Ǥ…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ///
LIBERALIZATIONANDMARKETCONCENTRATIONINTHEINSURANCEINDUSTRY:
CASEOFCROATIA
‘”‡ƒe—ˆŽ‹©ȗǡ”ƒ
ƒŽ‡–‹©ȗȗǡ”ƒ‹‹”
”‡‰—”‹©ȗȗȗ
ABSTRACT
This paper analyzes market concentration on
the market of insurance companies in CroaǦ
tia.For a very long time, Croatian insurance
market was dominated by one company.After
the liberalization, the number of insurance
companies on the market began to increase,
whichledtoasignificantfallinlevelsofmarket
concentration.ThepaperanalyzesvariousindiǦ
cators of market concentration, and for each
indicator there is a calculated value which
should help to see the trend.From all the
analyzed indicators of market concentration,
three were selected for the estimation of
econometric models trend.The aim of these
models is to predict the movement of market
concentration on the insurance market in the
next few years.The analysis shows that in the
near future we can expect a further reduction
in the level of concentration on Croatian inǦ
surancemarketcompanies,aswellasthetranǦ
sitiontolessconcentratedmarketstructures.
Keywords:ƒ”‡– …‘…‡–”ƒ–‹‘ǡ ‹•—”ƒ…‡
‹†—•–”›ǡ–Š‡–”‡†‘†‡Ž
JEL:ͶͻǡͺͶ
1.INTRODUCTION
”‘ƒ–‹ƒ ˆ‹ƒ…‹ƒŽ •›•–‡ǡ ƒ• ™‡ŽŽ ƒ• ˆ‹ƒ…‹ƒŽ
•›•–‡• ‹ ‘–Š‡” –”ƒ•‹–‹‘ ‡…‘‘‹‡•ǡ Šƒ• ‹
–Š‡Žƒ•––™‘†‡…ƒ†‡•„‡‡•–”‘‰Ž›‹ˆŽ—‡…‡†
„› –Š‡ ‰Ž‘„ƒŽ‹œƒ–‹‘ ’”‘…‡•• –ƒ‹‰ ’Žƒ…‡
—†‡” –Š‡ ƒ—•’‹…‡• ‘ˆ –Š‡ Ǥ– –Š‡ ‘—–•‡–
‘ˆ –Š‡ ‘”Ž† ”ƒ†‡ ”‰ƒ‹œƒ–‹‘ ‘˜‡” ͹Ͳ
‡„‡”• –‘‘ ‘ •‘‡ ‘„Ž‹‰ƒ–‹‘•ǡ ‘—– ‘ˆ
™Š‹…Šƒ„‘—–͸Ͳ‡„‡”•ˆ‘”–Š‡Ž‹„‡”ƒŽ‹œƒ–‹‘
‘ˆ–Š‡„ƒ‹‰•‡…–‘”ƒ†ͳͲˆ‘”–Š‡‹•—”ƒ…‡
‹†—•–”›Ǥ‹„‡”ƒŽ‹•ƒ–‹‘ ‘ˆ –Š‡ ˆ‹ƒ…‹ƒŽ •‡…–‘”
‹• ƒ…Š‹‡˜‡† –Š”‘—‰Š ‡š–‡”ƒŽ ƒ† ‹–‡”ƒŽ
Ž‹„‡”ƒŽ‹œƒ–‹‘ ‘˜‡” –‹‡ ‹Ǥ‡Ǥ –Š”‘—‰Š •‡˜‡”ƒŽ
•–ƒ‰‡• ™‹–Š –Š‡ ’‘••‹„‹Ž‹–› ‘ˆ ”‡–ƒ‹‹‰ ƒ
…‡”–ƒ‹†‡‰”‡‡‘ˆ”‡•–”‹…–‹‘Ǥ‘”‡ƒ…Š…‘—–”›
–Š‹•’”‘…‡••Šƒ†‹–•‹†‹˜‹†—ƒŽ…‘—”•‡ǡ„—––Š‡
‰‘ƒŽ• ™‡”‡ǡ ™‹–Š ‘ †‘—„–ǡ –‘ ”‡†—…‡ –Š‡
”‡•–”‹…–‹‘• ‹ –Š‹• •‡…–‘”ǡ –‘ ƒ„‘Ž‹•Š
‘‘’‘Ž‹‡•ǡ –‘ ‹…”‡ƒ•‡ …‘’‡–‹–‹‘ ™Š‹…Š
…‘•‡“—‡–Ž› …‘–”‹„—–‡• –‘ ˆƒ•–‡” ‡…‘‘‹…
‰”‘™–Š‹–Š‡ƒ–‹‘ƒŽ‡…‘‘›ǡƒ†–‘‡•—”‡
ƒ ‡ˆˆ‹…‹‡– ƒŽŽ‘…ƒ–‹‘ ‘ˆ ”‡•‘—”…‡•Ǥ‘™‡˜‡”ǡ
–Š‡ ’”‘…‡•• ‘ˆ Ž‹„‡”ƒŽ‹œƒ–‹‘ •Š‘—Ž† „‡ …ƒ”‡Ǧ
ˆ—ŽŽ› …‘„‹‡† ™‹–Š –Š‡ •–”‡‰–Š‡‹‰ ‘ˆ
”‡‰—Žƒ–‹‘ ƒ† „‡––‡” •—’‡”˜‹•‹‘ ‘ˆ ˆ‹ƒ…‹ƒŽ
•‡…–‘”‹‘”†‡”–‘ƒ˜‘‹†•›•–‡‹•–ƒ„‹Ž‹–›ǡƒ†
ˆ‹ƒ…‹ƒŽ …”‹•‹•Ǥ‹„‡”ƒŽ‹œƒ–‹‘ •Š‘—Ž† ‘– „‡
†‘‡ Œ—•– ‹ ‘”†‡” –‘ …ƒ””› ‹– ‘—–Ǣ ‹–• ƒ‹
•Š‘—Ž† „‡ –‘ …”‡ƒ–‡ •–ƒ„Ž‡ •‡…–‘”ǡ ‹ –Š‹• …ƒ•‡
‘ˆ ‹•—”ƒ…‡ǡ ƒ† –‘ ‹’”‘˜‡ –Š‡ ’‘•‹–‹‘ ‘ˆ
…‘•—‡”•–Š”‘—‰Š‰”‡ƒ–‡”…‘’‡–‹–‹‘Ǥ
‡‰ƒ”†‹‰–Š‡„‡‡ˆ‹–•‘ˆŽ‹„‡”ƒŽ‹œƒ–‹‘ǡ‹–™ƒ•
ˆ‘—†–Šƒ––Š‡›…‘‡‘–‘Ž›†—‡–‘ƒ……‡••–‘
‡š–‡”ƒŽ …ƒ’‹–ƒŽǡ „—– ƒŽ•‘ „‡…ƒ—•‡ ‘ˆ –Š‡
”‡†—…–‹‘ ‘ˆ †‘‡•–‹… ‡š–‡”ƒŽ‹–‹‡• ƒ† †‹•Ǧ
–‘”–‹‘•ǤŽ–Š‘—‰Š ‹ ‘•– …‘—–”‹‡• Ž‹„‡”ƒǦ
Ž‹œƒ–‹‘Šƒ•„”‘—‰Š–ƒˆƒ•–‡”‡…‘‘‹…‰”‘™–Šǡ
•‘‡ …‘—–”‹‡• ‡š’‡”‹‡…‡† ‡‰ƒ–‹˜‡ …‘•‡Ǧ
“—‡…‡•ǣ–Š‡ˆ”‡‡‘˜‡‡–‘ˆ…ƒ’‹–ƒŽŽ‡†–‘ƒ
*UniversityofZagreb,FacultyofEconomicsandBusiness,[email protected]
**UniversityofZagreb,FacultyofEconomicsandBusiness,[email protected]
***UniversityofZagreb,FacultyofEconomicsandBusiness,[email protected]
͸ͳ///
///Ǥe—ˆŽ‹©Ǥ‡–ƒŽǤǤ
˜‘Žƒ–‹Ž‡ ‡š…Šƒ‰‡ ”ƒ–‡ ‘” ”‹•‡ ‹ †‘‡•–‹…
‹–‡”‡•– ”ƒ–‡•Ǥ ƒ††‹–‹‘ǡ ‹– ƒ’’‡ƒ”‡† –Šƒ–
‹’”‘˜‡†ƒ……‡••–‘…ƒ’‹–ƒŽ‰‡‡”ƒŽŽ›Ž‡ƒ†–‘ƒ
‹…”‡ƒ•‡ ‹ ‹˜‡•–‡– ƒ† Š‹‰Š‡” ‰”‘™–Š
”ƒ–‡•†—”‹‰ƒ’‡”‹‘†‘ˆˆ‹˜‡›‡ƒ”•ƒˆ–‡”™Š‹…Š
–Š‡ ‰”‘™–Š ”ƒ–‡• ƒ”‡ •‹‰‹ˆ‹…ƒ–Ž› Ž‘™‡”‡†
ȋ
”‰‹©‡–ƒŽǤʹͲͲ͸ȌǤ
‘‡ ƒ—–Š‘”• Šƒ˜‡ ƒŽ”‡ƒ†› ƒƒŽ›œ‡† …‘…‡Ǧ
–”ƒ–‹‘ ‹ –Š‡ ‹•—”ƒ…‡ ‹†—•–”›Ǥ Š‡› Šƒ˜‡
…‘…Ž—†‡† –Šƒ– —–‹Ž –Š‡ „‡‰‹‹‰ ‘ˆ –Š‡
ͳͻͻͲ•–Š‡‹•—”ƒ…‡ƒ”‡–•‘ˆ–Š‡–”ƒ•‹–‹‘
…‘—–”‹‡•‘ˆ‡–”ƒŽƒ†ƒ•–‡”—”‘’‡™‡”‡
Š‹‰ŠŽ›…‘…‡–”ƒ–‡†ǡ™Š‹…Š‡ƒ•–Šƒ–‘‡‘”
‘Ž› ƒ ˆ‡™ •–ƒ–‡Ǧ‘™‡† ‹•—”ƒ…‡ …‘’ƒ‹‡•
‘’‡”ƒ–‡† ‘ –Š‡ ƒ”‡–ǡ ™‹–Š –Š‡ ƒ”‡–
•Šƒ”‡ ‘ˆ –Š‡ Ž‡ƒ†‹‰ …‘’ƒ› Š‹‰Š‡” –Šƒ
ͻͲΨȋ‹’—”‹©ǡ‡Œ‹©ƒ…ŠƬƒ˜‹©ʹͲͲͺȌǤ–Š‡
‡–‹‘‡† ’ƒ’‡” –Š‡ ƒ—–Š‘”• ‡šƒ‹‡† –Š‡
‹ˆŽ—‡…‡ ‘ˆ –Š‡ ’—”…Šƒ•‹‰ ’‘™‡” ‘ˆ –Š‡
’‘’—Žƒ–‹‘ ‘ –Š‡ †‡˜‡Ž‘’‡– ‘ˆ –Š‡ ‹•—Ǧ
”ƒ…‡ ƒ”‡– ƒ† …‘•‹†‡”‡† –Š‡ ’‘–‡–‹ƒŽ
•…‡ƒ”‹‘ ‘ˆ †‡˜‡Ž‘’‡– ‘ˆ –Š‡ ‹•—”ƒ…‡
ƒ”‡– ‹ –Š‡ ˆ—–—”‡Ǥ ‘‡ ‘–Š‡” ”‡•‡ƒ”…Š‡”•
Šƒ˜‡ ƒƒŽ›œ‡† ƒ”‡– …‘…‡–”ƒ–‹‘ ‘ˆ Œ—•–
‘‡ •‡‰‡– ‘ˆ ‹•—”ƒ…‡ ƒ”‡–ǡ ƒ•
‡šƒ‹‹‰ƒ”‡–•–”—…–—”‡ǡŽ‹„‡”ƒŽ‹•ƒ–‹‘ƒ†
’‡”ˆ‘”ƒ…‡ ”‡Žƒ–‹‘•Š‹’ ˆ‘” –Š‡ ‘ǦŽ‹ˆ‡
‹•—”ƒ…‡‹†—•–”›‹–Š‡‡šǦ—‰‘•Žƒ˜‹ƒ”‡‰‹‘
ȋŒ‡‰‘‹”‡–ƒŽǤʹͲͳͳȌǤŠ‹•”‡•‡ƒ”…Š‹†‹…ƒ–‡†
•–”‘‰ ‹ˆŽ—‡…‡ ‘ˆ ƒ”‡– •–”—…–—”‡ ƒ†
Ž‹„‡”ƒŽ‹•ƒ–‹‘ ‘ ƒ”‡– ’”‘ˆ‹–ƒ„‹Ž‹–›Ǥ Š‡”‡
ƒ”‡ ƒŽ•‘ ‘”‡ •’‡…‹ˆ‹… ƒƒŽ›•‡• ‘ˆ …‘…‡Ǧ
–”ƒ–‹‘ ‹ –Š‡ ‹•—”ƒ…‡ ƒ”‡–Ǥ ‡ ‘ˆ –Š‡•‡
‹•‘’‡–‹–‹‘‹Š‡ƒŽ–Š‹•—”ƒ…‡ǡ™Š‹…ŠŠƒ•
–Š‡ ƒ‹ –‘ ‹†‡–‹ˆ› ’”‘„Ž‡ ƒ”‡–• ™Š‡”‡
…‘’‡–‹–‹‘ ‹• †‹‹‹•Š‡† ƒ† –‘ ’”‘’–
†‹•…—••‹‘ ƒ„‘—– –Š‡ Ž‘‰Ǧ–‡” ‹’ƒ…– ‘ˆ
…‘•‘Ž‹†ƒ–‡†Š‡ƒŽ–Š‹•—”ƒ…‡ƒ”‡–•‘–Š‡
Š‡ƒŽ–Š …ƒ”‡ •›•–‡ ƒ† ˆ‹† •‘Ž—–‹‘• ȋ‡‡
‡–ǤƒŽǤʹͲͲ͹ȌǤ
Š‹• ’ƒ’‡” ƒƒŽ›œ‡• –Š‡ ‡ˆˆ‡…–• ‘ˆ –Š‡
Ž‹„‡”ƒŽ‹œƒ–‹‘’”‘…‡••‹–Š‡‹•—”ƒ…‡ƒ”‡–
–Š”‘—‰Š”‡•‡ƒ”…Š‘ˆ–Š‡ƒ”‡–…‘…‡–”ƒ–‹‘
ƒ† ’‡”ˆ‘”ƒ…‡ ‘ˆ ‡…‘‘‹… •—„Œ‡…–•ǤŠ‡
ˆ‹ƒ…‹ƒŽ•‡…–‘”‹•”‡’”‡•‡–‡†‹”‘ƒ–‹ƒ™‹–Š
ƒ •Šƒ”‡ ‘ˆ ʹͳǤ͵Ψ ȋʹͲͲͻȌ ƒ† ‹– ‹…Ž—†‡•
///͸ʹ
„ƒ‹‰ǡ ˆ‘”‡‹‰ ‡š…Šƒ‰‡ •›•–‡ǡ ‹•—”ƒ…‡
ƒ†•‡…—”‹–‹‡•–”ƒ†‹‰ǤŠ‡•Šƒ”‡‘ˆ‹•—”ƒ…‡
„—•‹‡••‹–Š‡–‘–ƒŽ ˆ‹ƒ…‹ƒŽ•‡…–‘” ƒ••‡–•‹
ʹͲͲͻ™ƒ• ƒ”‘—† ͷǤͷΨǡ ‹Ǥ‡Ǥ ‹ –‘–ƒŽ –Š‹•
ƒ…–‹˜‹–›ǡ ƒ• ˜‹‡™‡† –Š”‘—‰Š –Š‡ ƒ••‡–•ǡ ‹–
ƒ……‘—–‡† ˆ‘” ͺǤ͵ΨǤ†‘—„–‡†Ž› –Š‡ ’”‘…‡••
‘ˆŽ‹„‡”ƒŽ‹œƒ–‹‘ƒ†‡–”›‘ˆˆ‘”‡‹‰‹˜‡•–‘”•
‹–Š‹•ƒ”‡–…‘–”‹„—–‡†–‘–Š‡†‡˜‡Ž‘’‡–
‘ˆ –Š‡ •‡…–‘”ǡ ‹…”‡ƒ•‹‰ –Š‡ …‘’‡–‹–‹˜‡‡••
‘ˆ ”‘ƒ–‹ƒ ‹•—”ƒ…‡ …‘’ƒ‹‡•ǡ ƒ† ‹’”‘Ǧ
˜‹‰–Š‡“—ƒŽ‹–›ƒ††‹˜‡”•‹–›‘ˆ’”‘†—…–•ƒ†
‹•—”ƒ…‡•‡”˜‹…‡•ǤŠ‡ƒ‹‘ˆ–Š‹•’ƒ’‡”‹•–‘
ƒ••‡•• –Š‡ ˆ—”–Š‡” †‡˜‡Ž‘’‡– ‘ˆ –Š‹• •‡…–‘”
