase which proceeds the marketing orientation. However, faced... more
Insurance industry has traditionally been oriented on sale of its products i.e. at the stage which from the aspect of marketing theory can be characterized as sales phase, phase which proceeds the marketing orientation. However, faced with numerous challenges of modern business environment such as globalization, deregulation and sophisticated information technology insurance companies must change their way of doing business. Competition is becoming fierce as insurance companies are faced with competition not only from insurance industry but also from other competitors, such as banks, that are in position to offer product substitutes for life insurance products. In this new environment information about customers and their education are becoming critical factors. Insurance companies must know their customers what influences their demand for life insurance, what is the amount of their income, what is inflation rate, their expenditures on other goods i.e. opportunity costs, etc. Those are factors that force insurance companies to concentrate more on present and potential buyers and their needs and force them to give their best to satisfy those needs in a way that will produce delighted customers.
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Etymologicaly, to innovate means to renew, to restore and the word stems from Latin word innovare. It essentially means the introduction of something new or different. Innovations are usually classified into product and process... more
Etymologicaly, to innovate means to renew, to restore and the word stems from Latin word innovare. It essentially means the introduction of something new or different. Innovations are usually classified into product and process innovations (e.g. Oslo Manual, 2005; Greenhalgh & Rogers, 2010; Allen & Yago, 2010; and Pain, 2011). The product innovation is the introduction of a new or significantly improved product or service that improves the range and quality of those currently offered. The process innovation is the introduction of a new or significatnly improved process of production or delivery of goods and services. In addition to product and process innovations, classifications can also encompass organisational innovations (e.g. Olso Manual, 2005; Allen & Yago, 2010 and Pain, 2011) as well as marketing innovations (e.g. Olso Manual, 2005 and Pain, 2011). According to Oslo Manual (2005) “an organizational innovation is the implementation of a new organizational method in the firm’s business practices, workplace organization or external relations” (p.51). Also, according to Oslo Manual (2005) “a marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing” (p. 49).
Research Interests: Business and Management
The paper focuses on the traditional and alternative mechanisms for insurance risk transfer that are available to global as well as to domestic insurance companies. The findings suggest that traditional insurance risk transfer solutions... more
The paper focuses on the traditional and alternative mechanisms for insurance risk transfer that are available to global as well as to domestic insurance companies. The findings suggest that traditional insurance risk transfer solutions available to insurance industry nowadays will be predominant in the foreseeable future but the increasing role of alternative solutions is to be expected as the complementary rather than supplementary solution to traditional transfer. Additionally, findings suggest that it is reasonable to expect that future development of risk transfer solutions in Serbia will follow the path that has been passed by global insurance industry.