Динамика страхового рынка Канады в условиях НАФТА

Abstract

This article analyses changes in quantitative indicators of the development of the insurance market in Canada within the framework of the North American Free Trade Agreement (NAFTA). The development of the world economy leads to the growing influence of economic integration, including integration in the insurance sector. Globalization makes it necessary for countries to work together to improve the stability of national financial systems. Along with the positive effects of integration, such as higher trade volumes, there are also negative repercussions, such as local producers being driven out of the market. The effects and risks associated with the influence of integration groups, identified in the course of research and discussions in economics, can be verified (or falsified) empirically on the basis of data on the development of national insurance markets within the framework of integration groups. Based on statistical data, econometric models were built to determine the effect of NAFTA on the Canadian insurance market by assessing the extent to which the changes in quantitative indicators of the development of the insurance market in Canada, namely the premium volume, insurance density and penetration, are due to the agreement. Based on existing insurance market research, a number of economic and social factors were selected as macroeconomic parameters affecting the premium volume. The author concludes that being a member of NAFTA does not affect the selected quantitative insurance development indicators in Canada. The author assumes this to be one of the reasons why the main NAFTA clauses concerning insurance were not significantly revised under the new United States-Mexico-Canada Agreement (USMCA).