‹–‡”•‘ˆƒ’‘••‹„Ž‡‡–”›‘ˆ‡™ˆ‹”•Ǥ
2.METHODOLOGY
Š‹• ’ƒ’‡” …‘•‹•–• ‘ˆ –Š‡‘”‡–‹…ƒŽ ƒ† ‡’‹Ǧ
”‹…ƒŽ •‡…–‹‘•ǤŠ‡ –Š‡‘”‡–‹…ƒŽ ’ƒ”– ƒƒŽ›œ‡•
–Š‡ •–ƒ–‡ ‘ˆ –Š‡ ‹•—”ƒ…‡ …‘’ƒ‹‡• ƒ”‡–
‹ –Š‡ ‡’—„Ž‹… ‘ˆ ”‘ƒ–‹ƒǡ ™‹–Š ƒ •’‡…‹ƒŽ
‡’Šƒ•‹• ‘ –Š‡ ‡ˆˆ‡…–• ‘ˆ ƒ”‡– Ž‹„‡”ƒǦ
Ž‹œƒ–‹‘Ǥ– ƒŽ•‘ Ž‹•–• ‹†‹…ƒ–‘”• ‘ˆ ƒ”‡–
…‘…‡–”ƒ–‹‘–Šƒ–™‹ŽŽ„‡—•‡†‹–Š‡ƒƒŽ›•‹•
Žƒ–‡” ‘ǤŠ‡ ‡–Š‘† ‘ˆ …ƒŽ…—Žƒ–‹‘ ƒ†
ƒƒŽ›•‹• ‘ˆ Ž‹‹–• ™‹–Š‹ ™Š‹…Š ‘‡ …ƒ ˆ‹†
–Š‡ …ƒŽ…—Žƒ–‡† ˜ƒŽ—‡• ƒ”‡ ‡š’Žƒ‹‡† ˆ‘” ‡ƒ…Š
‹†‹…ƒ–‘”Ǥ
Š‡ ‡’‹”‹…ƒŽ ’ƒ”– •–ƒ”–• „› …ƒŽ…—Žƒ–‹‰ –Š‡
‹†‹…ƒ–‘”• ‘ˆ ƒ”‡– …‘…‡–”ƒ–‹‘ ‘ˆ ‹•—Ǧ
”ƒ…‡ǡ™Š‘•‡ƒ‹•ƒ”‡–‘‡•–ƒ„Ž‹•Š–Š‡Ž‡˜‡Ž‘ˆ
ƒ”‡– …‘…‡–”ƒ–‹‘ ƒ† †‹”‡…–‹‘ ‘ˆ ‹–•
‘˜‡‡–Ǥƒ–ƒ –Šƒ– ™‹ŽŽ „‡ —•‡† ƒ”‡ –ƒ‡
ˆ”‘ –Š‡ ”‘ƒ–‹ƒ ‹ƒ…‹ƒŽ ‡”˜‹…‡• —’‡”Ǧ
˜‹•‘”› ƒ‰‡…› ƒ† –Š‡ ”‘ƒ–‹ƒ •—”ƒ…‡
—”‡ƒ—Ǥƒ•‡†‘†ƒ–ƒ‘–Š‡•‹œ‡‘ˆ–Š‡‰”‘••
’”‡‹—• ‘ˆ ‡ƒ…Š ‹•—”ƒ…‡ …‘’ƒ› –Š‡
˜ƒŽ—‡‘ˆ‹†‹…ƒ–‘”‘ˆƒ”‡–…‘…‡–”ƒ–‹‘™‹ŽŽ
„‡ †‡–‡”‹‡†ǡ ƒ† –Š‡ ˆ‘” –Š”‡‡ •‡Ž‡…–‡†
‹†‹…ƒ–‘”• ȋ‡”ˆ‹†ƒŠŽǦ‹”•…Šƒ ‹†‡šǡ …‘Ǧ
…‡–”ƒ–‹‘ ”ƒ–‹‘ Ͷ ƒ† ‹‹ …‘‡ˆˆ‹…‹‡–Ȍ
‡…‘‘‡–”‹… –”‡† ‘†‡Ž• ™‹ŽŽ „‡ ƒ••‡Ǧ
••‡†Ǥƒ•‡† ‘ –Š‡•‡ ‘†‡Ž• ‹– ‹• ’‘••‹„Ž‡ –‘
‡•–‹ƒ–‡ –Š‡ ˆ—–—”‡ –”‡†• ‘ˆ –Š‡ Ž‡˜‡Ž ‘ˆ
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
Ǥ‹„‡”ƒŽ‹œƒ–‹‘ƒ†ƒ”‡–…‘…‡–”ƒ–‹‘‹–Š‡‹•—”ƒ…‡‹†—•–”›ǣƒ•‡‘ˆ”‘ƒ–‹ƒ///
ƒ”‡– …‘…‡–”ƒ–‹‘ ‘ –Š‡ ”‘ƒ–‹ƒ ƒ”‡–
‘ˆ‹•—”ƒ…‡…‘’ƒ‹‡•Ǥ
3.THEPROCESSOFLIBERALIZATIONIN
THEINSURANCEINDUSTRY
Š‡ ƒ•Š‹‰–‘ ‘•‡•—• ƒ†‘’–‡† ˆ‘” –Š‡
‡…‘‘‹‡• ‹ –”ƒ•‹–‹‘ ”‡’”‡•‡–• –Š‡
ƒ‰”‡‡‡– „‡–™‡‡ –Š‡ ‘˜‡”‡–• ‘ˆ –Š‡
†‡„–‘” …‘—–”‹‡• ƒ† ‹–‡”ƒ–‹‘ƒŽ ‹•–‹–—Ǧ
–‹‘• ‘ –Š‡ ‹’Ž‡‡–ƒ–‹‘ ‘ˆ ‡‘ǦŽ‹„‡”ƒŽ
ƒ’’”‘ƒ…Š–‘ƒ†‹‹•–‡”‹‰–Š‡…‘—–”›ǡ™Š‹…Š
‡ƒ• ‰”‡ƒ–‡” ‡’Šƒ•‹• ‘ –Š‡ ˆ”‡‡ ˆ—Ǧ
…–‹‘‹‰ ‘ˆ ƒ”‡–• ƒ† ’”‹…‡ ™‹–Š‘—– –Š‡
‹ˆŽ—‡…‡ ‘ˆ –Š‡ ‰‘˜‡”‡–ǡ Ž‹„‡”ƒŽ‹œƒ–‹‘ ‘ˆ
ˆ‘”‡‹‰ –”ƒ†‡ •‡…–‘” ƒ† ‘˜‡”ƒŽŽ ”‡†—…–‹‘ ‘ˆ
‰‘˜‡”‡– ‹’‘”–ƒ…‡ ‹ –Š‡ ƒ–‹‘ƒŽ
‡…‘‘›ǤŠ‡ ‡‘Ž‹„‡”ƒŽ ƒ’’”‘ƒ…Š ‡ƒ–
Ž‹„‡”ƒŽ‹œƒ–‹‘ƒ††‡”‡‰—Žƒ–‹‘‘ˆƒŽŽ•‡‰‡–•
‘ˆ –Š‡ ‡…‘‘›Ǥ• ’ƒ”– ‘ˆ –Š‡ …‘•‡•—• –Š‡
‹’‘”–ƒ…‡‘ˆ’”‹˜ƒ–‹œƒ–‹‘ǡŽ‹„‡”ƒŽ‹œƒ–‹‘ƒ†
•–ƒ„‹Ž‹œƒ–‹‘‹•‡’Šƒ•‹œ‡†ǡƒ†–Š”‘—‰Š–Š‡•‡
’”‘…‡••‡• ƒ† ƒ’’Ž‹…ƒ–‹‘ ‘ˆ ƒ’’”‘’”‹ƒ–‡
”‡•–”‹…–‹˜‡ ‘‡–ƒ”› ƒ† ˆ‹•…ƒŽ ’‘Ž‹…‹‡•
‰‘˜‡”‡–• •Š‘—Ž† Šƒ˜‡ „ƒŽƒ…‡† –Š‡‹”
„—†‰‡–•Ǥ –Š‡ Ž‹„‡”ƒŽ‹œƒ–‹‘ ’ƒ”– –Š‡ …”—…‹ƒŽ
”‘Ž‡™ƒ•’Žƒ›‡†„›‘”Ž†”ƒ†‡”‰ƒ‹œƒ–‹‘
ȋȌǡ—†‡”™Š‘•‡ƒ—•’‹…‡•–Š‡•‡’”‘…‡••‡•
™‡”‡…ƒ””‹‡†‘—–Ǥ•–Š‹•ƒ”–‹…Ž‡†‡ƒŽ•™‹–Š–Š‡
ˆ‹ƒ…‹ƒŽ •‡…–‘”ǡ –Š‡ –Š‡ ‡‡”ƒŽ ‰”‡‡‡–
‘ ”ƒ†‡ ‹ ‡”˜‹…‡• ȋ
Ȍ ™ƒ• …”—…‹ƒŽ ˆ‘”
–Š‡’”‘…‡••‘ˆŽ‹„‡”ƒŽ‹œƒ–‹‘Ǥ‹ƒ…‹ƒŽ•›•–‡•
‘ˆ ƒ› …‘—–”‹‡• Šƒ˜‡ ‰”ƒ†—ƒŽŽ› ‘’‡‡† —’ǡ
ƒ„‘Ž‹•Š‹‰ –Š‡ ‘„•–ƒ…Ž‡• –‘ ˆ”‡‡ ‘˜‡‡– ‘ˆ
…ƒ’‹–ƒŽ „‡–™‡‡ …‘—–”‹‡• –Š”‘—‰Š •‡˜‡”ƒŽ
•–ƒ‰‡•ǡˆ”‘‡š–‡”ƒŽ–‘‹–‡”ƒŽŽ‹„‡”ƒŽ‹œƒ–‹‘
ȋƒ†‘懘‹©ǡͳͻͻͻȌǤ
‹„‡”ƒŽ‹œƒ–‹‘ ’”‘…‡••‡• Šƒ˜‡ ‡“—ƒŽŽ› ‹˜‘ŽǦ
˜‡† –Š‡ †‡˜‡Ž‘’‡†ǡ ƒ• ™‡ŽŽ ƒ• –Š‡ †‡˜‡Ž‘’‹‰
…‘—–”‹‡•ǡ „—– ™‹–Š †‹ˆˆ‡”‡– †›ƒǦ
‹…•Ǥ‹„‡”ƒŽ‹œƒ–‹‘ †‡’‡†• ‘ –Š‡ ƒ…Š‹‡˜‡†
Ž‡˜‡Ž‘ˆ†‡˜‡Ž‘’‡–‘ˆ–Š‡…‘—–”›‹–•‡Žˆǡ„—–
ƒŽ•‘‘–Š‡„ƒ”‰ƒ‹‹‰’‘™‡”™‹–Š‹–Š‡ǡ
ƒ† –Š‡ ‘”‰ƒ‹œƒ–‹‘ƒŽ ˆ‘” ‘ˆ –Š‡ •–ƒ–‡ ‹–•‡Žˆ
ƒ† ‹–• ‡…‘‘‹… †‡˜‡Ž‘’‡– •–”ƒ–‡‰‹‡•Ǥ 
–Š‡ –”ƒ•‹–‹‘ ’”‘…‡••ǡ ”‘ƒ–‹ƒ †‡…‹†‡† ˆ‘”
̶’”‘‰”‡••‹˜‡ǡ „—– —Ž–‹Ǧ’Šƒ•‡ Ž‹„‡”ƒŽ‹œƒ–‹‘̶ǡ
™Š‹…Š ‡ƒ• –Šƒ– Ž‹„‡”ƒŽ‹œƒ–‹‘ –‘‘ ’Žƒ…‡
‰”ƒ†—ƒŽŽ›ǡ™‹–Š…‡”–ƒ‹…‘…‡••‹‘•ƒ††‡Žƒ›•
™Š‹…Š ”‘ƒ–‹ƒ …‘—Ž† Šƒ˜‡ —•‡† ˆ‘” „‡––‡”
’”‡’ƒ”ƒ–‹‘ ˆ‘” –Š‡ ƒ†‘’–‹‘ ‘ˆ ”‡“—‹Ǧ
”‡‡–•Ǥ
‹ƒ…‹ƒŽ •‡…–‘” ƒ••‡–• ‹ ”‘ƒ–‹ƒ ”‡’”‡•‡–
ƒ„‘—–ͳͷͲΨ‘ˆ
ȋ•‹‰—”ƒŒ‡ʹͲͲ͹ȌǤ‘‰
ƒŽŽ ’ƒ”–• ‘ˆ –Š‡ ˆ‹ƒ…‹ƒŽ •›•–‡ –Š‡ Ž‹„‡Ǧ
”ƒŽ‹œƒ–‹‘ ‘ˆ –Š‡ •‡…–‘” ‘ˆ ‹•—”ƒ…‡ •‡”˜‹…‡•
™ƒ• –Š‡ •Ž‘™‡•–ǤŠ‡ ‘„Ž‹‰ƒ–‹‘ ‘ˆ ‹•—”ƒ…‡
ƒ† ”‡‹•—”ƒ…‡ ‘ˆ ’‡‘’Ž‡ ƒ† ’”‘’‡”–›
‡š‹•–‡† ˆ‘” †‘‡•–‹… ‹•—”ƒ…‡ …‘’ƒ‹‡•
™Š‹Ž‡‹•—”ƒ…‡ƒ„”‘ƒ†™ƒ•ƒ’’”‘˜‡†‘Ž›ˆ‘”
˜‡”› •’‡…‹ˆ‹… –ƒ•• ȋ‡š’‘”– …‘–”ƒ…–•ǡ •Š‹’Ǧ
„—‹Ž†‹‰ȌǤ‘”‡‹‰ ‹•—”ƒ…‡ ƒ† ”‡‹•—”ƒ…‡
…‘’ƒ‹‡• Šƒ† „ƒ• ‘ „”ƒ…Š‹‰ ‹ ”‘ƒ–‹ƒǡ
™Š‹…Š‹•…‘–”ƒ”›–‘”—Ž‡•ǡƒ†–Š‡”‡™ƒ•
ƒ ’‘••‹„‹Ž‹–› ‘ˆ ‘Ž› ˆ‘—†‹‰ –Š‡ ‹•—”ƒ…‡
…‘’ƒ‹‡•ƒ•Ž‹‹–‡†…‘’ƒ‹‡•Ǥ
Š‡”‡ƒ•‘ˆ‘”ƒ”‡Žƒ–‹˜‡Ž›•Ž‘™Ž‹„‡”ƒŽ‹œƒ–‹‘
’”‘…‡••‘ˆ–Š‡‹•—”ƒ…‡•‡…–‘”Ž‹‡•‹–Š‡ˆƒ…–
–Šƒ– •‡˜‡”ƒŽ Žƒ™• ‡‡†‡† –‘ „‡ ”‡•’‡…–‡†ǡ ‹Ǥ‡Ǥ
ƒ……‡•• –‘ –Š‡ ‹•—”ƒ…‡ ‹†—•–”› ™ƒ• ‘–
”‡‰—Žƒ–‡†•‘Ž‡Ž›„›–Š‡•—”ƒ…‡…–ǡ„—–ƒŽ•‘
„›•‘‡’”‘˜‹•‹‘•‘ˆ–Š‡‘’ƒ‹‡•…–ǤŠ‡
ƒ™ ‘ ‡†‡–• –‘ –Š‡ •—”ƒ…‡ …–
ˆ‹ƒŽŽ› •‘Ž˜‡† –Š‡ ’”‘„Ž‡ ‘ˆ ‡•–ƒ„Ž‹•Š‹‰
„”ƒ…Š‡• ‘ˆ ˆ‘”‡‹‰ ‹•—”‡”•ǡ ‹ ƒ ™ƒ› –Šƒ–
ˆ‘”‡‹‰…‘’ƒ›ƒ›‡•–ƒ„Ž‹•Šƒ•—„•‹†‹ƒ”›‹
”‘ƒ–‹ƒ —†‡” –Š‡ …‘†‹–‹‘ ‘ˆ ”‡…‹’”‘…‹–›Ǥˆ
–Š‡ ‹•—”ƒ…‡ …‘’ƒ› Šƒ• ‹–• Š‡ƒ†“—ƒ”–‡”•
‹ ƒ ‡„‡” •–ƒ–‡ǡ –Š‡ ‡•–ƒ„Ž‹•Š‡– ‘ˆ
•—„•‹†‹ƒ”‹‡• ‹• ’‘••‹„Ž‡ ™‹–Š‘—– ”‡•–”‹…–‹‘•Ǥ
‹„‡”ƒŽ‹œƒ–‹‘‘ˆ–Š‡Ž‡‰ƒŽˆ”ƒ‡™‘””‡•—Ž–‡†
‹ ƒ ‹…”‡ƒ•‹‰ —„‡” ‘ˆ …‘’ƒ‹‡• ‹ –Š‹•
•‡…–‘”ǡ ™Š‹…Š Šƒ• „‡‡ †‹”‡…–‡† ˆ”‘ ƒ
’”‡†‘‹ƒ–Ž› ‘‘’‘Ž‹•–‹… ƒ”‡– –‘™ƒ”†•
‘”‡ ‘Ž‹‰‘’‘Ž‹•–‹… ƒ”‡– •–”—…–—”‡ǡ ‹’Ž›‹‰
–Š‡ ‡‡† –‘ •–”‡‰–Š‡ –Š‡ ”‡‰—Žƒ–‘”›
„‘†›Ǥ‘’‡–‹–‹‘ ’‘Ž‹…› ‹• –Š‡ ‘•–
‹’‘”–ƒ– ‹•–”—‡– —•‡† ‹ †‡˜‡Ž‘’‡†
…‘—–”‹‡• –‘ ‡Ž‹‹ƒ–‡ ‹””‡‰—Žƒ”‹–‹‡• ƒ†
‹’‡”ˆ‡…–‹‘• ‹ –Š‡ ƒ”‡– …ƒ—•‡† „› –Š‡
…‘‘’‡”ƒ–‹‘ ‘ˆ ‡–‡”’”‹•‡• –Šƒ– Šƒ˜‡ ‰”‡ƒ–
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
͸͵///
///Ǥe—ˆŽ‹©Ǥ‡–ƒŽǤǤ
ƒ”‡– ’‘™‡”Ǥ –Š‡ ƒ……‡••‹‘ ’”‘…‡••ǡ
”‘ƒ–‹ƒ Šƒ† –‘ Šƒ”‘‹œ‡ ‹–• Ž‡‰‹•Žƒ–‹‘ ™‹–Š
–Š‡acquiscommunautaireǡƒ†–Š—•™‹–Š–™‘
‡› …‘†‹–‹‘• ‹…Ž—†‹‰ ’”‘˜‹•‹‘• ˆ‘” –Š‡
’”‘–‡…–‹‘‘ˆ…‘’‡–‹–‹‘‹”–‹…Ž‡ͺͳƒ†ͺʹ
‘ˆ –Š‡ —”‘’‡ƒ ‘—‹–› ”‡ƒ–›Ǥ”–‹…Ž‡
ͺͳ’”‘Š‹„‹–• ”‡•–”‹…–‹˜‡ ƒ‰”‡‡‡–• ƒ† †‡…‹Ǧ
•‹‘• …‘…‡”‹‰ –Š‡ ‡”‰‹‰ ‘ˆ …‘’ƒ‹‡•
ƒ† –Š‡‹” ’”ƒ…–‹…‡•ǡ ™Š‹…Š ƒˆˆ‡…– –”ƒ†‡
„‡–™‡‡ –Š‡ ‡„‡” –ƒ–‡• ƒ† ’”‡˜‡– ‘”
†‹•–‘”– …‘’‡–‹–‹‘ ™‹–Š‹ –Š‡ …‘‘
ƒ”‡–Ǥ”–‹…Ž‡ ͺʹ’”‘Š‹„‹–• –Š‡ ƒ„—•‡ ‘ˆ
ƒ”‡– ’‘™‡” ‘ˆ ‘‡ ‘” ‘”‡ …‘’ƒ‹‡•ǡ
™Š‹…Š ƒ› ƒˆˆ‡…– –Š‡ –”ƒ†‡ „‡–™‡‡ –Š‡
‡„‡” –ƒ–‡•ǤŠ‡ –Š‹”† ‹•–”—‡– ‘ˆ
