Defining the Market Potential by Assessing Growth and Saturation in the Private Life and Pensions Industry
Keywords:market growth and saturation, life and pensions products, Törnquist function, strategic decision making
The aim of the article is define the market potential of the private life and pension industry in the Baltic region. The authors used the Törnquist function to develop the market growth and saturation approach. The research outcome is a cross-country comparison of market growth, saturation and its dynamics to support strategic decisions by financial companies.
Ball D.A., McCulloch W.H. Jr. (1993), International Business Introduction and Essentials, 5th ed., Irwin, Homewood,Il.
Banincova E. (2012), Developments in Banking Sectors of Central and Eastern Europe and Three Baltic States After the Global Financial Crisis and European Debt Crisis, ?Kobe University Economic Review?, Vol. 58.
Bank of Lithuania. Insurance Activity Results 2008-2012. (2013.04.10).
Beck T., Webb I. (2002), Economic, Demographic and Institutional Determinants of Life Insurance Consumption across Countries, ?The World Bank Economic Review?, Vol. 17, No. I, DOI:10.1093/wber/lhg011.
Blanciforti L, Green R, Lane S. (1981), Income and Expenditure for Relatively More versus Relatively Less Nutritious Food over the Life Cycle, ?American Journal of Agricultural Economics?, Vol. 63, No. 2, http://dx.doi.org/10.2307/1239561.
Brouthers K.D. (2002), Institutional, cultural and transaction cost influences on entry mode choice and performance, ?Journal of International Business Studies?, Vol. 33, No. 2, http://dx.doi.org/10.1057/palgrave.jibs.8491013.
Cavusgil S.T. (1985), Guidelines for export market research, ?Business Horizons?, Vol. 28, No. 6, http://dx.doi.org/10.1016/0007-6813(85)90082-5.
Connolly S.G. (1987), Finding, Entering and Succeeding in a Foreign Market, Prentice-Hall, Englewwod Cliffs, NJ.
Cundiff E.W., Hilger M.T. (1984), Marketing in International Environment, Prentice Hall and Hilger, Englewwod Cliffs, NJ.
Douglas S.P., Craig C.S. (1992), Advances in international marketing, ?International Journal of Research in Marketing?, Vol. 9, http://dx.doi.org/10.1016 /0167-8116(92)90002-3.
Ellis P. (2000), Social ties and foreign market entry, ?Journal of International Business Studies?, Vol. 31 No. 3, http://dx.doi.org/10.1057/palgrave .jibs.8490916
Enz R. (2000), The S-Curve Relation Between Per-Capital Income and Insurance Penetration, ?The Geneva Papers on Risk and Insurance?, Vol. 25, No. 3.
European Central Bank (2005), Banking Structures in the New EU Memberstates, January, 2005.
European Investment Bank (2013), Banking in Central and Eastern Europe and Turkey: Challenges and Opportunities, January, 2013.
FCMC. Insurance Market Indicators 2003-2012. (retrieved 2013.04.10).
FCMC. Private Pension Fund Operations 2000-2012. (retrieved 2013.04.10).
Federation of Finnish Financial Services, (2009). Savings and Life Insurance in Finland. (retrieved 2013.04.10).
Federation of Finnish Financial Services, (2012). Finnish Insurance in 2000-2012. (retrieved 2013.04.10).
Ferguson N. (2008), The ascent of money: a financial history of the world, The Penguin Press, New York.
Financial Supervision Authority, Life Insurance Contracts, Contractual Payments, Claims and Liabilities 2002-2012. (retrieved 2013.04.10).
Finasta Asset Management (2013), Annual reports 2004-2012. (retrieved 2013.05.15).
Fisk P.R. (1958), Maximum Likelihood Estimation of Törnquist Demand Equations, ?The Review of Economic Studies?. Vol. 26, No. 1
Insurance Europe (2013), European Insurance in Figures, Statistics Nr. 46, January, 2013, pp. 20-21.
Javidan M., House R. (2002), Leadership and cultures around the world: findings from GLOBE. An introduction to the special issue. ?Journal of World Business? Vol.37 No.1, http://dx.doi.org/10.1016/S1090-9516(01)00068-2.
Kjosevski J. (2012), The Determinants of Life Insurance Demand In Central and Southeastern Europe, ?International Journal of Economics and Finance?, Vol. 4, No. 3, DOI: 10.5539/ijef.v4n3p237.
Koch A.J. (2001), Selecting overseas markets and entry mode selection: developing the MEMS model, ?Marketing Intelligence and Planning?, Vol. 19, No. 5.
