Abstract
The possibilities for growth of the insurance sector and its contribution to the development of the national economy are conditioned by business performance of insurance companies. This paper presents results of the assessment of performance of companies engaged in non-life insurance business in Serbia. Empirical research was conducted on the basis of financial statements of non-life and composite insurers during the period 2006-2013 by using CARMEL indicators and multiple regression analysis. The estimated model with individual fixed effects on panel data indicates a significant and negative influence of the combined ratio, financial leverage and retention rate on the profitability of non-life insurers, as measured by the return on assets (ROA), while the influence of the written premium growth rate, return on investment and company size is significant and positive. Conducted research enriches the information basis for the creation of business strategy and formulation of business policy of non-life insurers in Serbia.
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