…‘’‡–‹–‹‘ ’”‘–‡…–‹‘ ‹• –Š‡ ‡‰—Žƒ–‹‘
‘ǤͶͲ͸ͶȀͺͻǡ ™Š‹…Š ’”‘Š‹„‹–• –Š‘•‡ …‘…‡Ǧ
–”ƒ–‹‘• –Šƒ– Šƒ˜‡ –Š‡ ‡ˆˆ‡…– ‘ˆ …”‡ƒ–‹‰ ‘”
ƒ‹–ƒ‹‹‰ ƒ †‘‹ƒ– ƒ”‡– ’‘•‹–‹‘
ȋe‘ŽŒƒʹͲͲͶȌǤ
Š‡ Ž‹„‡”ƒŽ‹œƒ–‹‘ —•– „‡ ‹’Ž‡‡–‡† ‹
…‘„‹ƒ–‹‘ ™‹–Š –Š‡ •–”‡‰–Š‡‹‰ ‘ˆ ”‡‰—Ǧ
Žƒ–‹‘ ƒ† •—’‡”˜‹•‹‘ ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ”Ǧ
‡–•Ǥ’‡…‹ˆ‹…ƒŽŽ›ǡ ‹– ‹• ‡…‡••ƒ”› –‘ ƒ˜‘‹†
‹•–ƒ„‹Ž‹–› ‘ˆ –Š‡ ˆ‹ƒ…‹ƒŽ •‡…–‘” ƒ† –Š‡
’‘••‹„Ž‡‘……—””‡…‡‘ˆˆ‹ƒ…‹ƒŽ…”‹•‹•Ž‹‡–Š‡
‘‡ –Šƒ– Š‹– –Š‡ ™‘”Ž† ‹ ʹͲͲͺǤ Š‡ Žƒ… ‘ˆ
”‡‰—Žƒ–‹‘Šƒ•„‡‡†‡–‡”‹‡†–‘„‡‹–•ƒ‹
…ƒ—•‡Ǥ
4.ANALYSISOFINSURANCEINDUSTRYIN
CROATIA
Š‡ ‹•—”ƒ…‡ ‹†—•–”› Šƒ• ƒ •‹‰‹ˆ‹…ƒ–
‹’ƒ…–‘–Š‡†‡˜‡Ž‘’‡–‘ˆ‡ƒ…Š‡…‘‘›Ǣ
’ƒ”–‹…—Žƒ”Ž›‹–Šƒ•–Š‡•‹‰‹ˆ‹…ƒ–‡ˆˆ‡…–™Š‡ƒ
…‘—–”› ‹• ‘˜‹‰ ƒ™ƒ› ˆ”‘ „‡‹‰ Ž‡••
†‡˜‡Ž‘’‡†‡…‘‘›ǡƒ†‹•ƒ•‹‰‹ˆ‹…ƒ–ˆƒ…–‘”
‹–Š‡•–ƒ„‹Ž‹–›‘ˆ„‘–Š–Š‡ˆ‹ƒ…‹ƒŽ•‡…–‘”ǡƒ†
ƒ…”‘‡…‘‘‹… •–ƒ„‹Ž‹–›ǤŠ‡ †‡˜‡Ž‘’‡– ‘ˆ
–Š‡ ‹•—”ƒ…‡ •‡…–‘” ‹ ”‘ƒ–‹ƒ Šƒ• •Š‘™ ƒ
•–”‘‰ …‘””‡Žƒ–‹‘ ™‹–Š –Š‡ ‰‡‡”ƒŽ ‡…‘‘‹…
†‡˜‡Ž‘’‡–ǤŠ‹•™ƒ•’ƒ”–‹…—Žƒ”Ž›‡˜‹†‡–‹
–Š‡ Žƒ•– †‡…ƒ†‡ǡ ™Š‡ –Š‡ ‰”‘•• ’”‡‹—•
‰”‡™ —’ –‘ –Š‡ ”ƒ–‡ ‘ˆ ͳͷΨ ‹ …‘’ƒ”‹•‘ –‘
///͸Ͷ
’”‡˜‹‘—• ›‡ƒ”•ǤŠ‡ ’‡ƒ ™ƒ• ”‡ƒ…Š‡† ‹
ʹͲͲͺǡ™Š‡–Š‡‰”‘••’”‡‹—•ƒ‘—–‡†–‘
ͻǡ͸͹ʹǡ͸͹ͺǡͺͷͶȋ”‘ƒ–‹ƒ•—”ƒ…‡—”‡Ǧ
ƒ—ȌǤ ”‡Žƒ–‹˜‡Ž› ™‡ƒ ‹’ƒ…– ‘ˆ –Š‡ ˆ‹ƒ…‹ƒŽ
…”‹•‹• ‹ ʹͲͲͺ …ƒ „‡ ‡š’Žƒ‹‡† „› ƒ •–”‘‰
‰”‘™–Š ‹ ’”‡‹—• ˆ‘” ‘ǦŽ‹ˆ‡ ‹•—”ƒ…‡ǡ
™Š‹…Š Šƒ• ƒ †‘‹ƒ– •Šƒ”‡ ‹ –Š‡ –‘–ƒŽ
’”‡‹—•ǤŠ‡‹’‘”–ƒ–ˆƒ…–‹•–Šƒ–”‘ƒ–‹ƒ
‹•—”‡”• Šƒ† ƒ ‡‰Ž‹‰‹„Ž‡ •Šƒ”‡ ‘ˆ …”‹•‹•
•‡•‹–‹˜‡–›’‡•‘ˆ‹•—”ƒ…‡•ǡ•—…Šƒ•…‘˜‡”‹‰
”‹•• ƒ••‘…‹ƒ–‡† ™‹–Š –Š‡ „ƒ‹‰ …”‹•‹•ǡ ‘”
•™ƒ’•Ǥ‘™‡˜‡”ǡ –Šƒ– ›‡ƒ” ƒ”‡† ‘Ž› ͸ǤͻΨ
‰”‘™–Š ‹ ’”‡‹—•ǡ …‘’ƒ”‡† ™‹–Š •‡˜‡”ƒŽ
›‡ƒ”• ‘ˆ ’”‡˜‹‘—• †‘—„Ž‡Ǧ†‹‰‹– ‰”‘™–ŠǤ••‡–•
‘ˆ –Š‡ ”‘ƒ–‹ƒ ‹•—”ƒ…‡ …‘’ƒ‹‡• ƒ‘—Ǧ
–‡†–‘ʹʹǤͶ„‹ŽŽ‹‘‹ʹͲͲ͹ǡʹͷǤ͹„‹ŽŽ‹‘‹
ʹͲͲͺƒ†ʹ͹Ǥͻ„‹ŽŽ‹‘‹ʹͲͲͻ™Š‹…Š™ƒ•ͷǤ͹Ψ
‘ˆ –Š‡ ˆ‹ƒ…‹ƒŽ •‡…–‘” ƒ••‡–•ǤŠ‹• ’‡”…‡–ƒ‰‡
‹ ʹͲͲ͹ ™ƒ• ͷǤͳΨǡ ƒ† ‹ ʹͲͲͺͷǤͶΨǡ ™Š‹…Š
‡ƒ•–Šƒ––Š‡‹•—”‡”•™‡”‡ƒ„Ž‡–‘‹…”‡ƒ•‡
–‘–ƒŽ ƒ••‡–• ƒ† •Šƒ”‡ ‹ –Š‡ ˆ‹ƒ…‹ƒŽ •‡…–‘”ǡ
™Š‹Ž‡ ‘–Š‡”• ‡Ǥ‰Ǥ „ƒ• Ž‘•– –Š‡‹” ƒ”‡–
•Šƒ”‡ǤŠ‡ ˆ‹ƒ…‹ƒŽ •‡…–‘” ™ƒ• †‡˜‡Ž‘’‹‰
ˆƒ•–‡” –Šƒ –Š‡ ”‡ƒŽ •‡…–‘”ǡ •‘ ‹– ‰”‡™ ‡˜‡ ‹
–‹‡• ‘ˆ …”‹•‹•ǡ ƒŽ–Š‘—‰Š ƒ– ƒ —…Š Ž‘™‡”
”ƒ–‡Ǥ ʹͲͲͺǡ ‰”‘™–Š ƒ‘—–‡† –‘ ʹǤʹΨǡ ‹
ʹͲͲͻ ‹– ”‡ƒ…Š‡† …‘•‹†‡”ƒ„Ž‡ ͶǤ͵Ψ ™‹–Š ͶͻͲ
„‹ŽŽ‹‘—ƒ•ȋ†”‹Œƒ‹©Ƭ–ƒŠ—ŽŒƒʹͲͲͻȌǤ
ƒ„Ž‡ ͶǤͳǤ”‡†• ‹ –‘–ƒŽ ‰”‘•• ™”‹––‡
’”‡‹—•ʹͲͲ͵–‘ʹͲͳͲ
‡ƒ”
”‘••™”‹––‡
’”‡‹—•‹ͲͲͲ
†‡š
ʹͲͲ͵
͸ǡͲ͸͹ǡͲͶʹ
Ǧ
ʹͲͲͶ
͸ǡ͸ʹ͸ǡͺ͸͹
ͳͲͻʹ
ʹͲͲͷ
͹ǡ͵ͷͲǡͲ͹Ͷ
ͳͳͲǤͻ
ʹͲͲ͸
ͺǡͳͺͲǡͳͷ͸
ͳͳͳǤ͵
ʹͲͲ͹
ͻǡͲ͸Ͷǡͻ͵ʹ
ͳͳͲǤͺ
ʹͲͲͺ
ͻǡ͸ͺ͸ǡͳͲʹ
ͳͲ͸Ǥͻ
ʹͲͲͻ
ͻǡͶͳͳǡ͵͵͸
ͻ͹Ǥʹ
ʹͲͳͲ
ͻǡʹͶͶǡͶͷͻ
ͻͺǤʹ
Source:CroatianInsuranceBureau
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
Ǥ‹„‡”ƒŽ‹œƒ–‹‘ƒ†ƒ”‡–…‘…‡–”ƒ–‹‘‹–Š‡‹•—”ƒ…‡‹†—•–”›ǣƒ•‡‘ˆ”‘ƒ–‹ƒ///
‘™‡˜‡”ǡ ʹͲͲͻ „”‘—‰Š– ƒ †‡…Ž‹‡ ‹ –‘–ƒŽ
’”‡‹—• ‘ˆ ‹•—”ƒ…‡ …‘’ƒ‹‡•ǡ ˆ‘” –Š‡
ˆ‹”•– –‹‡ •‹…‡ ʹͲͲͶǤ‘–Š Ž‹ˆ‡ ƒ† ‘ǦŽ‹ˆ‡
‹•—”ƒ…‡ ’”‡‹—• ”‡…‘”†‡† ƒ †‡…”‡ƒ•‡Ǥ 
–Š‡ ‘–Š‡” Šƒ†ǡ …Žƒ‹• Šƒ˜‡ ‹…”‡ƒ•‡†ǡ •‘ –Š‡
‹•—”‡”• ‹ –Š‹• •‡‰‡– ”‡…‘”†‡† ƒ ‡‰ƒ–‹˜‡
”‡•—Ž–Ǥ—– ‹˜‡•–‡– ‘ˆ ”‡•‡”˜‡• •–‹ŽŽ ™‡–
‹–‘ •ƒˆ‡ „ƒ †‡’‘•‹–• ƒ† •‡…—”‹–‹‡• ‹••—‡†
„›–Š‡‰‘˜‡”‡–ǡ•‘–Š‡‘˜‡”ƒŽŽ”‡•—Ž–‘ˆ–Š‡
‹•—”‡”• ™ƒ• ’‘•‹–‹˜‡Ǥ—”–Š‡”‘”‡ǡ ‹ ʹͲͳͲ
–Š‡”‡™ƒ••–‹ŽŽ‘‹…”‡ƒ•‡‹‰”‘••’”‡‹—•ǡ
ƒ† –Š‡› ˆ‡ŽŽ –‘ Ž‡˜‡Ž• ˆ”‘ ʹͲͲ͹ ȋ”‘ƒ–‹ƒ
•—”ƒ…‡ —”‡ƒ—ȌǤŽ‘•– ƒŽŽ ‹•—”‡”• ”‡’‘”Ǧ
–‡† †‡…Ž‹‹‰ ’”‡‹—• ˆ”‘ ƒ ›‡ƒ” ‡ƒ”Ž‹‡”ǡ
™Š‹…Š ‡ƒ• –Šƒ– –Š‡ ’‘‘” •–ƒ–‡ ‘ˆ –Š‡
‡…‘‘› Šƒ† ƒ Žƒ”‰‡ ‹ˆŽ—‡…‡ ‘ –Š‡
†‡…‹•‹‘• ‘ˆ …‘•—‡”• ‘ ™Š‡–Š‡” –‘ —•‡
‹•—”ƒ…‡•‡”˜‹…‡•Ǥ
‘•‡”˜ƒ–‹˜‡ ‹˜‡•–‡–ǡ ™Š‹…Š •ƒ˜‡†
‹•—”‡”• †—”‹‰ –Š‡ …”‹•‹•ǡ ‹• ‘™ ‘– ‡‘—‰Š
–‘ ƒ‡ ’”‘ˆ‹–ǡ •‘ ‡…‘‘‹… ‰”‘™–Š ‹•
‡š’‡…–‡† ‹ ‘”†‡” –‘ ‰‡‡”ƒ–‡ ‰”‘™–Š ‹
†‡ƒ† ˆ‘” ‹•—”ƒ…‡ǤŠ‡”‡ ‹• ƒ Š‹‰Š
…‘””‡Žƒ–‹‘ „‡–™‡‡ ‰”‘™–Š ƒ† –Š‡
‹•—”ƒ…‡ ’”‡‹—ǡ ƒ† Š‡…‡ ‘˜‡”ƒŽŽ
‡…‘‘‹… ”‡…‘˜‡”› ‹• ‡••‡–‹ƒŽ ˆ‘” –Š‡
”‡…‘˜‡”›‘ˆ–Š‡‹•—”ƒ…‡•‡…–‘”Ǥ
Š‡ ‹•—”ƒ…‡ ‹†—•–”› ‹ ”‘ƒ–‹ƒ ”‡’”‡•‡–•
ʹǤ͹͸Ψ ‘ˆ ™Š‹…Š ‹• •‹‰‹ˆ‹…ƒ–Ž› Ž‘™‡”
…‘’ƒ”‡† ™‹–Š –Š‡ ƒ˜‡”ƒ‰‡ ‘ˆ –Š‡ —”‘’‡ƒ
‹‘ ‘ˆ ͺǤͶͷΨǤ……‘”†‹‰ –‘ –Š‡ ”‘ƒ–‹ƒ
•—”ƒ…‡ —”‡ƒ—ǡ ‹ ʹͲͳͲ ƒ˜‡”ƒ‰‡ ’”‡‹—
’‡”…ƒ’‹–ƒ™ƒ•ƒ”‘—†ʹǡͳͲͲǤͲͲǡƒ†–Š‡
…‹–‹œ‡• Šƒ˜‡ …‘–”ƒ…–‡† ͹ǡͺͷʹǡʹͷ͸ ‹•—”ƒ…‡
’‘Ž‹…‹‡•ǤŠ—• ‹ ”‘ƒ–‹ƒ ‡˜‡”› ƒ†—Ž– …‹–‹œ‡
Šƒ•‘ƒ˜‡”ƒ‰‡ƒ„‘—–ʹǤʹ‹•—”ƒ…‡’‘Ž‹…‹‡•Ǥ
”‘ƒ–‹ƒ ‹•—”ƒ…‡ ‹†—•–”› –Š‡”‡ ƒ”‡
…—””‡–Ž› ʹͷ ‹•—”ƒ…‡ …‘’ƒ‹‡• ƒ† –™‘
”‡‹•—”ƒ…‡…‘’ƒ‹‡•ǡƒ†–Š‡”‘ƒ–‹ƒ’‘‘Ž
ˆ‘” ‹•—”ƒ…‡ ƒ† ”‡‹•—”ƒ…‡ ‘ˆ —…Ž‡ƒ”
”‹••Ǥ‹š ‹•—”ƒ…‡ …‘’ƒ‹‡• †‡ƒŽ ™‹–Š Ž‹ˆ‡
‹•—”ƒ…‡ƒˆˆƒ‹”•ǡͻ…‘’ƒ‹‡•†‡ƒŽ™‹–Š‘Ǧ
Ž‹ˆ‡ ‹•—”ƒ…‡ǡ ™Š‹Ž‡ ‘Ž› ͳͲ ’‡”ˆ‘”• „‘–Š
–›’‡ ‘ˆ ‹•—”ƒ…‡Ǥ‘–Š‡” ʹͻ …‘’ƒ‹‡•
‘’‡”ƒ–‡ ‹ –Š‹• •‡…–‘” ƒ• ‹•—”ƒ…‡ „”‘‡”•ǡ
ƒ†‘˜‡”͵ͲͲ…‘’ƒ‹‡•ƒ•‹•—”ƒ…‡ƒ‰‡–•Ǥ
‹‰—”‡ͶǤͳǤ–”—…–—”‡‘ˆ‹•—”ƒ…‡’”‡‹—•
„›–›’‡ȋˆ‘”ʹͲͳͲȌ
‹‰—”‡ ͶǤͳ •Š‘™• –Šƒ– ‹ –Š‡ •–”—…–—”‡ ‘ˆ
‹•—”ƒ…‡ ’”‡‹—• ’ƒ‹† –Š‡ Žƒ”‰‡•– •Šƒ”‡
‰‘‡• –‘ ‘–‘” ˜‡Š‹…Ž‡ Ž‹ƒ„‹Ž‹–› ‹•—”ƒ…‡ǤŠ‹•
’‘•‹–‹‘ •–‡• ˆ”‘ –Š‡ ˆƒ…– –Šƒ– ‹– ‹• ƒ
…‘’—Ž•‘”› ‹•—”ƒ…‡ –Šƒ– ƒ’’Ž‹‡• –‘ ‘”‡
–Šƒ ʹ ‹ŽŽ‹‘ ˜‡Š‹…Ž‡• ƒ• –Š‡ ‡–”ƒŽ —”‡ƒ—
‘ˆ –ƒ–‹•–‹…• ”‡‰‹•–‡”‡† ‘ –Š‡ ”‘ƒ–‹ƒ
”‘ƒ†•Ǥ “—ƒ”–‡” ‘ˆ ƒŽŽ ’”‡‹—• ‰‘‡• –‘ Ž‹ˆ‡
‹•—”ƒ…‡ǡƒ†ƒŽŽ‘–Š‡”Ž‹‡•‘ˆ‹•—”ƒ…‡ƒ”‡
‹˜‘Ž˜‡†™‹–ŠŽ‡••–ŠƒͳͲΨǤ
5.THEPOSITIONOFCOMPANIESINTHE
INSURANCEINDUSTRY
ƒ”‡– •–”—…–—”‡ …ƒ „‡ •–—†‹‡† ƒ……‘”†‹‰ –‘
–Š‡ —„‡” ‘ˆ ‡–‡”’”‹•‡• ‹ –Š‡ ƒ”‡–ǡ –Š‡
†‡‰”‡‡ ‘ˆ ’”‘†—…– †‹ˆˆ‡”‡–‹ƒ–‹‘ǡ …‘†‹–‹‘•
‘ˆ ‡–”› ƒ† ‡š‹–ǡ ƒ† –Š‡ †‡‰”‡‡ ‘ˆ ˜‡”–‹…ƒŽ
‹–‡‰”ƒ–‹‘ ‘ˆ ‡–‡”’”‹•‡•Ǥ‘•– …‘‘Ž›
ƒ”‡– •–”—…–—”‡ ‹• †‡ˆ‡””‡† –‘ –Š‡ †‡‰”‡‡ ‘ˆ
ƒ”‡– …‘…‡–”ƒ–‹‘ǡ ‹Ǥ‡Ǥ –Š‡ —„‡” ‘ˆ
…‘’ƒ‹‡•ƒ†–Š‡‹”ƒ”‡–•Šƒ”‡•Ǥ†‹…ƒ–‘”•
‘ˆ ƒ”‡– …‘…‡–”ƒ–‹‘ •‡‡ –‘ ‹†‡–‹ˆ› Š‘™
–Š‡ ’”‘†—…– ‹• ƒŽŽ‘…ƒ–‡† „‡–™‡‡ †‹ˆˆ‡”‡–
…‘’ƒ‹‡•Ǥ ƒ……‘”†ƒ…‡ ™‹–Š –Š‡ ‡‘…ŽƒǦ
••‹…ƒŽ–Š‡‘”›ǡ–Š‡‰”‡ƒ–‡”–Š‡—„‡”‘ˆˆ‹”•