Kubicova L., Lušňakova Z., (2010), Consumer foodstuffs demand and income standard development in the households of Slovakia, ?Acta Universitatis Agriculturae Mendelianae Brunensis?, Vol. LVIII.
Latvian Insurers Association. Annual Reports on Gross Written Premia by Life Insurance Companies 2003-2012. (retrieved 2013.04.10).
Liao S., Chen Y., Tseng Y. (2009), Mining demand chain knowledge of life insurance market for new product development, ?Expert Systems with Applications? Vol. 36.
Luo Y. (2001), Determinants of entry in an emerging economy: a multilevel approach, ?Journal of Management Studies?, Vol. 38, No. 3, DOI: 10.1111/1467- 6486.00244.
Lypyavka N. (2002), Does the current Ukrainian income tax affect social welfare? Economic Education and Research Consortium, Kyiv-Mohyla Academy.
Mollet A. (2004), First Japanese cards launched in China. Cards International.
Nicolae et al. (2010), Mathematical model for forecasting and estimating of market demand. Recent advances in applied mathematics, http://www.wseas.us/elibrary/ conferences/2010/Harvard/MATH/MATH-102.pdf
Niitamo O.E. (1968), Alkoholijuomien kulutus ja hinnat (Consumption and Prices of Alcoholic Beverages) ?The Swedish Journal of Economics?, Vol. 70, No. 3.
Nordstrom K.A. (1991), The Internationalism Process of the Firm: Searching FOR New Patterns and Explanations, Institute of International Business, Stockholm.
Papadopolous N. (1987), Approaches to international market selection for small and medium size enterprises [in:] Rosson P.J. and Reid, S. (eds), Managing Export Entry and Expansion: Concepts and Practise, Praeger, NewYork, NY.
Papadopoulus N., Jansen D. (1994), Country and method-of-entry selection for international expansion: international distributive arrangements revisited, ?Dimensions of International Business?, Vol. 11.
Polish Insurance Association (2013), Life Insurance Market Statistics 2003-2012, http://www.piu.org.pl (2013.04.23).
Reid S.D., Rosson P.J. (1987), Managing export entry and expansion: an overview [in:] Rosson, P.J. and Reid, S.D. (eds), Managing export and expansion: Concepts and Practise, Praeger, NewYork, NY.
Root F.R. (1994), Entry Strategies for International markets, Lexington Books, Lexington, MA.
Russow L.C., Okoroafo S.C. (1996), On the way towards developing a global screening model, ?International Marketing Review?, Vol. 13 No 1, DOI: 10.1108/02651339610111344.
Saegusa Y. (1960), Fitting of Tornqvist's demand function, ?Nogyosogokenkyu Quarterly J. of agr. Economy?, Vol. 14, No. 2.
SEB Wealth Management (2013), Annual reports 2004-2012, http://www.seb.lt/pow/wcp/seblt.asp?lang=en&website=TAB4 (2013.05.15).
Sinha T. (2005), The Indian Insurance Industry: Challenges and Prospects, unpan1. un.org/intradoc/groups/public/documents/apcity/unpan025798.pdf (2013.04.23).
Stiglitz J.E. (1969), A note on behaviour towards risk with many commodities. Yale University: No. 262.
Swedbank Investeerimisfondid AS (2013), Annual reports 2008-2012, https://www.swedbank.ee/private/investor/funds/funds/hai?language=ENG (2013.05.15)
Terpstra V., Yu C.M. (1988), Determinants of foreign investment of US advertising agencies, ?Journal of International Business Studies?, Vol. 19, No. 1, http://dx.doi.org/10.1057/palgrave.jibs.8490373.
The Financial Express (2010), 18 Foreign banks line up at RBI for India foray. August, 12, 2010, http://www.thefinancialexpress-bd.com/more.php? news_id=108798&date=2010-08-12 (2013.04.10).
Tinbergen J.(1951), Econometrics, Routledge, New York.
Törnquist L. (1941), Review of Work by H. Wold, ?Ekonomick Tidshrifr?, No. 43(1941).
UAB DNB Asset Management (2013), Annual reports 2004-2012. https://www.dnb.lt/lt/investiciju-valdymas/pensiju-fondai/type-1/1 (2013.05.1).
Whitelock J., Jobber D. (2004), An evaluation of external factors in the decision of UK industrial firms to enter a new non-domestic market: an explanatory study, ?European Journal of Marketing?, Vol. 38, No. 11/12, DOI:10.1108/03090560410560182.
World Databank, (2013), Population, Working age population, Average salary, http://databank.worldbank.org/data/home.aspx (2013.04.10).
Yoshida M. (1987), Macro-micro analysis of Japanese manufacturing investments in the United States, ?Management International Review?, Vol. 27, No. 4.