‹ –Š‡ ƒ”‡– –Š‡ ‘”‡ Ž‹‡Ž› ‹– ‹• –Šƒ– –Š‡”‡
ƒ”‡ •ƒŽŽ‡” †‹ˆˆ‡”‡…‡• ‹ –Š‡ …‘’ƒ› •‹œ‡
ƒ†ƒŠ‹‰Š‡”†‡‰”‡‡‘ˆ…‘’‡–‹–‹˜‡‡••Ǥ
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
͸ͷ///
///Ǥe—ˆŽ‹©Ǥ‡–ƒŽǤǤ
Š‡‘•–‹’‘”–ƒ–•‘—”…‡ˆ‘”–Š‡ƒƒŽ›•‹•‘ˆ
ƒ”‡–•–”—…–—”‡‘ˆ…‡”–ƒ‹•‡…–‘”•ƒ”‡ƒ”‡–
•Šƒ”‡•ǡ ™Š‹…Š ’”‘˜‹†‡ —•‡ˆ—Ž ‹•‹‰Š–• ‹–‘
ƒ”‡– •–”—…–—”‡ ƒ† ƒ”‡– ‹’‘”–ƒ…‡ ‘ˆ
„‘–Š ƒŒ‘” ’ƒ”–‹…‹’ƒ–• ƒ† –Š‡‹” …‘’‡–‡Ǧ
–‘”•Ǥƒ”‡– •Šƒ”‡• ƒ”‡ –Š‡ „ƒ•‹• ˆ‘” †‡–‡”Ǧ
‹‹‰ …‘…‡–”ƒ–‹‘ ‹†‹…ƒ–‘”•ǡ ™Š‹…Š ƒ”‡
„”‹‡ˆŽ›†‡•…”‹„‡†„‡Ž‘™Ǥ
ˆ –Š‡”‡ ƒ”‡ n…‘’ƒ‹‡• ‹ •‘‡ ‹†—•–”›
™Š‘•‡ ƒ‰‰”‡‰ƒ–‡ ’”‘†—…–‹‘ ‹•Q,™Š‡”‡qi‹•
–Š‡ ƒ‘—– ‘ˆ ’”‘†—…–‹‘ ‘ˆ ‡ƒ…Š ˆ‹” ȋ‹ α
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Š‡ †”ƒ™„ƒ… ‘ˆ –Š‹• ‹†‹…ƒ–‘” ‹• –Šƒ– ‹– ‘Ž›
–ƒ‡•‹–‘ƒ……‘—––Š‡•Šƒ”‡‘ˆ–Š‡ˆ‘—”Žƒ”‰‡•–
ˆ‹”•ǡ ƒ† ™‹ŽŽ „‡ –Š‡ •ƒ‡ ˆ‘” –Š‡ ‹†—•–”›
™Š‡”‡ –Š‡ –‘’ ˆ‘—” …‘’ƒ‹‡• ‡ƒ…Š Šƒ˜‡ ƒ
ʹͲΨ •Šƒ”‡ ƒ† –Š‡ ‹†—•–”› ‹ ™Š‹…Š ‘—– ‘ˆ
–Š‡ ˆ‘—” Žƒ”‰‡•– …‘’ƒ‹‡•ǡ ‘‡ …‘’ƒ› Šƒ•
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‘…‡–”ƒ–‹‘‹†‡š˜ƒ”‹‡•„‡–™‡‡0ǡ‹…ƒ•‡
‘ˆ ƒ ’‡”ˆ‡…–Ž› …‘’‡–‹–‹˜‡ ƒ”‡–ǡ ƒ† 100 ‹
–Š‡ …ƒ•‡ ‘ˆ ‘‘’‘Ž› ȋͲ ζ ‹ ζ ͳͲͲȌǤ– ‹• ƒŽ•‘
–Š‡ ’”‘’‘”–‹‘ ‘ˆ ‡–‡”’”‹•‡• ‹ –Š‡ ‡–‹”‡
ƒ”‡–ǡ ƒ† –Š—• –Š‹• ‹†‹…ƒ–‘” ‹• •‘‡–‹‡•
”‡ˆ‡””‡† –‘ ƒ• ƒ”‡– •Šƒ”‡ǤŠ‹• ‹†‹…ƒ–‘” ‹•
‘•– ‘ˆ–‡ ƒ’’Ž‹‡† ‹ –Š‡ ˆ‘” ‘ˆconcenǦ
tration ratio,™Š‹…Š •Š‘™• –Š‡ ’‡”…‡–ƒ‰‡
ȋ•Šƒ”‡Ȍ ‘ˆ –Š‡ ˆ‘—” Žƒ”‰‡•– ˆ‹”•ǡ ƒ† ‹•
…ƒŽ…—Žƒ–‡†ƒ•ǣ
CR4
HerfindahlǦHirschman index‹• ƒ‘–Š‡”
‹†‹…ƒ–‘”‘ˆ…‘…‡–”ƒ–‹‘ǡƒ†‹•…ƒŽ…—Žƒ–‡†ƒ•
–Š‡ •— ‘ˆ •“—ƒ”‡† ƒ”‡– •Šƒ”‡• ƒ……‘”†‹‰
–‘–Š‡ˆ‘”—Žƒǣ
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Concentrationindex‹•…ƒŽ…—Žƒ–‡†ƒ•
Si
͸ͷΨǡ ™Š‹Ž‡ –Š‡ ‘–Š‡” –Š”‡‡ Šƒ˜‡ ͷΨ •Šƒ”‡ǡ
ƒŽ–Š‘—‰Š–Š‡†‡‰”‡‡‘ˆ…‘…‡–”ƒ–‹‘‘ˆ–Š‡•‡
ƒ”‡–• ‹• ‘– ‡“—ƒŽǤŠ‹• ‹†‹…ƒ–‘” Ž‹‡ƒ”Ž›
‡ƒ•—”‡• –Š‡ ’”‘’‘”–‹‘ ‘ˆ ‡ƒ…Š …‘’ƒ›ǡ
ƒ† ƒ‡• ‘ †‹•–‹…–‹‘ „‡–™‡‡ †‹ˆˆ‡”‡–
•‹œ‡• ‘ˆ ‡–‡”’”‹•‡•Ǥ‹‡™‹•‡ǡ …”‹–‹…‹• ”‡ŽƒǦ
–‡†–‘–Š‹•‹†‹…ƒ–‘”‹•”‡†—…‡†–‘ƒƒ”„‹–”ƒ”›
…Š‘‹…‡ ‘ˆ –Š‡ —„‡” ‘ˆ ‡–‡”’”‹•‡•ǡ ™Š‡”‡
ƒ……‘”†‹‰–‘•‘‡‡…‘‘‹•–•ǡ–Š‡‹†‡š–ƒ‡•
–Š‡ˆ‘—”Žƒ”‰‡•–ˆ‹”•ǡƒ……‘”†‹‰–‘‘–Š‡”•ˆ‹˜‡ǡ
•‡˜‡ ‘” ‡‹‰Š–Ǥ —‡˜‡ …Š‘‹…‡ ‘ˆ –Š‡ —Ǧ
„‡” ‘ˆ „—•‹‡••‡• ™‹ŽŽ …‡”–ƒ‹Ž› ‰‹˜‡ †‹ˆˆ‡”‡–
‹ˆ‘”ƒ–‹‘ ‘ …‘…‡–”ƒ–‹‘ ‹ ’ƒ”–‹…—Žƒ”
‹†—•–”‹‡•Ǥ
‘’ƒ”‹‰ –‘ …‘…‡–”ƒ–‹‘ ‹†‡šǡ –Š‹• ‹• ƒ
„‡––‡” ‹†‹…ƒ–‘” „‡…ƒ—•‡ ‹– ‰‹˜‡• ‰”‡ƒ–‡”
™‡‹‰Š– –‘ „‹‰‰‡” …‘’ƒ‹‡• ƒ† •ƒŽŽ‡”
™‡‹‰Š––‘•ƒŽŽ‡”…‘’ƒ‹‡•ǡ•‘–Š‡’‹…–—”‡‘ˆ
…‘…‡–”ƒ–‹‘‘ˆƒ‹†—•–”›‹•‘”‡”‡ƒŽ‹•–‹…Ǥ
Ž–Š‘—‰Š–Š‡ƒ„•‘Ž—–‡Ž‡˜‡Ž‘ˆ…ƒ’”‘˜‹†‡
ƒˆ‹”•–‹•‹‰Š–‹–‘–Š‡’”‡••—”‡•‘–Š‡ƒ”‡–
ƒˆ–‡”–Š‡‹’Ž‡‡–ƒ–‹‘‘ˆ…‘…‡–”ƒ–‹‘ǡ–Š‡
…Šƒ‰‡‹‹†‡šȋ…ƒŽŽ‡†–Š‡̶†‡Ž–ƒ̶Ȍ‹•ƒ—•‡ˆ—Ž
•—””‘‰ƒ–‡ ‡ƒ•—”‡ ‘ˆ …Šƒ‰‡• ‹ …‘…‡Ǧ
–”ƒ–‹‘ ‘……—””‡† ƒ• ƒ †‹”‡…– ”‡•—Ž– ‘ˆ …‘…‡Ǧ
–”ƒ–‹‘Ǥ –Š‡ —”‘’‡ƒ ‡‰—Žƒ–‹‘ ‘ –Š‡
…‘–”‘Ž ‘ˆ …‘…‡–”ƒ–‹‘• ͳ͵ͻȀʹͲͲͶ ‹•
‡–‹‘‡† ƒ• ƒ ‡ƒ•—”‡ ˆ‘” …‘…‡–”ƒ–‹‘ǡ
™Š‡”‡ –Š‡”‡ ‹• ‘ ‡‰ƒ–‹˜‡ ‡ˆˆ‡…–• ‘ˆ ‡”‰‡”•
ƒ† •–”‡‰–Š‡‹‰ ‘ˆ …‘…‡–”ƒ–‹‘ „‡Ž‘™ ƒ
…‡”–ƒ‹ Ž‡˜‡ŽǤŠ‡ ƒ”‡– ™‹–Š ƒ „‡Ž‘™
ͳͲͲͲ ‹• …‘•‹†‡”‡† ‘Ǧ…‘…‡–”ƒ–‡†ǡ ™Š‹Ž‡
ˆ‘” –Š‡ ƒ”‡–• ™Š‹…Š Šƒ˜‡ „‡–™‡‡
ͳͲͲͲƒ†ʹͲͲͲȋ†‡Ž–ƒ‹•Ž‡••–ŠƒͳͷͲȌǡ–Š‡”‡
‹•‘…‘…‡”–Šƒ––Š‡”‡™‹ŽŽ„‡ƒ†˜‡”•‡‡ˆˆ‡…–•
‘ …‘’‡–‹–‹‘ǤŽ‡ƒ”Ž›ǡ ‹ –Š‡ …ƒ•‡ ‘ˆ Š‹‰Š‡”Ǧ
Ž‡˜‡Ž ǡ ˆ—”–Š‡” ƒƒŽ›•‡• ƒ”‡ …‘—–‡† –‘
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
Ǥ‹„‡”ƒŽ‹œƒ–‹‘ƒ†ƒ”‡–…‘…‡–”ƒ–‹‘‹–Š‡‹•—”ƒ…‡‹†—•–”›ǣƒ•‡‘ˆ”‘ƒ–‹ƒ///
ƒ……—”ƒ–‡Ž› †‡–‡”‹‡ ™Š‡–Š‡” ƒ ‹’”‘’‡”
…‘…‡–”ƒ–‹‘‡š‹•–•Ǥȋ‡…‘–‹©Ǧƒ—ˆƒʹͲͲͻȌǤ
TidemanǦHall…‘…‡–”ƒ–‹‘indexȋȌǡ ‹
…‘–”ƒ•– –‘ ‡”ˆ‹†ƒŠŽǦ‹”•…Šƒ ‹†‡šǡ ‡Ǧ
’Šƒ•‹œ‡• –Š‡ ‹’‘”–ƒ…‡ ‘ˆ –Š‡ ƒ„•‘Ž—–‡
—„‡” ‘ˆ …‘’ƒ‹‡• ™Š‡ …ƒŽ…—Žƒ–‹‰ …‘Ǧ
…‡–”ƒ–‹‘Ǥ’‡…‹ˆ‹…ƒŽŽ›ǡ ‹• ƒŽ•‘ †‡’‡†‡–
‘ –Š‡ ”‡Žƒ–‹˜‡ —„‡” ‘ˆ ‡–‡”’”‹•‡•ǡ ƒ† ‹•
‰”‘™‹‰ ˜‡”› ”ƒ’‹†Ž› ‘Ž› ™‹–Š ƒ …Šƒ‰‡ ‹
ƒ”‡– •Šƒ”‡ǡ „—– ‘– ™‹–Š –Š‡ ‡–”› ‘ˆ ‡™
•ƒŽŽ ˆ‹”• ‹ –Š‡ ‹†—•–”› ȋ‘Ž†˜ƒ”›
ʹͲͳͳȌǤŠ‡ ƒ†˜ƒ–ƒ‰‡ ‘ˆ –Š‡ ‹…Ž—•‹‘ ‘ˆ –Š‡
ƒ„•‘Ž—–‡—„‡”‘ˆˆ‹”•‹–Š‡…ƒŽ…—Žƒ–‹‘‹•
–Šƒ– –Š‹• —„‡” …ƒ ‡š’”‡•• –Š‡ ‡–”› ‘ˆ ƒ
‡™ …‘’ƒ› ‹ –Š‡ ‹†—•–”›ǡ ƒ† ‹– ‹•
ƒ••—‡† –Šƒ– –Š‡ ƒ”‡– ‡–”› ‹• ‡ƒ•‹‡” ‹ˆ
–Š‡”‡ ƒ”‡ ƒŽ”‡ƒ†› ƒ —„‡” ‘ˆ …‘’ƒ‹‡•
‘’‡”ƒ–‹‰ ‹ –Šƒ– ƒ”‡–Ǥ ‹• …ƒŽ…—Žƒ–‡†
—•‹‰–Š‡ˆ‘”—Žƒǣ
HTI
1
n
2¦ i ˜ s i 1
ȋͷǤ͸Ȍ
i 1
™Š‡”‡ –Š‡ ƒ”‡– •Šƒ”‡ ‘ˆ ‡ƒ…Š …‘’ƒ› ‹•
—Ž–‹’Ž‹‡† „› –Š‡ …‘””‡•’‘†‹‰ ”ƒǤ
˜ƒŽ—‡”ƒ‰‡•ˆ”‘1/n–‘1ǡ™Š‡”‡–Š‡˜ƒŽ—‡•
…Ž‘•‡ –‘ 0 ‹†‹…ƒ–‡ ’‡”ˆ‡…– …‘’‡–‹–‹‘ǡ ™Š‹Ž‡
–Š‡ ‘–Š‡” ‡š–”‡‡ǡ ƒ ‘‘’‘Ž›ǡ –ƒ‡• –Š‡
˜ƒŽ—‡1ȋ‘Ž†˜ƒ”›ʹͲͲ͸ȌǤ
Rosenbluth index (RI)‹• ˜‡”› •‹‹Žƒ” ‹
•Šƒ’‡–‘ƒŽŽǦ‹†‡ƒ‹†‡šǤŠ‡›†‹ˆˆ‡”‘Ž›
„› ”ƒ‹‰ …‘’ƒ‹‡•Ǥ’‡…‹ˆ‹…ƒŽŽ›ǡ ‘•‡Ǧ
„Ž—–Š ‹†‡š ‰‹˜‡• •ƒŽŽ‡” …‘’ƒ‹‡• ƒ Š‹‰Š‡”
”ƒǡ•‘‹–Šƒ•‘”‡‹ˆŽ—‡…‡‘–Š‡‹†‹…ƒ–‘”
‹–•‡Žˆ –Šƒ ‘ –Š‡ Žƒ”‰‡ ‡–‡”’”‹•‡Ǥ– ‹•
…ƒŽ…—Žƒ–‡†—•‹‰–Š‡ˆ‘”—Žƒǣ
RI
1
n
2¦ j ˜ s j 1
ȋͷǤ͹Ȍ
j 1
Š‡ ƒ••—’–‹‘ ‹• –Šƒ– …‘’ƒ‹‡• ƒ”‡ •‘”–‡†
ˆ”‘–Š‡•ƒŽŽ‡•––‘Žƒ”‰‡•–ǡ‹…‘–”ƒ•––‘–Š‡
’”‡˜‹‘—•‹†‹…ƒ–‘”Ǥ”‘–Š‹•‹–ˆ‘ŽŽ‘™•–Šƒ–
‰‹˜‡• ‰”‡ƒ– ‹’‘”–ƒ…‡ –‘ •ƒŽŽ „—•‹Ǧ
‡••‡•Ǥ‹‹Žƒ” –‘ ǡ –Š‡ ˜ƒŽ—‡ ”ƒ‰‡• ˆ”‘
1/nƒ†1ǡ™Š‡”‡1†‡‘–‡•ƒ‘‘’‘Ž›‘–Š‡
ƒ”‡–ǡ ƒ† ˜ƒŽ—‡ …Ž‘•‡ –‘ 0 ‹†‹…ƒ–‡• ƒ
’‡”ˆ‡…–Ž› …‘’‡–‹–‹˜‡ ƒ”‡– ȋ‘•…Šƒ†”‡ƒ•
ʹͲͲͲȌǤ
Comprehensive Concentration Index Ǧ CCI
™ƒ•†‡•‹‰‡†ƒ•ƒ…‘„‹ƒ–‹‘‘ˆ–™‘–›’‡•‘ˆ
‹†‹…ƒ–‘”•ǡ ƒ† ƒ– –Š‡ •ƒ‡ –‹‡ ‹– •Š‘™• –Š‡
”‡Žƒ–‹˜‡†‹•’‡”•‹‘„‡–™‡‡ˆ‹”•ǡ„—–ƒŽ•‘–Š‡
ƒ„•‘Ž—–‡ —„‡” ‘ˆ ˆ‹”•Ǥ– ‹• …ƒŽ…—Žƒ–‡† „›
ƒ††‹‰ –Š‡ ƒ”‡– •Šƒ”‡ ‘ˆ –Š‡ Žƒ”‰‡•–
…‘’ƒ› –‘ –Š‡ ƒ‰‰”‡‰ƒ–‡ ‹†‡š –Šƒ– …‘˜‡”•
–Š‡”‡‹†‡”‘ˆˆ‹”•‹–Š‡‹†—•–”›Ǥ
Š‡ˆ‘”—Žƒˆ‘”…ƒŽ…—Žƒ–‹‰‹•–Š‡ˆ‘ŽŽ‘™‹‰ǣ
n
CCI
s1 ¦ si2 2 si ȋͷǤͺȌ
i 1
Š‡•Šƒ”‡‘ˆ–Š‡Žƒ”‰‡•–…‘’ƒ‹‡•‹••‡–ƒ•‹†‡
ˆ”‘ –Š‡ …ƒŽ…—Žƒ–‹‘ǡ „—– ‹• Žƒ–‡” ‘ ƒ††‡† –‘
–Š‡ •— ™Š‹…Š ‹†‹…ƒ–‡• …‘…‡–”ƒ–‹‘ ‘ˆ –Š‡
”‡•–‘ˆ–Š‡‹†—•–”›Ǥ‹†‡š”ƒ‰‡•ˆ”‘0–‘
1ǡ ƒ† ‰‹˜‡• ƒ ˜ƒŽ—‡ ‘ˆ 0 ˆ‘” ’‡”ˆ‡…– …‘Ǧ
’‡–‹–‹‘ǡ ƒ† 1 ˆ‘” ‘‘’‘Ž› ȋ‘•…Šƒ†”‡ƒ•
ʹͲͲͲȌǤ
Hannah and Keyȋͳͻ͹͹Ȍ ‹ –Š‡‹” „‘‘
•—‰‰‡•–‡† ƒ‘–Š‡” ‹†‹…ƒ–‘” ‘ˆ …‘…‡–”ƒ–‹‘
™Š‹…Š ‹• ˜‡”› •‹‹Žƒ” –‘ ǡ „—– ™‹–Š ƒ
†‹ˆˆ‡”‡…‡ ‹ –Š‡ ™‡‹‰Š–• ƒ••‹‰‡† –‘ Žƒ”‰‡
‡–‡”’”‹•‡•Ǥ
Š‡ˆ‘”—Žƒˆ‘”…ƒŽ…—Žƒ–‹‰‹•–Š‡ˆ‘ŽŽ‘™‹‰ǣ
1
HKI
§ n D · 1D
¨ ¦ si ¸ ,
©i1 ¹
D ! 0, a z 1 ȋͷǤͻȌ
™Š‡”‡ ƒ …Šƒ‰‡ ‘ˆ –Š‡ ’ƒ”ƒ‡–‡”Ƚ †‡‘–‡•
˜ƒ”‹‘—•Ž‡˜‡Ž•‘ˆ…”‹–‡”‹ƒ™Š‹…Šƒ”‡‡–„›–Š‡
’ƒ”ƒ‡–‡”ǤŠ‡”‡Ƚ>0 ƒ† Ƚ ‹• †‹ˆˆ‡”‡–ˆ”‘
1ǡ ‹– ”‡’”‡•‡–• ƒ ƒ”„‹–”ƒ”‹Ž› •‡– ‡Žƒ•–‹…‹–›
’ƒ”ƒ‡–‡”Ǥ‘” ‡šƒ’Ž‡ǡ Ž‘™‡” ˜ƒŽ—‡• ‘ˆ
Ƚ‡’Šƒ•‹œ‡ –Š‡ ‹’ƒ…– ‘ˆ •ƒŽŽ „—•‹‡••‡•ǡ
™Š‹Ž‡Žƒ”‰‡”˜ƒŽ—‡•–ƒ‡‘”‡‹–‘ƒ……‘—––Š‡
‹’ƒ…– ‘ˆ Žƒ”‰‡ ‡–‡”’”‹•‡• ‘ …‘…‡Ǧ
–”ƒ–‹‘Ǥ‘•– …‘‘Ž› —•‡† ˜ƒŽ—‡•ˆ‘” Ƚ
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
͸͹///
///Ǥe—ˆŽ‹©Ǥ‡–ƒŽǤǤ
ƒ”‡ǣ0.005, 0.25, 5 ƒ† 10Ǥ• ‹• ˜‡”›
•‡•‹–‹˜‡ –‘ –Š‡ †‡–‡”‹ƒ–‹‘ ‘ˆ ’ƒ”ƒ‡Ǧ
–‡”Ƚǡ–Š‡‹†‡š˜ƒŽ—‡ƒ– Ž‘™ Ƚ ™‹ŽŽ‘˜‡Ž‹‡
–Š‡ —„‡” ‘ˆ …‘’ƒ‹‡• ‹ –Š‡ ƒ”‡–ǡ ƒ†
™‹ŽŽ„‡ƒ’’”‘š‹ƒ–‡Ž›‡“—ƒŽǤŠ‡”‡•—Ž–‘ˆ–Š‡
‹†‡š™‹–Š–Š‡•‡’ƒ”ƒ‡–‡”˜ƒŽ—‡••Š‘—Ž†
„‡ –ƒ‡ ™‹–Š …ƒ—–‹‘ǡ ƒ• ‹ –Š‡ …ƒ•‡ ‘ˆ
”‡†—…‹‰–Š‡—„‡”‘ˆˆ‹”•ǡ–Š‡˜ƒŽ—‡‘ˆ–Š‡
‹†‡š ™‹ŽŽ ”‡†—…‡ ƒ• ™‡ŽŽǡ „—– –Š‹• †‘‡• ‘–
‡…‡••ƒ”‹Ž› ‡ƒ ƒ †‡…”‡ƒ•‡ ‹ …‘…‡–”ƒ–‹‘
‘ˆ–Š‡ƒ”‡–Ǥ
Hause indexȋȌ ‹• ƒ ‹†‹…ƒ–‘” ‘ˆ …‘…‡Ǧ
–”ƒ–‹‘ †‡’‡†‡– ‘ –Š‡ ’ƒ”ƒ‡–‡” ™Š‹…Š
‹†‹…ƒ–‡•–Š‡†‡‰”‡‡‘ˆ…‘ŽŽ—•‹‘‘”ƒ‰”‡‡‡–
„‡–™‡‡ –Š‡ ‡–‡”’”‹•‡•Ǥ ƒ…–—ƒŽ …‹”…—Ǧ
•–ƒ…‡•ǡ ‹– ‹• †‹ˆˆ‹…—Ž– –‘ ’”‘˜‡ –Šƒ– –Š‡
…‘’ƒ‹‡••‡…”‡–Ž›…‘ŽŽƒ„‘”ƒ–‡ˆ‘”‹ŽŽ‹…‹–‰‘ƒŽ•ǡ
„—– ‹– ‹• •–‹ŽŽ ‡…‡••ƒ”› –‘ …Š‘‘•‡ •‡˜‡”ƒŽ
’ƒ”ƒ‡–‡”• ‹ ‘”†‡” –‘ …‘˜‡” –Š‹• …ƒ•‡ ƒ•
™‡ŽŽǤŠ‡ ‹†‡š ‹• …ƒŽ…—Žƒ–‡† —•‹‰ –Š‡
ˆ‘”—Žƒǣ
n
H
¦s
2 si HHI si2
i
D ȋͷǤͳͲȌ
i 1
™Š‡”‡–Š‡’ƒ”ƒ‡–‡”Ƚ‹†‹…ƒ–‡•–Š‡†‡‰”‡‡‘ˆ
…‘ŽŽ—•‹‘ „‡–™‡‡ –Š‡ …‘’ƒ‹‡•Ǥƒ”ƒ‡–‡”
˜ƒŽ—‡• ƒ”‡ ‹˜‡”•‡Ž› ”‡Žƒ–‡† –‘ –Š‡ †‡‰”‡‡
‘ˆ…‘ŽŽ—•‹‘ǡ•‘–Š‡•ƒŽŽ‡•–’ƒ”ƒ‡–‡”Ƚ=0.25
‹†‹…ƒ–‡•–Š‡‹†—•–”›™‹–ŠŠ‹‰Š†‡‰”‡‡‘ˆ–ƒ…‹–
„ƒ”‰ƒ‹‹‰ǤŠ‡ ‹†‡š ‹• ‡“—ƒŽ –‘ 0 ˆ‘”
’‡”ˆ‡…– …‘’‡–‹–‹‘ǡ ™Š‹Ž‡ ‹ –Š‡ …ƒ•‡ ‘ˆ
‘‘’‘Ž› ‹– ‹• ‡“—ƒŽ –‘ 1Ǥ ‹’‘”–ƒ–
‹’Ž‹…ƒ–‹‘ ‘ˆ ‹˜‘Ž˜‹‰ …‘ŽŽ—•‹‘ ‹ –Š‡
…ƒŽ…—Žƒ–‹‘ ‹• –Šƒ– ‹ –Š‡ …ƒ•‡ ‘ˆ –ƒ…‹–
…‘‘’‡”ƒ–‹‘ „‡–™‡‡ ˆ‹”•ǡ ƒ ‡™ ˆ‹”
‡–‡”‹‰ –Š‡ ƒ”‡– †‘‡• ‘– ”‡•—Ž– ‹ ƒ
•‹‰‹ˆ‹…ƒ– ‹…”‡ƒ•‡ ‹ …‘’‡–‹–‹‘ ‹ –Š‡
ƒ”‡–Ǥ
Entropy‹• ƒ ‹˜‡”•‡ ‡ƒ•—”‡ ‘ˆ …‘…‡Ǧ
–”ƒ–‹‘ ƒ† ‹– ‰‹˜‡• ™‡‹‰Š–• –‘ –Š‡ ƒ”‡–
•Šƒ”‡• —•‹‰ –Š‡ Ž‘‰ƒ”‹–Š• ƒ† –Š‡
•—ƒ”‹œ‡• –Š‡ ȋƒ…“—‡‹ ƒ† †‡ ‘‰ǡ
ͳͻ͹͹ȌǤŠ‡ˆ‘”—Žƒ‹•ǣ
///͸ͺ
n
E
§1·
¸¸ © i¹
¦ s ln¨¨ s
i
i 1
ȋͷǤͳͳȌ
Š‹• ‹†‡š –ƒ‡• –Š‡ ˜ƒŽ—‡ 0 ‹ …‘†‹–‹‘• ‘ˆ
‘‘’‘Ž› „‡…ƒ—•‡ ln n = 0ǡ ƒ†n‹• 1 ˆ‘”
‘‘’‘Ž›Ǥ –Š‡ ‘–Š‡” Šƒ†ǡ ‹–• ˜ƒŽ—‡ ‹
…‘†‹–‹‘•‘ˆ’‡”ˆ‡…–…‘’‡–‹–‹‘‹•lnn.‡”‡
‹–‹•’‘••‹„Ž‡ǡ‹•–‡ƒ†‘ˆ–Š‡ƒ–—”ƒŽŽ‘‰ƒ”‹–Šǡ
–‘ —•‡ ‘–Š‡” –›’‡• ‘ˆ Ž‘‰ƒ”‹–Š•ǡ „—– ‹ –Š‹•
…ƒ•‡ –Š‡ ƒš‹— ˜ƒŽ—‡ –Šƒ– ‹†‹…ƒ–‘” …ƒ
ƒ…Š‹‡˜‡…Šƒ‰‡•ƒ•™‡ŽŽǤ
Lorenz curve’—–• ‹ ”‡Žƒ–‹‘ …——Žƒ–‹˜‡
’‡”…‡–ƒ‰‡ ‘ˆ …‘’ƒ‹‡• ‹ –Š‡ ‹†—•–”›ǡ
•–ƒ”–‹‰ˆ”‘–Š‡•ƒŽŽ‡•–ǡƒ†–Š‡…——Žƒ–‹˜‡
’‡”…‡–ƒ‰‡ ‘ˆ –Š‡ ˜ƒŽ—‡ ‘ˆ ƒ—ˆƒ…–—”‹‰
”‡˜‡—‡• ‘” •‹œ‡Ǥˆ ‹†—•–”› ”‡˜‡—‡ ™ƒ•
‡“—ƒŽŽ›†‹•–”‹„—–‡†ǡ–Š‡†‹•–”‹„—–‹‘‘ˆ‹…‘‡
™‘—Ž† „‡ ’”‡•‡–‡† ™‹–Š ƒ Ž‹‡ ‘ˆ ƒ„•‘Ž—–‡
‡“—ƒŽ‹–›ȋŽ‹‡ƒ–ƒƒ‰Ž‡‘ˆͶͷ†‡‰”‡‡•Ȍǡ™Š‹…Š
‹• †‹ƒ‰‘ƒŽ ”‡‰ƒ”†Ž‡•• ‘ˆ –Š‡ —„‡” ‘ˆ ˆ‹”•
‹ –Š‡ ƒ”‡–Ǥ  –Š‡ …ƒ•‡ ‘ˆ —‡˜‡ †‹•–”‹Ǧ
„—–‹‘ǡ –Š‡ ‘”‡œ …—”˜‡ Ž‹‡• „‡Ž‘™ –Š‡
†‹ƒ‰‘ƒŽ Ž‹‡Ǥ Š‡ ˆ—”–Š‡” ƒ™ƒ› –Š‹• …—”˜‡ ‹•
ˆ”‘ –Š‡ Ͷͷ †‡‰”‡‡• Ž‹‡ –Š‡ ‰”‡ƒ–‡” ‹• –Š‡
‹‡“—ƒŽ‹–›‹–Š‡‹†—•–”›Ǥ—‡”‹…ƒŽ‡ƒ•—”‡
‘ˆ…‘…‡–”ƒ–‹‘„ƒ•‡†‘–Š‡‘”‡œ…—”˜‡‹•
…ƒŽŽ‡† Gini coefficientȋ
ȌǤŠ‡ ˜ƒŽ—‡ ‘ˆ ‹‹
…‘‡ˆˆ‹…‹‡– ƒ…–—ƒŽŽ› ”‡ˆŽ‡…–• –Š‡ ƒ”‡ƒ „‡–™‡‡
–Š‡ ‘”‡œ …—”˜‡ ƒ† –Š‡ ƒ„•‘Ž—–‡ ‡“—ƒŽ‹–›
Ž‹‡Ǥ Š‡”‡ˆ‘”‡ǡ –Š‡ ˜ƒŽ—‡ ‘ˆ ‹• „‡–™‡‡ 0
ƒ† 1ǡ ™Š‡”‡ –Š‡ ‹‹— ˜ƒŽ—‡ ‹†‹…ƒ–‡•
’‡”ˆ‡…– …‘’‡–‹–‹‘ǡ ƒ† ˜ƒŽ—‡ ‘ˆ 1 ‡ƒ• ƒ
‘‘’‘Ž›ǤŠ‡ˆ‘”—Žƒˆ‘”…ƒŽ…—Žƒ–‹‰‹–‹•ǣ
n
n
2 ¦ i ˜ x i n 1 ¦ x i
G
i 1
i 1
ȋͷǤͳʹȌ
n
n¦ xi
i 1
™Š‡”‡n”‡’”‡•‡–•–Š‡—„‡”‘ˆˆ‹”•‹–Š‡
‹†—•–”›ǤŠ‡†‘™•‹†‡‘ˆ–Š‹•‡ƒ•—”‡‹•–Šƒ–
‹– ‰‹˜‡• ‘Ž› ‹ˆ‘”ƒ–‹‘ ƒ„‘—– –Š‡ †‹•–”‹Ǧ
„—–‹‘ǡ •‘ ‘‡ ™‘—Ž† ‰‡– –Š‡ •ƒ‡ ”‡•—Ž– ‹ˆ
–Š‡”‡ ™‡”‡ ˆ‘—” …‘’ƒ‹‡• ™‹–Š ”‘—‰ŠŽ› –Š‡
•ƒ‡•‹œ‡ǡ‘”–™‡–›…‘’ƒ‹‡•™‹–Š–Š‡•ƒ‡
•‹œ‡ȋ‘•…Šƒ†”‡ƒ•ǡʹͲͲͲȌǤ
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
Ǥ‹„‡”ƒŽ‹œƒ–‹‘ƒ†ƒ”‡–…‘…‡–”ƒ–‹‘‹–Š‡‹•—”ƒ…‡‹†—•–”›ǣƒ•‡‘ˆ”‘ƒ–‹ƒ///
ƒ„Ž‡ ͷǤͳǤ†‹…ƒ–‘”• ‘ˆ …‘…‡–”ƒ–‹‘ ‹ –Š‡
‹•—”ƒ…‡ ‹†—•–”› ‹ –Š‡ ‡’—„Ž‹… ‘ˆ ”‘ƒ–‹ƒ
ˆ”‘ʹͲͲͶ–‘ʹͲͳͲ
…‘’‡–‹–‘”ǡƒ†‹–‰‹˜‡•–Šƒ–…‘’ƒ›ƒ”‡–
•Šƒ”‡‘ˆ͵ͳǤ͵͹ΨǤŠ‡•‡…‘†Žƒ”‰‡•–…‘’ƒ›
‹• —”‘Š‡”…ǡ ™Š‹…Š …Šƒ”‰‡† ͳǡͲͲʹǡͷͳͻǡͲͲͻ
Nameofindex
Label
2004
2005
2006
2007
2008
2009
2010
‘…‡–”ƒ–‹‘”ƒ–‹‘
Ͷ
ͺ
͸͹Ǥ͸ͷ
ͺͷǤͷͻ
͸͹ǤͷͶ
ͺ͸Ǥ͵ͳ
͸ͷǤͶͻ
ͺͶǤͷ͵
͸ͶǤͲ͸
ͺʹǤͻͲ
͸͵Ǥ͵ͻ
ͺͳǤͶͳ
͸ͲǤͺͶ
ͺͲǤͲʹ
ͷͻǤ͹ͻ
͹ͺǤͶͶ
ʹͲͷʹǤͷ
ͳͺͺʹǤͻ
ͳ͹ʹͳǤ͵
ͳ͸ͲͷǤͶ
ͳͷͷ͵Ǥ͵
ͳͶͷ͹Ǥͺ
ͳ͵ͻ͹Ǥ͹
ͲǤͳͶͲ
ͲǤͲʹͶ
ͲǤͳ͵ͻ
ͲǤͲʹͶ
ͲǤͳ͵ʹ
ͲǤͲʹͶ
ͲǤͳʹͷ
ͲǤͲʹ͵
ͲǤͳͳͺ
ͲǤͲʹͶ
ͲǤͳͳ͵
ͲǤͲʹͶ
ͲǤͳͲͺ
ͲǤͲʹͶ
ͲǤͶ͹ͻ
ͲǤͶ͸ͳ
ͲǤͶͶͳ
ͲǤͶʹͷ
ͲǤͶͳ͹
ͲǤͶͲʹ
ͲǤ͵ͻ͵
ʹ͵Ǥͺͷ͵
ʹʹǤͺ͹ͳ
ͳͻǤͻͳʹ
ʹͲǤͻͲͳ
ʹͶǤͺͷͳ
ʹʹǤͺͻͶ
ʹͶǤͺ͸ͳ
ͳ͹ǤͺͺͶ
ͳ͹Ǥͷʹ͹
ͳ͸Ǥʹʹ͹
ͳ͸ǤͻͶͲ
ͳͻǤͳͺͳ
ͳͺǤͷͷͶ
ͳͻǤͷͻ͵
͵ǤͲʹʹ
͵Ǥ͵Ͳͳ
͵Ǥͷ͹ͳ
͵Ǥͺͳ͵
͵ǤͻͲͺ
ͶǤͳͲ͸
ͶǤʹͶͺ
ʹǤ͸͹Ͷ
ʹǤͺͻ͵
͵ǤͳͲͶ
͵Ǥʹͻ͵
͵Ǥ͵͸͸
͵Ǥͷͳ͹
͵Ǥ͸ʹͷ
ͲǤ͵ͳ͹
ͲǤ͵Ͳ͵
ͲǤʹͺͶ
ͲǤʹ͸ͻ
ͲǤʹ͸ͳ
ͲǤʹͶ͹
ͲǤʹ͵ͺ
ͲǤʹͲͺ
ͲǤͳͻʹ
ͲǤͳ͹ͷ
ͲǤͳ͸͵
ͲǤͳͷͺ
ͲǤͳͶͺ
ͲǤͳͶʹ
ͲǤʹͲͷ
ͲǤͳͺͺ
ͲǤͳ͹ʹ
ͲǤͳ͸Ͳ
ͲǤͳͷͷ
ͲǤͳͶͷ
ͲǤͳ͵ͻ
ʹǤͳͷͲ
ͲǤ͹Ͳʹ
ʹǤʹͲͳ
ͲǤ͹ͲͲ
ʹǤʹͷ͵
ͲǤ͸ͺͷ
ʹǤ͵ͳͳ
ͲǤ͸ͺͲ
ʹǤ͵͹Ͳ
ͲǤ͸͸ͳ
ʹǤͶͲ͹
ͲǤ͸Ͷͺ
ʹǤͶͷ͵
ͲǤ͸͵Ͳ
‡”ˆ‹†ƒŠŽǦ
‹”•…Šƒ‹†‡š
ƒŽŽǦ‹†‡ƒ‹†‡š
‘•‡„Ž—–Š‹†‡š
‘’”‡Š‡•‹˜‡‹†‡š
‘ˆ‹†—•–”‹ƒŽ
…‘…‡–”ƒ–‹‘
ƒƒŠǦ
ƒ›
‹†‡š
ƒ—•‡
‹†‡š
–”‘’›
‹‹…‘‡ˆˆ‹…‹‡–
ͳ
ȽαͲǤͲͲͷ
ʹ
ȽαͲǤʹͷ
͵
Ƚαͷ
Ͷ
ȽαͳͲ
ͳ
ȽαͲǤʹͷ
ʹ
Ƚαͳ
͵
Ƚαʹ
Source:Author'scalculationsbased
www.huo.hr
6.ANALYSISOFINDICATORSOFMARKET
CONCENTRATIONINTHECROATIAN
INSURANCEINDUSTRY
‡Ž‘™ǡ ™‡ ƒƒŽ›œ‡ –Š‡ ƒ”‡– …‘…‡–”ƒ–‹‘
‹ –Š‡ ‹•—”ƒ…‡ •‡…–‘” ‹ ”‘ƒ–‹ƒǤ
”‘••
™”‹––‡ ’”‡‹—• ™‡”‡ —•‡† ƒ• „ƒ•‹• ˆ‘”
…ƒŽ…—Žƒ–‹‰ ƒ”‡– •Šƒ”‡ǤŠ‹• ‹ˆ‘”ƒ–‹‘ ‹•
–Š‡ „‡•– ‡ƒ•—”‡ ‘ˆ „—•‹‡•• ’‡”ˆ‘”ƒ…‡ ‘ˆ
ƒ ‹•—”ƒ…‡ …‘’ƒ›ǡ •‘ ‹– ‹• ”‡…‘‡†‡†
–‘ —•‡ ‡šƒ…–Ž› –Š‡ ‰”‘•• ™”‹––‡ ’”‡‹—• ƒ•
–Š‡ „ƒ•‹• ˆ‘” …ƒŽ…—Žƒ–‹‰ –Š‡ ƒ”‡– •Šƒ”‡• ‘ˆ
…‘’ƒ‹‡•‹–Š‡‹•—”ƒ…‡ƒ”‡–Ǥͳ
Š‡ Žƒ”‰‡•– ‹•—”‡” „› ‰”‘•• ™”‹––‡ ’”‡Ǧ
‹—• ‹• ”‘ƒ–‹ƒ ‘•‹‰—”ƒŒ‡ǡ ™Š‹…Š Šƒ• „‡‡
Š‘Ž†‹‰ –Š‡ ˆ‹”•– ’Žƒ…‡ ‹ –Š‡ ”‘ƒ–‹ƒ
‹•—”ƒ…‡ ‹†—•–”› ˆ‘” ›‡ƒ”•Ǥ……‘”†‹‰ –‘
†ƒ–ƒ ˆ‘” ʹͲͳͲǡ ”‘ƒ–‹ƒ ‘•‹‰—”ƒŒ‡ …Šƒ”‰‡†
ʹǡͺͻͻǡͻʹͷǡͺ͸ͷ‘ˆ‰”‘••’”‡‹—•ǡ™Š‹…Š
‹• –Š”‡‡ –‹‡• ‘”‡ –Šƒ ‹–• …Ž‘•‡•–
‘ˆ‰”‘••’”‡‹—•ǡƒ†Šƒ•ͳͲǤͺͶΨ‘ˆ
ƒ”‡– •Šƒ”‡Ǥ‡š– ‹• ŽŽ‹ƒœ ƒ‰”‡„ǡ ™‹–Š
ͻͺ͵ǡͻ͸͹ǡͻͷͶ‰”‘••™”‹––‡’”‡‹—ƒ†
ͳͲǤ͸ͶΨ ƒ”‡– •Šƒ”‡ǡ ƒ† –Š‡ ˆ‘—”–ŠǦŽƒ”‰‡•–
‹•—”‡” ‹• ƒ†”ƒ•‘ ‘•‹‰—”ƒŒ‡ǡ ™‹–Š
͸Ͷͳǡ͵ʹͷǡ͸ͷ͹ ‘ˆ ’”‡‹—• ™”‹––‡ǡ ƒ†
͸ǤͻͶΨ‘ˆ–‘–ƒŽƒ”‡–•Šƒ”‡Ǥʹ
Š‡ ˆ‘—” Ž‡ƒ†‹‰ ‹•—”ƒ…‡ …‘’ƒ‹‡• –‘‰‡Ǧ
–Š‡” …‘–”‘Ž ‡ƒ”Ž› –™‘Ǧ–Š‹”†• ‘ˆ –Š‡ ƒ”‡–ǡ
™‹–Š ƒ •Ž‹‰Š– †‡…”‡ƒ•‹‰ –‡†‡…› ‹ –Š‡‹”
…‘…‡–”ƒ–‹‘ ˆ”‘ ͸͹Ǥ͸ͷΨ ‹ ʹͲͲͶ –‘
ͷͻǤ͹ͻΨ‹ʹͲͳͲǤˆ‘‡ƒƒŽ›œ‡•–Š‡•Šƒ”‡•‘ˆ
‡‹‰Š– Žƒ”‰‡•– ‹•—”ƒ…‡ …‘’ƒ‹‡•ǡ –Š‡ ’”‡Ǧ
˜‹‘—• Ž‹•– ‡‡†• –‘ „‡ ‡Žƒ”‰‡† „› ƒ††‹‰
˜ƒ”‡” ‹‡ƒ •—”ƒ…‡ ”‘—’ǡ ”‹‰Žƒ˜
‘•‹‰—”ƒŒ‡ǡ ƒ•Ž‡” ‘•‹‰—”ƒŒ‡ ƒ‰”‡„ ƒ†
”ƒ™‡Ǥ– ‹• ‡˜‹†‡– ˆ”‘ ƒ„Ž‡ ͷǤͳ –Šƒ– –Š‡
ƒ„‘˜‡ …‘’ƒ‹‡• –‘‰‡–Š‡” Šƒ˜‡ ƒ •—„•–ƒ–‹ƒŽ
ƒ”‡– •Šƒ”‡ǡ ™Š‹…Š ‹• ƒŽ•‘ ‹ †‡…Ž‹‡ ˆ”‘
ͺͷǤͷͻΨ ‹ ʹͲͲͶ –‘ ͹ͺǤͶͶΨ ‹
ʹͲͳͲǤ–‡”’”‡–ƒ–‹‘‘ˆ†ƒ–ƒƒ–ƒ‰Žƒ…‡–‡ŽŽ•—•
–Š‹• ‹• ƒ ˆƒ‹”Ž› …‘…‡–”ƒ–‡† ƒ”‡–ǡ „‡…ƒ—•‡
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
͸ͻ///
///Ǥe—ˆŽ‹©Ǥ‡–ƒŽǤǤ
–Š‡ˆ‹”•–ˆ‘—”…‘’ƒ‹‡•‘……—’›ƒŽ‘•–͸ͲΨ‘ˆ
–Š‡ƒ”‡–ǡƒ†–Š‡ˆ‹”•–‡‹‰Š–…‘’ƒ‹‡•Š‘Ž†
ƒŽ‘•– ͺͲΨ ‘ˆ –Š‡ ƒ”‡–ǡ ™‹–Š ‡’Šƒ•‹• ‘
–Š‡Ž‡ƒ†‡”•Š‹’‘ˆ”‘ƒ–‹ƒ‘•‹‰—”ƒŒ‡Ǥ
‡”ˆ‹†ƒŠŽǦ‹”•…Šƒ ‹†‡š ƒŽ•‘ ‹†‹…ƒ–‡•
–Šƒ–‹–‹•ƒ…‘…‡–”ƒ–‡†ƒ”‡–ǡƒŽ–Š‘—‰Š–‘ƒ
Ž‡••‡” ‡š–‡–ǤŠ‹• ‹†‡š ˆ‘” –Š‡ ’ƒ•– •‡˜‡
›‡ƒ”•”ƒ‰‡†ˆ”‘ʹͲͷʹǤͷ‹ʹͲͲͶ–‘ͳ͵ͻ͹Ǥ͹‹
ʹͲͳͲǡ ™‹–Š ƒ …‘•–ƒ– †‡…”‡ƒ•‹‰ –‡†‡Ǧ
…›ǤŠ‡ ”‡ƒ•‘ ˆ‘” –Š‡ ”‡†—…–‹‘ ‹• ‰”‡ƒ–‡”
…‘’‡–‹–‹‘ǡ ™Š‹…Š Ž‡ƒ† –‘ ƒ †‡…”‡ƒ•‡ ‹
ƒ”‡– •Šƒ”‡ ‘ˆ Ž‡ƒ†‹‰ ‹•—”ƒ…‡ …‘Ǧ
’ƒ‹‡•Ǥ͵ƒŽŽǦ‹†‡ƒ ‹†‡š Šƒ• ƒ …‘•–ƒ–
†‡…”‡ƒ•‡ˆ”‘ͲǤͳͶͲ‹ʹͲͲͶ–‘ͲǤͳͲͺ‹ʹͲͳͲǡ
™Š‹Ž‡–Š‡˜ƒŽ—‡‘ˆ‘•‡„Ž—–Š‹†‡š‹•ƒŽ‘•–
…‘•–ƒ–ǤŠ‡ ˜ƒŽ—‡ ‘ˆ ƒ ‡š–‡•‹˜‡ ‹†‡š ‘ˆ
‹†—•–”‹ƒŽ …‘…‡–”ƒ–‹‘ ƒŽ•‘ †‡…Ž‹‡† ‹ ƒ
‰‹˜‡–‹‡’‡”‹‘†ǡˆ”‘ͲǤͶ͹ͻ–‘ͲǤ͵ͻ͵Ǥ
ƒƒŠǦƒ› ‹†‡š ‹• †‡ˆ‹‡† ‹ –Š‹• ’ƒ’‡”
™‹–Š –Š‡ ˆ‘—” ’ƒ”ƒ‡–‡”•Ƚǡ ƒ† –Š‡› ‘•–Ž›
‰‹˜‡ ‡š’‡…–‡† ”‡•—Ž–•Ǥ‘” •ƒŽŽ‡”Ƚ –Š‡ ‹†‡š
˜ƒŽ—‡ ‹• •‹‹Žƒ” –‘ –Š‡ —„‡” ‘ˆ ‹•—”ƒ…‡
…‘’ƒ‹‡• ‹ –Š‡ ‹†—•–”›ǡ ”‡ˆŽ‡…–‹‰ –Š‡
‹’‘”–ƒ…‡‘ˆ–Š‡–‘–ƒŽ—„‡”‘ˆ…‘’ƒ‹‡•ǡ
™Š‹Ž‡ˆ‘”Žƒ”‰‡”˜ƒŽ—‡•‘ˆȽǡ˜ƒŽ—‡•‘ˆƒ”‡
—…ŠŽ‘™‡”ǡ”‡ˆŽ‡…–‹‰–Š‡‰”‡ƒ–‡”‹’‘”–ƒ…‡
‘ˆ Žƒ”‰‡ …‘’ƒ‹‡•Ǥ• ͳ ‹• †‡ˆ‹‡† „› –Š‡
’ƒ”ƒ‡–‡”Ƚ α ͲǤͲͲͷǡ ‡‰ƒ–‹˜‡Ž› …‘””‡Žƒ–‡†
™‹–Š‘–Š‡” ‹†‹…‡•ǡ –Š‡ ‹…”‡ƒ•‡ ‹ ‹–• ˜ƒŽ—‡
ƒ…–—ƒŽŽ› ‹†‹…ƒ–‡• ƒ †‡…”‡ƒ•‡ ‘ˆ …‘…‡Ǧ
–”ƒ–‹‘Ǥ‘™‡˜‡”ǡ –Š‹• ‹…”‡ƒ•‡ ‹ ˜ƒŽ—‡ ‹• ‘–
…‘•–ƒ–ǡ —…Š Ž‹‡ ™‹–Š ʹǡ ƒ† –Š—• –Š‹•
‹†‹…ƒ–‘”‹•‘–…ƒ’ƒ„Ž‡‘ˆ…Ž‡ƒ”Ž›†‡–‡”‹‹‰
–Š‡ ‘˜‡‡– ‘ˆ ƒ”‡– …‘…‡–”ƒ–‹‘Ǥ‹–Š
Š‹‰Š‡” ˜ƒŽ—‡• ‘ˆ ’ƒ”ƒ‡–‡” Ƚǡ –Š‡ ‹†‡š‹•
ƒŽ•‘‹˜‡”•‡ǡ •‘ –Š‡ ‹…”‡ƒ•‡ ‹ ˜ƒŽ—‡ •Š‘—Ž†
ƒŽ•‘‹†‹…ƒ–‡ƒ†‡…Ž‹‡‹…‘…‡–”ƒ–‹‘‹–Š‡
‹†—•–”›ǡ ‡•’‡…‹ƒŽŽ› ‘ˆ Žƒ”‰‡ …‘’ƒǦ
‹‡•ǤŠ‡”‡ˆ‘”‡ǡ –Š‡”‡ ‹• ƒ •Ž‹‰Š– ”‹•‡ ‹ –Š‡
‹†‡š‘˜‡”–‹‡Ǥ
ˆ ™‡ …‘•‹†‡” ƒ—•‡ ‹†‡šǡ …‘…‡–”ƒ–‹‘
‘˜‡‡– ‰‡‡”ƒŽŽ› …‘””‡•’‘†• –‘ –Š‡
‹†‹…‡•’”‡˜‹‘—•Ž›•Š‘™ǡ–Šƒ–‹•‹–‹†‹…ƒ–‡•ƒ
†‡…”‡ƒ•‡ ‹ ƒ”‡– …‘…‡–”ƒ–‹‘ ‹ –Š‡
‹†—•–”›Ǥ‹…‡ –Š‹• ‹†‡š ‹• †‡–‡”‹‡† „›
///͹Ͳ
–Š”‡‡ ’ƒ”ƒ‡–‡”•ǡ ™Š‹…Š †‡–‡”‹‡ –Š‡ Ž‡˜‡Ž
‘ˆ …‘ŽŽ—•‹‘ „‡–™‡‡ …‘’ƒ‹‡•ǡ –Š‡ ”‡•—Ž–•
˜ƒ”› †‡’‡†‹‰ ‘ –Š‡ †‡‰”‡‡‘ˆ …‘ŽŽ—Ǧ
•‹‘ǤŠ—•ǡ ˆ‘” –Š‡ ’ƒ”ƒ‡–‡” Ƚα ͲǤʹͷǡ ™Š‹…Š
‹†‹…ƒ–‡†ƒ Š‹‰Š †‡‰”‡‡ ‘ˆ …‘ŽŽ—•‹‘ǡ ‹†‡š
˜ƒŽ—‡ ‹• …‘•‹†‡”ƒ„Ž› Š‹‰Š‡”ǡ ™Š‹…Š …‘””‡Ǧ
•’‘†• –‘ –Š‡ •‹–—ƒ–‹‘ …Ž‘•‡” –‘ ‘‘’‘Ž›ǡ
–Šƒ ™‹–Š –Š‡ ”‡ƒ‹‹‰ ’ƒ”ƒ‡–‡”•ǡ ™Š‹…Š
ƒ••—‡ –Šƒ– –Š‡”‡ ‹• ‘ …‘ŽŽ—•‹‘Ǥ‡‡’‹‰ ‹
‹† –Šƒ– ‘™‡”•Š‹’ Ž‹• „‡–™‡‡ …‘Ǧ
’ƒ‹‡• ƒ”‡ “—‹–‡ •–”‘‰ ‹ ”‘ƒ–‹ƒǡ ‹– ‹• ‘”‡
ƒ’’”‘’”‹ƒ–‡ –‘ —•‡ Š‹‰Š‡”ǦŽ‡˜‡Ž …‘ŽŽ—•‹‘
’ƒ”ƒ‡–‡”ǤͶ
Š‡ ‡ƒ•—”‡ ‘ˆ ‡–”‘’› ƒŽ•‘ …‘ˆ‹”• –Š‡
”‡•—Ž–• ‘ˆ –Š‡ ‹†‹…ƒ–‘”• ‡–‹‘‡† ƒ„‘˜‡ǡ
™Š‹…Š ‹• –Šƒ– –Š‡ ƒ”‡– …‘…‡–”ƒ–‹‘
†‡…”‡ƒ•‡• ‘˜‡” –Š‡ ›‡ƒ”•ǤŠ‡ ‡ƒ•—”‡ ‘ˆ
‡–”‘’› ‹• •Š‘™ ƒ• ƒ ‹˜‡”•‡ ‹†‹…ƒ–‘” –‘
‘–Š‡”•ǡ ƒ† ‹…”‡ƒ•‡ ‹ ‹–• ˜ƒŽ—‡ ƒ…–—ƒŽŽ›
‡ƒ• ‘˜‹‰ –‘™ƒ”†• ƒ ‘”‡ …‘’‡–‹–‹˜‡
ƒ”‡–ǤŠ‡ƒš‹—˜ƒŽ—‡‘ˆ–Š‡‡ƒ•—”‡‹•
–Š‡ƒ–—”ƒŽŽ‘‰ƒ”‹–Š‘ˆn,™Š‹…Š‹–Š‡…ƒ•‡‘ˆ
‘˜‡”ƒŽŽ‹•—”ƒ…‡‹†—•–”›‹•͵ǤʹͳǤ
‹‹”ƒ–‹‘‹•
“—‹–‡Š‹‰Šǡ™Š‹…Š‡ƒ•–Šƒ––Š‡‘”‡œ…—”˜‡
‹• ”ƒ–Š‡” ˆƒ” ˆ”‘ Ͷͷ †‡‰”‡‡• Ž‹‡ǡ „—– –Š‡
–”‡†‹•–‘™ƒ”†•–Š‡”‡†—…–‹‘‘ˆ–Š‹•˜ƒŽ—‡Ǥ
7.ESTIMATINGMODELSOF
CONCENTRATIONINDICATORSTRENDIN
INSURANCEINDUSTRYINCROATIA
ƒ•‡† ‘ –Š‡ …ƒŽ…—Žƒ–‡† ‹†‹…ƒ–‘”• ‘ˆ ƒ”‡–
…‘…‡–”ƒ–‹‘ǡ ‹– ‹• ’‘••‹„Ž‡ –‘ ‡•–‹ƒ–‡ –Š‡
–”‡† ‘†‡Ž ‘ˆ –Š‡‹” ‘˜‡‡– ‹ –‹‡Ǥ
‘”†‡” –‘ †‘ –Šƒ–ǡ –Š‡ ‡–Š‘† ‘ˆ ”‡‰”‡••‹‘
ƒƒŽ›•‹•ƒ’’Ž‹‡†–‘–Š‡‘˜‡‡–‹–‹‡™‹ŽŽ
„‡ —•‡†ǤŠ‡ „ƒ•‹• ˆ‘” ‡•–‹ƒ–‹‰ –Š‡ ’ƒ”ƒǦ
‡–‡”• ‹ ‡ƒ…Š ‘†‡Ž ‹• –Š‡ Ž‡ƒ•– •“—ƒ”‡•
‡–Š‘† ‹ ™Š‹…Š –Š‡ †‹ˆˆ‡”‡…‡ „‡–™‡‡
ƒ…–—ƒŽ ƒ† ‡š’‡…–‡† ˜ƒŽ—‡• ‘ˆ –Š‡ †‡’‡†‡–
˜ƒ”‹ƒ„Ž‡ ‹• –Š‡ •ƒŽŽ‡•– ’‘••‹„Ž‡ ȋƒ††ƒŽƒǡ
ʹͲͲ͸ȌǤ Š‹• ‡–Š‘† ™ƒ• …Š‘•‡ „‡…ƒ—•‡ ‹ ƒ
Ž‹‡ƒ” ”‡‰”‡••‹‘ ‘†‡Ž ‹ ™Š‹…Š –Š‡ ‡””‘”•
Šƒ˜‡ ‡š’‡…–ƒ–‹‘ œ‡”‘ ƒ† ƒ”‡ —…‘””‡Žƒ–‡†
ƒ† Šƒ˜‡ ‡“—ƒŽ ˜ƒ”‹ƒ…‡•ǡ –Š‡ „‡•– Ž‹‡ƒ”
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
Ǥ‹„‡”ƒŽ‹œƒ–‹‘ƒ†ƒ”‡–…‘…‡–”ƒ–‹‘‹–Š‡‹•—”ƒ…‡‹†—•–”›ǣƒ•‡‘ˆ”‘ƒ–‹ƒ///
—„‹ƒ•‡† ‡•–‹ƒ–‘” ȋȌ ‘ˆ –Š‡ …‘‡ˆˆ‹…‹‡–•
‹• ‰‹˜‡ „› –Š‡ ‘”†‹ƒ”› Ž‡ƒ•– •“—ƒ”‡• ‡•–‹Ǧ
ƒ–‘”Ǥ  –Š‹• •‡•‡ǡ ̶„‡•–̶ ‡ƒ• ‰‹˜‹‰ –Š‡
Ž‘™‡•– ’‘••‹„Ž‡ ‡ƒ •“—ƒ”‡† ‡””‘” ‘ˆ –Š‡
‡•–‹ƒ–‡Ǥ
 ‡ƒ…Š ‘ˆ –Š‡ ‘†‡Ž• –Šƒ– ™‹ŽŽ „‡ ‡•–‹ƒ–‡†
–Š‡ †‡’‡†‡– ˜ƒ”‹ƒ„Ž‡ ‹• –Š‡ ‹†‹…ƒ–‘” ‘ˆ
…‘…‡–”ƒ–‹‘ –‘ „‡ ‡˜ƒŽ—ƒ–‡†ǡ ƒ† –Š‡ ‹†‡Ǧ
’‡†‡–˜ƒ”‹ƒ„Ž‡‹•–‹‡ǤŠ—•–Š‡‘„Œ‡…–‹˜‡‘ˆ
–Š‹• ƒƒŽ›•‹• ‹• –‘ †‡–‡”‹‡ –Š‡ ƒ˜‡”ƒ‰‡
ƒ—ƒŽ …Šƒ‰‡ ‹ –Š‡ ‘˜‡‡– ‘ˆ •‡Ž‡…–‡†
‹†‹…ƒ–‘”• ‘ˆ ƒ”‡– …‘…‡–”ƒ–‹‘Ǥ‘†‡Ž•
™‹ŽŽ „‡ ‡˜ƒŽ—ƒ–‡† ˆ‘” –Š”‡‡ ‹†‹…ƒ–‘”• ‘ˆ …‘Ǧ
…‡–”ƒ–‹‘ǣ ‡”ˆ‹†ŠƒŽǦ‹”•…Šƒ ‹†‡šǡ Ͷ
…‘…‡–”ƒ–‹‘ ”ƒ–‹‘ ƒ† ‹‹ …‘‡ˆˆ‹…‹‡–ǤŠ‡
”‡ƒ•‘ ˆ‘” …Š‘‘•‹‰ –Š‡•‡ –Š”‡‡ ‹†‹…ƒ–‘”• –‘
ƒ••‡•• –Š‡ –”‡† •–‡• ˆ”‘ –™‘ ˆƒ…–•Ǥ‹”•–ǡ
–Š‡ ’”‡˜‹‘—• ƒƒŽ›•‹• •Š‘™‡† –Šƒ– ƒŽŽ
‹†‹…ƒ–‘”• ‘ˆ …‘…‡–”ƒ–‹‘ ‹ –Š‡ ”‘ƒ–‹ƒ
‹•—”ƒ…‡ ƒ”‡– ƒ”‡ ‘˜‹‰ ‹ –Š‡ •ƒ‡
†‹”‡…–‹‘Ǥ‡…‘†Ž›ǡ‹–‹•–Š‡•‡–Š”‡‡‹†‹…ƒ–‘”•
–Šƒ– ƒ”‡ ‘•– …‘‘Ž› —•‡† ‹ –Š‡ ƒƒŽ›•‹•
‘ˆ ƒ”‡– …‘…‡–”ƒ–‹‘ǡ ƒ† –Š‡”‡ˆ‘”‡ –Š‡›
ƒ”‡–Š‡‘•–—•‡”Ǧˆ”‹‡†Ž›–‘–Š‡”‡ƒ†‡”•Ǥ
ƒ„Ž‡͹ǤͳǤ”‡†‘†‡Ž‘ˆ
‡’‡†‡–ƒ”‹ƒ„Ž‡ǣ
‡–Š‘†ǣ‡ƒ•–“—ƒ”‡•
ƒ’Ž‡ǣͳͻͻͺʹͲͳͲ
…Ž—†‡†‘„•‡”˜ƒ–‹‘•ǣͳ͵
αȋͳȌΪȋʹȌȗ
‘‡ˆˆ‹…‹‡– –†Ǥ””‘” –Ǧ–ƒ–‹•–‹…
”‘„Ǥ
ȋͳȌ
͵Ͷ͵͸Ǥͻͻ͹ ͳͲʹǤʹͷͳʹ ͵͵Ǥ͸ͳ͵ʹ͹
ͲǤͲͲͲͲ
ȋʹȌ
Ǧͳ͹͸Ǥ͵ͷͶ͵ ͳʹǤͺͺʹͶͶ Ǧͳ͵Ǥ͸ͺͻͷʹ
ͲǤͲͲͲͲ
Ǧ•“—ƒ”‡†
ͲǤͻͶͶͷͷ͹‡ƒ†‡’‡†‡–˜ƒ” ʹʹͲʹǤͷͳ͸
†Œ—•–‡†Ǧ
•“—ƒ”‡†
ͲǤͻ͵ͻͷͳ͹ǤǤ†‡’‡†‡–˜ƒ”
ǤǤ‘ˆ”‡‰”‡••‹‘
ͳ͹͵Ǥ͹ͻ͵͸ƒ‹‡‹ˆ‘…”‹–‡”‹‘ ͳ͵ǤʹͻͶʹͷ
—•“—ƒ”‡†”‡•‹† ͵͵ʹʹͶ͸Ǥ͵…Š™ƒ”œ…”‹–‡”‹‘
‘‰Ž‹‡Ž‹Š‘‘†
͹Ͳ͸Ǥ͸͹Ͳ͹
ͳ͵Ǥ͵ͺͳͳ͹
ǦͺͶǤͶͳʹ͸ͶƒƒǦ—‹…”‹–‡”Ǥ ͳ͵Ǥʹ͹͸͵ͻ
Ǧ•–ƒ–‹•–‹…
ͳͺ͹ǤͶͲʹͻ—”„‹Ǧƒ–•‘•–ƒ– ͲǤͶ͵ͺͲ͹ͺ
”‘„ȋǦ•–ƒ–‹•–‹…Ȍ
ͲǤͲͲͲͲͲͲ
‹‰—”‡͹ǤͳǤ…–—ƒŽƒ†‡•–‹ƒ–‡†˜ƒŽ—‡•‘ˆ
……‘”†‹‰ –‘ –Š‹• ‘†‡Ž –Š‡ ƒ˜‡”ƒ‰‡ ƒ—ƒŽ
†‡…Ž‹‡ ‘ˆ ‡”ˆ‹†ƒŠŽǦ‹”•…Šƒ ‹†‡š ‹•
ͳ͹͸Ǥ͵ͷǤŠ‹• ‹†‹…ƒ–‡• ƒ •‹‰‹ˆ‹…ƒ– ƒ—ƒŽ
†‡…Ž‹‡ ‹ …‘…‡–”ƒ–‹‘ ‹ –Š‡ ”‘ƒ–‹ƒ
‹•—”ƒ…‡ƒ”‡–ǤŠ‡‘†‡Ž‹••‹‰‹ˆ‹…ƒ–ƒ–ƒ
•‹‰‹ˆ‹…ƒ…‡ Ž‡˜‡Ž ‘ˆ ͳΨǡ ƒ• ‡˜‹†‡…‡† „› ’Ǧ
˜ƒŽ—‡•Ǥ
Š‡‘†‡Ž‡š’Žƒ‹‡†ͻͶΨ‘ˆ˜ƒ”‹ƒ…‡Ǥ‡•’‹–‡
–Š‡ —”„‹Ǧƒ–•‘ –‡•–ǡ ™Š‹…Š ‹†‹…ƒ–‡• –Š‡
‡š‹•–‡…‡ ‘ˆ ’‘•‹–‹˜‡ ƒ—–‘…‘””‡Žƒ–‹‘ǡ ‘–Š‡”
–‡•–• •Š‘™‡† –Šƒ– ƒ– •‹‰‹ˆ‹…ƒ…‡ Ž‡˜‡Ž ‘ˆ ͷΨ
–Š‡”‡ ‹• ‘ ’”‘„Ž‡ ‘ˆ ƒ—–‘…‘””‡Žƒ–‹‘Ǥˆ –Š‹•
‘˜‡‡– …‘–‹—‡• ‹ –Š‡ ˆ—–—”‡ǡ ™‡ …ƒ
‡š’‡…– ƒ ˆ—”–Š‡” †”‘’ ‹ –Š‡ Ž‡˜‡Ž ‘ˆ ƒ”‡–
…‘…‡–”ƒ–‹‘ ‹ –Š‡ ‹•—”ƒ…‡ ƒ”‡– ƒ•
‡ƒ•—”‡†„›‡”ˆ‹†ƒŠŽ‹†‡šǤ
•‹‰ –Š‹• ‘†‡Ž ‘ˆ ’”‡†‹…–‹‘ǡ –Š‡ ‹•—”ƒ…‡
ƒ”‡– •Š‘—Ž† ˆƒŽŽ „‡Ž‘™ ͳͲͲͲ ȋȌ ‹ –Š‡
’‡”‹‘† ‘ˆ –Š‡ ‡š– ˆ‡™ ›‡ƒ”•Ǥ’‡…‹ˆ‹…ƒŽŽ›ǡ –Š‡
‘†‡Ž •Š‘™• –Šƒ– ƒ• ‡ƒ”Ž› ƒ• ‹ ʹͲͳͳ–Š‡
‡•–‹ƒ–‡† ˜ƒŽ—‡ ‘ˆ ‹• ‡š’‡…–‡† –‘ „‡
ͻ͸ͺǤͲͶǡ ‹ ʹͲͳʹ ͹ͻͳǤ͸ͺǡ ƒ† ‹ ʹͲͳ͵
͸ͳͷǤ͵͵Ǥ‘™‡˜‡”ǡ ‹– ‹• ”‡ƒŽ‹•–‹… –‘ ‡š’‡…– –Šƒ–
–Š‹• –”‡† ‘ˆ ˆƒŽŽ‹‰ …‘…‡–”ƒ–‹‘ ™‹ŽŽ
ƒŽŽ‡˜‹ƒ–‡ǡ™Š‹…Š‹•”‡ˆŽ‡…–‡†‹–Š‡’‡”‹‘†ƒˆ–‡”
ʹͲͲ͹ǡ •‘ ‹ ”‡ƒŽ‹–› ‘‡ …‘—Ž† ‡š’‡…– –Šƒ– –Š‡
Ž‡˜‡Ž• ‘ˆ ƒ”‡ ƒ…–—ƒŽŽ› ƒ Ž‹––Ž‡ „‹– Š‹‰Š‡”
–Šƒ ’”‡†‹…–‡†Ǥ—– …‡”–ƒ‹Ž› ‹ –Š‡ ’‡”‹‘† ‘ˆ
–Š‡‡š––Š”‡‡›‡ƒ”•–Š‡Ž‡˜‡Ž‘ˆ…‘…‡–”ƒ–‹‘
‡ƒ•—”‡†„›‡”ˆ‹†ƒŠŽǦ‹”•…Šƒ‹†‡š™‹ŽŽ
ˆƒŽŽ „‡Ž‘™ ͳͲͲͲ ƒ† ƒ……‘”†‹‰ –‘ –Š‹•
ƒ”‡–™‹ŽŽ„‡…‘•‹†‡”‡†Ž‘™Ǧ…‘…‡–”ƒ–‡†Ǥ
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
͹ͳ///
///Ǥe—ˆŽ‹©Ǥ‡–ƒŽǤǤ
ƒ„Ž‡͹ǤʹǤ”‡†‘†‡Ž‘ˆͶ
‡’‡†‡–ƒ”‹ƒ„Ž‡ǣͶ
‡–Š‘†ǣ‡ƒ•–“—ƒ”‡•
ƒ’Ž‡ǣͳͻͻͺʹͲͳͲ
…Ž—†‡†‘„•‡”˜ƒ–‹‘•ǣͳ͵
ͶαȋͳȌΪȋʹȌȗ
•—‡”•ǤŠ‡ ‡š’‡…–‡† ˜ƒŽ—‡• ‘ˆ Ͷ „ƒ•‡† ‘
–Š‡ ‘†‡Ž ƒ”‡ ͷͻǤͲͲ ‹ ʹͲͳͳǡ ͷ͹ǤͺͲ ‹ ʹͲͳʹ
ƒ†ͷ͸Ǥ͸Ͳ‹ʹͲͳ͵Ǥ
ƒ„Ž‡͹Ǥ͵Ǥ”‡†‘†‡Ž‘ˆ
‘‡ˆˆ‹…‹‡– –†Ǥ””‘” –Ǧ–ƒ–‹•–‹…
”‘„Ǥ
ȋͳȌ
͹ͷǤͺͷͳͳͷ ͲǤͷ͵ͺͻͶͶ ͳͶͲǤ͹ͶͲͶ
ͲǤͲͲͲͲ
ȋʹȌ
ǦͳǤʹͲ͵͵ͷʹ ͲǤͲ͸͹ͻͲͳ Ǧͳ͹Ǥ͹ʹʹʹ͹
ͲǤͲͲͲͲ
Ǧ•“—ƒ”‡†
ͲǤͻ͸͸ͳ͸ʹ‡ƒ†‡’‡†‡–˜ƒ” ͸͹ǤͶʹ͹͸ͻ
†Œ—•–‡†Ǧ
•“—ƒ”‡†
ͲǤͻ͸͵Ͳͺ͸ǤǤ†‡’‡†‡–˜ƒ”
ǤǤ‘ˆ”‡‰”‡••‹‘
ͲǤͻͳ͸Ͳʹͺƒ‹‡‹ˆ‘…”‹–‡”‹‘ ʹǤͺͲ͵Ͳͻͻ
—•“—ƒ”‡†”‡•‹† ͻǤʹ͵Ͳͳͺ͸…Š™ƒ”œ…”‹–‡”‹‘
‘‰Ž‹‡Ž‹Š‘‘†
ʹǤͺͻͲͲͳͷ
Ǧ•–ƒ–‹•–‹…
͵ͳͶǤͲ͹ͺͻ—”„‹Ǧƒ–•‘•–ƒ– ͳǤ͵ͻͺ͹͵ͻ
”‘„ȋǦ•–ƒ–‹•–‹…Ȍ
ͲǤͲͲͲͲͲͲ
‡–Š‘†ǣ‡ƒ•–“—ƒ”‡•
ƒ’Ž‡ǣͳͻͻͺʹͲͳͲ
…Ž—†‡†‘„•‡”˜ƒ–‹‘•ǣͳ͵
αȋͳȌΪȋʹȌȗ
‘‡ˆˆ‹…‹‡– –†Ǥ””‘” –Ǧ–ƒ–‹•–‹…
ͶǤ͹͸͹͹Ͷͳ
Ǧͳ͸ǤʹʹͲͳͷƒƒǦ—‹…”‹–‡”Ǥ ʹǤ͹ͺͷʹ͵Ͷ
‡’‡†‡–ƒ”‹ƒ„Ž‡ǣ
”‘„Ǥ
ȋͳȌ
ͲǤ͹͹ʹͷ͵ͺ ͲǤͲͲͶ͵ͻͳ ͳ͹ͷǤͻͷͷͺ ͲǤͲͲͲͲ
ȋʹȌ
ǦͲǤͲͳͲ͵Ͷͳ ͲǤͲͲͲͷͷ͵ ǦͳͺǤ͸ͻ͵ͻͻ ͲǤͲͲͲͲ
Ǧ•“—ƒ”‡†
ͲǤͻ͸ͻͶͺͶ‡ƒ†‡’‡†‡–˜ƒ” ͲǤ͹ͲͲͳͷͶ
†Œ—•–‡†Ǧ
•“—ƒ”‡†
ͲǤͻ͸͸͹ͳͲǤǤ†‡’‡†‡–˜ƒ”
ǤǤ‘ˆ”‡‰”‡••‹‘
Ǧ
ͲǤͲͲ͹Ͷ͸ʹƒ‹‡‹ˆ‘…”‹–‡”‹‘ ͸Ǥͺͳ͹ʹʹͷ
—•“—ƒ”‡†”‡•‹† ͲǤͲͲͲ͸ͳ͵…Š™ƒ”œ…”‹–‡”‹‘
ͲǤͲͶͲͻͲͲ
Ǧ
͸Ǥ͹͵Ͳ͵ͳͲ
‘‰Ž‹‡Ž‹Š‘‘†
Ǧ
Ͷ͸Ǥ͵ͳͳͻ͸ƒƒǦ—‹…”‹–‡”Ǥ͸Ǥͺ͵ͷͲͻͲ
Ǧ•–ƒ–‹•–‹…
͵ͶͻǤͶ͸ͷͳ—”„‹Ǧƒ–•‘•–ƒ– ͳǤ͵ͷͻͺͳͻ
”‘„ȋǦ•–ƒ–‹•–‹…Ȍ
ͲǤͲͲͲͲͲͲ
‹‰—”‡͹ǤʹǤ…–—ƒŽƒ†‡•–‹ƒ–‡†˜ƒŽ—‡•‘ˆͶ
Š‹• ‘†‡Ž •Š‘™• –Šƒ– –Š‡ ƒ”‡– •Šƒ”‡ ‘ˆ
ˆ‘—” Žƒ”‰‡•– ‹•—”ƒ…‡ …‘’ƒ‹‡• ‹ ”‘ƒ–‹ƒ
ƒ—ƒŽŽ› †‡…”‡ƒ•‡• „› ͳǤʹͲΨǤŠ‡ ‘†‡Ž ‹•
•‹‰‹ˆ‹…ƒ– ƒ– ƒ •‹‰‹ˆ‹…ƒ…‡ Ž‡˜‡Ž ‘ˆ ͳΨǤŠ‡
‘†‡Ž ‡š’Žƒ‹‡† ͻ͹Ψ ‘ˆ –Š‡ ˜ƒ”‹ƒ…‡ǡ ƒ†
ƒƒŽ›•‹•‘ˆ”‡•‹†—ƒŽ•‹†‹…ƒ–‡†–Š‡ƒ†‡“—ƒ…›‘ˆ
–Š‡ ‘†‡ŽǤˆ –Š‡ –”‡† …‘–‹—‡•ǡ ‹ –Š‡ ‡š–
ˆ‡™ ›‡ƒ”•ǡ …‘…‡–”ƒ–‹‘ ”ƒ–‹‘ Ͷ ‹ –Š‡
”‘ƒ–‹ƒ‹•—”ƒ…‡ƒ”‡–•Š‘—Ž†…‘–‹—‡–‘
†‡…Ž‹‡Ǥ Š‡ ‡š’‡…–‡† •–”‡‰–Š‡‹‰ ‘ˆ …‘Ǧ
’‡–‹–‹‘ ƒ† ‰”‡ƒ–‡” †‹•’‡”•‹‘ „‡–™‡‡ –Š‡
‹•—”ƒ…‡ …‘’ƒ‹‡• •Š‘—Ž† …‡”–ƒ‹Ž› …‘Ǧ
–”‹„—–‡ –‘ ‹’”‘˜‹‰ –Š‡ ’‘•‹–‹‘ ‘ˆ …‘Ǧ
///͹ʹ
‹‰—”‡͹Ǥ͵Ǥ…–—ƒŽƒ†‡•–‹ƒ–‡†˜ƒŽ—‡•‘ˆ
Š‡‡•–‹ƒ–‡†‘†‡Ž‘ˆ
‹‹…‘‡ˆˆ‹…‹‡–•Š‘™•
–Šƒ–‹–•˜ƒŽ—‡‹–Š‡”‘ƒ–‹ƒ‹•—”ƒ…‡ƒ”‡–
ƒ—ƒŽŽ› †‡…”‡ƒ•‡• ‘ ƒ˜‡”ƒ‰‡ „› ͲǤͲͳǤŠ‡
‘†‡Ž ‹• •‹‰‹ˆ‹…ƒ– ƒ– ƒ •‹‰‹ˆ‹…ƒ…‡ Ž‡˜‡Ž ‘ˆ
ͳΨǡ ƒ† –Š‹• ‘†‡Ž ‡š’Žƒ‹‡† ͻ͹Ψ ‘ˆ –Š‡
˜ƒ”‹ƒ…‡ǤŠ‡ ƒƒŽ›•‹• ‘ˆ ”‡•‹†—ƒŽ• ‹†‹…ƒ–‡•
–Š‡ ƒ†‡“—ƒ…› ‘ˆ –Š‡ ‘†‡ŽǤ –Š‡ ˆ—–—”‡ –Š‡
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
Ǥ‹„‡”ƒŽ‹œƒ–‹‘ƒ†ƒ”‡–…‘…‡–”ƒ–‹‘‹–Š‡‹•—”ƒ…‡‹†—•–”›ǣƒ•‡‘ˆ”‘ƒ–‹ƒ///
Ž‡˜‡Ž‘ˆ
‹‹…‘‡ˆˆ‹…‹‡–ǡ‹ˆ–Š‹•–”‡†…‘–‹—‡•ǡ
•Š‘—Ž† …‘–‹—‡ –‘ †‡…”‡ƒ•‡ǤŠ‡ ’”‘‰‘•–‹…
˜ƒŽ—‡ˆ‘”ʹͲͳͳ‹•ͲǤ͸ʹ͹ͺǡˆ‘”ʹͲͳʹͲǤ͸ͳ͹Ͷǡƒ†
ˆ‘”ʹͲͳ͵ͲǤ͸Ͳ͹ͳǤ
ƒ•‡† ‘ –Š‡ •Š‘™ ‡…‘‘‡–”‹… –”‡†
‘†‡Ž• ‹– ‹• ’‘••‹„Ž‡ –‘ ‰‹˜‡ …‘‘ …‘Ǧ
…Ž—•‹‘ǤŽŽ–Š”‡‡‹†‹…ƒ–‘”•ǡ‡”ˆ‹†ƒŠŽ‹†‡šǡ
Ͷ …‘…‡–”ƒ–‹‘ ”ƒ–‹‘ ƒ† ‹‹ …‘‡ˆˆ‹…‹‡–
•Š‘™–Šƒ––Š‡Ž‡˜‡Ž‘ˆƒ”‡–…‘…‡–”ƒ–‹‘‹
–Š‡ ”‘ƒ–‹ƒ ‹•—”ƒ…‡ ƒ”‡– ‹• †‡…Ǧ
”‡ƒ•‹‰ǤŠƒ– ‹• ™Š› ‹ –Š‡ ‡š– …‘—’Ž‡ ‘ˆ
›‡ƒ”• ‘‡ …ƒ ‡š’‡…– ƒ ˆ—”–Š‡” †”‘’ ‹ –Š‡
Ž‡˜‡Ž‘ˆƒ”‡–…‘…‡–”ƒ–‹‘‹–Š‡‹•—”ƒ…‡
ƒ”‡–ǤŠ‹•‡ƒ•–Šƒ––Š‡‹•—”ƒ…‡ƒ”‡–
‹•„‡…‘‹‰‘”‡†‡˜‡Ž‘’‡†ƒ†‘”‡Ž‹„‡”ƒŽǡ
ƒ† Ž‡ƒ†‹‰ ‹•—”ƒ…‡ …‘’ƒ‹‡• ƒ”‡ •Ž‘™Ž›
Ž‘•‹‰–Š‡‹”ƒ”‡–•Šƒ”‡‹ˆƒ˜‘—”‘ˆ•ƒŽŽ‡”
‹•—”ƒ…‡ …‘’ƒ‹‡•ǡ –Šƒ– ‹• ‰”‘•• ’”‡‹—•
ƒ”‡ „‡…‘‹‰ ‘”‡ ‡˜‡Ž› †‹•–”‹„—–‡† ‹ –Š‡
‹•—”ƒ…‡ƒ”‡–Ǥ
8.CONCLUSION
Š‡ ”‹•‹‰ …‘’‡–‹–‹‘ ‹ ‡ƒ…Š ƒ”‡– ƒŽŽ‘™•
ƒ ‰”‡ƒ–‡” ƒ† „‡––‡” …Š‘‹…‡ ˆ‘” …‘•—‡”•ǡ
™Š‹Ž‡ „—•‹‡••‡• ƒ”‡ ˆ‘”…‡† –‘ —•‡ ƒŽŽ
”‡•‘—”…‡• ˆ‘” †‡˜‡Ž‘’‡– ‹ ‘”†‡” –‘ ”‡–ƒ‹
–Š‡ ‡š‹•–‹‰ ‘” –‘ …ƒ’–—”‡ „‡––‡” ƒ”‡–
’‘•‹–‹‘Ǥ›’‹…ƒŽŽ› –Š‡”‡ ‹• ƒ ‰”‡ƒ–‡” †‹˜‡”Ǧ
•‹ˆ‹…ƒ–‹‘‘ˆ’”‘†—…–•ǡ‹’”‘˜‡‡–‹“—ƒŽ‹–›
ƒ† ‘”‡ ƒˆˆ‘”†ƒ„Ž‡ ’”‹…‡•Ǥ ‹„‡”ƒŽ‹•ƒ–‹‘ ‘ˆ
ˆ‹ƒ…‹ƒŽ ƒ”‡–• ‹• ƒ ‡› …‘†‹–‹‘ ™Š‹…Š
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”ƒ†‡ ”‰ƒ‹œƒ–‹‘ ƒ† –Š‡ —”‘’‡ƒ ‹‘Ǥ
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…Ž‘•‡† ƒ† ’‘‘”Ž› …‘’‡–‹–‹˜‡ǤŠ‹• ’”‘…‡••
‘’‡‡† –Š‡ ’‘••‹„‹Ž‹–› ‘ˆ ’”‹…‡ Ž‹„‡”ƒŽ‹œƒ–‹‘ǡ
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ƒ†˜ƒ–ƒ‰‡‘ˆ‹–Ǥ
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–‘ ’”‘–‡…– …‘’‡–‹–‹‘ ˆ”‘ ƒ„—•‡ǡ ƒ† ’”‡Ǧ
˜‡– –Š‡ …”‡ƒ–‹‘ ‘ˆ ƒ”‡– •–”—…–—”‡• Ž‹‡
‘‘’‘Ž› ‘” …ƒ”–‡Ž•Ǥ‘’‡–‹–‹‘ Žƒ™ ‘ˆ –Š‡
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’‘™‡” ‹’‡†‡ –Š‡ ˆ”‡‡ ‘˜‡‡– ‘ˆ ‰‘‘†•
ƒ† •‡”˜‹…‡• ‹ –Š‡ —”‘’‡ƒ …‘‘
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…‘…‡–”ƒ–‹‘ …‘‡ˆˆ‹…‹‡–• ȋˆ‘—” ƒ† ‡‹‰Š–
…‘’ƒ‹‡•Ȍƒ†‡”ˆ‹†ƒŠŽǦ‹”•…Šƒ‹†‡šǤ
Š‡ ”‡•—Ž–• ‘ˆ –Š‡ ”‡•‡ƒ”…Š ˆ‘” –Š‡ ‘˜‡”ƒŽŽ
‹•—”ƒ…‡ ‹†—•–”› ’‘‹–‡† ‘—– ƒ ”‡Žƒ–‹˜‡Ž›
…‘…‡–”ƒ–‡† ‹†—•–”› ‹ ”‘ƒ–‹ƒǡ ™Š‹…Š ‹•
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…‹ƒŽŽ› ”‘ƒ–‹ƒ ‘•‹‰—”ƒŒ‡ ™Š‹…Š …‘–”‘Ž• ‘‡
–Š‹”† ‘ˆ –Š‡ ƒ”‡–Ǥ Š‡ ˆ‘—” Žƒ”‰‡•– ˆ‹”•
…‘–”‘Ž ƒ„‘—– ͸ͲΨǡ ™Š‹Ž‡ ‡‹‰Š– ‘ˆ –Š‡
…‘–”‘Ž ͺͲΨ ‘ˆ –Š‡ –‘–ƒŽ ƒ”‡–Ǥ Š‹• ‡ƒ•
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…ƒ–‡• ‘†‡”ƒ–‡ …‘…‡–”ƒ–‹‘•ǡ ƒ† ‹– ”ƒ‰‡†
ˆ”‘ͳ͸ͲͷǤͶ͹‹ʹͲͲ͹–‘ͳ͵ͻ͹Ǥ͹ͷ‹ʹͲͳͲǤŽŽ
…ƒŽ…—Žƒ–‡† ‹†‹…‡• •Š‘™‡† –Š‡ •ƒ‡ –‡†‡…›
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–Š‡Ž‹ˆ‡‹•—”ƒ…‡•‡‰‡–ȋ„ƒ•‡†‘–Š‹•
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ƒ”‡–ƒ•™‡ŽŽƒ•‹–Š‡‘˜‡”ƒŽŽ•‡…–‘”–Š‡”‡‹•
ƒ †‘™™ƒ”† –”‡† ‹ …‘…‡–”ƒ–‹‘ǡ ™Š‹…Š
‹†‹…ƒ–‡• –Š‡ •—……‡•• ‘ˆ –Š‡ Ž‹„‡”ƒŽ‹œƒ–‹‘
’”‘…‡••Ǥ ‹„‡”ƒŽ‹œƒ–‹‘ ‹ –‡”• ‘ˆ –Š‡ ‡™
…‘’ƒ‹‡• ƒ† ‡™ ’”‘†—…–• ›‹‡Ž†‡† •ƒ–‹Ǧ
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•Š‘—Ž† –”ƒ•ˆ‘” –Š‹• •‡…–‘” –‘ ƒ Ž‘™Ǧ
…‘…‡–”ƒ–‡† •‡…–‘”ǡ ™Š‡”‡ …‘•—‡”• ™‘—Ž†
„‡‡ˆ‹– –Š‡ ‘•–Ǥ‘™‡˜‡”ǡ †—‡ –‘ –Š‡ …”‹•‹•
–Šƒ– …—””‡–Ž› ‡š‹•–• ‹ ”‘ƒ–‹ƒ ƒ† –Š‡
—”‘’‡ƒ ‹‘ǡ ƒ† –Š‡ Š‹‰Š …‘””‡Žƒ–‹‘
„‡–™‡‡–Š‹••‡…–‘”ƒ†–Š‡–”‡†‘ˆ‡…‘‘‹…
‰”‘™–Šǡ –Š‡ ‡•–‹ƒ–‡• ‹ –‡”• ‘ˆ …‘…‡Ǧ
–”ƒ–‹‘ ƒ”‡ Šƒ”†‡” –‘ …‘‡ „›ǡ –Š—• …‘…Ž—Ǧ
•‹‘••Š‘—Ž†„‡˜‹‡™‡†™‹–Š–Š‡•‡Ž‹‹–ƒ–‹‘•Ǥ
—”‹αǣǣʹͲͲ͵ǣͲͷ͵ǣͲͲͲͺǣͲͲͳ͸ǣǣ
ȏ……‡••‡†ǣͳ‡’–‡„‡”ʹͲͳͳȐǤ
͸Ǥ
‘Ž†˜ƒ”›ǡ ǤǤ ȋʹͲͲ͸ǤȌ Š‡ ‡ƒ•—”‡‡–
‘ˆ ‡“—ƒŽ‹–›ǡ ‘…‡–”ƒ–‹‘ ƒ† ‹˜‡”•‹Ǧ
ˆ‹…ƒ–‹‘ǡIndianEconomicJournalǡ‘ŽǤͷͶǡ
‘Ǥ͵Ǥ
͹Ǥ
”‰‹©ǡ Ǥǡ ‹Žƒ•ǡ Ǥǡ e‹‘˜‹©ǡ Ǥ ȋʹͲͲ͸Ȍ
Financijska liberalizacija, monetarna i
fiskalnapolitikaEuropskeunije(Financial
liberalization, monetary and fiscal policy
of European Union) ȏŽ‹‡ȐǤ ˜ƒ‹Žƒ„Ž‡
ˆ”‘ǣ
Š––’ǣȀȀ™‡„Ǥ‡ˆœ‰ǤŠ”Ȁ‡…Ȁ’†ˆȀ
ŽƒƒΨʹͲͲ͸ǦͳͶǤ’†ˆ ȏ……‡••‡†ǣ ͳͷ —‡
ʹͲͳͳȐǤ
ͺǤ
ƒ–”‡‹ŽŽ‡ǡ Ǥǡ ƒ…Ž‡›ǡ Ǥ Using Excel to
IllustrateHannahandKay'sConcentration
Axioms ȏŽ‹‡ȐǤ ˜ƒ‹Žƒ„Ž‡ ˆ”‘ǣ
Š––’ǣȀȀ™™™Ǥ‡…‘‘‹…•‡–™‘”Ǥƒ…Ǥ—Ȁ‹”‡
‡Ȁ˜ͳͲͳȀŽƒ–”‡‹ŽŽ‡̴ƒ…Ž‡›Ǥ’†ˆ ȏ……‡••‡†ǣ
ͳ‡’–‡„‡”ʹͲͳͳȐǤ
ͻǤ
Œ—„ƒŒǡ Ǥ ȋʹͲͲ͸Ȍ Indeksi koncentracije
bankarskog sektora u Hrvatskoj (ConcenǦ
tration indices of banking sector in
Croatia) ȏŽ‹‡ȐǤ ˜ƒ‹Žƒ„Ž‡ ˆ”‘ǡ
Š––’ǣȀȀ™™™ǤŠ„ǤŠ”Ȁ’—„Ž‹ƒ…Ȁ’”‡‰Ž‡†‹Ȁ’
ǦͲʹͳǤ’†ˆȏ……‡••‡†ǣͳͷ—‡ʹͲͳͳȐǤ
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ͳǤ
ʹǤ
͵Ǥ
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in 2009Ȍ ȏŽ‹‡ȐǤ ˜ƒ‹Žƒ„Ž‡ ˆ”‘ǣ
Š––’ǣȀȀ™™™ǤŠ—‘ǤŠ”Ȁ†‘™Ž‘ƒ†̴ˆ‹Ž‡Ǥ’Š’ǫˆ‹
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ͲͻǤ’†ˆȏ……‡••‡†ǣʹͲ—‡ʹͲͳͳȐǤ
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ƒ”„‹”ǡ Ǥ ȋʹͲͲͺȌ ‘©‡ Ž‹ Ž‹„‡”ƒŽ‹œƒ…‹Œƒ
†‘‹Œ‡–‹ ’”‘Œ‡— …‹Œ‡‡ ‘•‹‰—”ƒŒƒǫ
ȋ‹ŽŽ Ž‹‡”ƒŽ‹œƒ–‹‘ „”‹‰ ƒ„‘—– …Šƒ‰‡•
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‡‡ǡ ǤǤǡ ƒ‡•‘ǡ Ǥǡ ƒ‹‰ǡ ǤǤǡ
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ͷǤ
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‘‹••‹‘
ȋʹͲͲ͵Ȍ
Commission regulation ‘Ǥ ͵ͷͺȀʹͲͲ͵
ȏŽ‹‡ȐǤ ˜ƒ‹Žƒ„Ž‡ ˆ”‘ǣ Š––’ǣȀȀ‡—”Ǧ
Ž‡šǤ‡—”‘’ƒǤ‡—Ȁ‡š”‹‡”˜Ȁ‡š”‹‡”˜Ǥ†‘ǫ
///͹Ͷ
ͳͲǤ ƒ††ƒŽƒǡ ǤǤ ȋʹͲͲ͸Ȍ Introduction to
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ͳͳǤ ‘•…Šƒ†”‡ƒ•ǡ Ǥ ȋʹͲͲͲȌ Business EcoǦ
nomicsǡ‘†‘ǣ‡‰ƒ‰‡‡ƒ”‹‰ǡ
’’ǤͳͶǤ
ͳʹǤ ƒ”‘†‡ ‘˜‹‡ ȋʹͲͲͷȌ Zakon o
osiguranju (Insurance law)ǡ ƒ”‘†‡
‘˜‹‡ǡ ‘ǤͳͷͳȀʹͲͲͷ ȏŽ‹‡ȐǤ ˜ƒ‹Žƒ„Ž‡
ˆ”‘ǣŠ––’ǣȀȀƒ”‘†‡Ǧ‘˜‹‡ǤǤŠ”Ȁ…Žƒ…‹
Ȁ•Ž—œ„‡‹ȀʹͻͲͶͶʹǤŠ–Ž ȏ……‡••‡†ǣ ʹͲ
—‰—•–ʹͲͳͳȐǤ
ͳ͵Ǥ Œ‡‰‘‹”ǡ Ǥ ȋʹͲͳͲȌ ’‹”‹Œ•ƒ ƒƒŽ‹œƒ
—–Œ‡…ƒŒƒ ˆ‹ƒ…‹Œ•‡ ”‹œ‡ ƒ •‡–‘”
‘•‹‰—”ƒŒƒ — ”‡‰‹Œ‹ ȋ’‹”‹…ƒŽ ƒƒŽ›•‹• ‘ˆ
–Š‡ ‹ˆŽ—‡…‡ ‘ˆ ˆ‹ƒ…‹ƒŽ …”‹•‹• ‘
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
Ǥ‹„‡”ƒŽ‹œƒ–‹‘ƒ†ƒ”‡–…‘…‡–”ƒ–‹‘‹–Š‡‹•—”ƒ…‡‹†—•–”›ǣƒ•‡‘ˆ”‘ƒ–‹ƒ///
‹•—”ƒ…‡ •‡…–‘” ‹ ”‡‰‹‘Ȍǡ Osiguranjeǡ
‘ŽǤͷͲǡ‘ǤͷǤ
ͳͶǤ Œ‡‰‘‹”ǡ Ǥǡ –‘Œ‹©ǡ Ǥǡ ƒ”‘˜‹©ǡ Ǥ
ȋʹͲͳͳȌ ‹„‡”ƒŽ‹•ƒ–‹‘ǡ ƒ”‡– …‘…‡Ǧ
–”ƒ–‹‘ ƒ† ’‡”ˆ‘”ƒ…‡ ‹ –Š‡ ‘ǦŽ‹ˆ‡
‹•—”ƒ…‡ ‹†—•–”› ‘ˆ ‡šǦ—‰‘•Žƒ˜‹ƒǡ
Ekonomska misao i praksaǡ ‘Ǥͳǡ ’’Ǥ ʹͳǦ
ͶͲǤ
ͳͷǤ Osiguranje Ǧ ”˜ƒ–•‹ «ƒ•‘’‹• œƒ –‡‘”‹Œ— ‹
’”ƒ•— ‘•‹‰—”ƒŒƒ ȋ”‘ƒ–‹ƒŒ‘—”ƒŽ ‘ˆ
–Š‡‘”›ƒ†’”ƒ…–‹…‡‘ˆ‹•—”ƒ…‡Ȍǡ‘Ǥ͹Ǧͺǡ
ʹͲͲ͹ǡ’’ǤͳͷǤ
ͳ͸Ǥ ‡…‘–‹© ƒ—ˆƒǡ Ǥ ȋʹͲͲͻȌ ƒ†œ‘”
‘…‡–”ƒ…‹Œƒ ’‘†—œ‡–‹ƒ — ’”ƒ˜—
–”ā‹æ‘‰ ƒ–Œ‡…ƒŒƒ —”‘’•‡ —‹Œ‡ ȋ—Ǧ
’‡”˜‹•‹‘ ‘ˆ ‡–”‡’”‡‡—”•Š‹’ …‘…‡Ǧ
–”ƒ–‹‘ ‹ ƒ”‡– …‘’‡–‹–‹‘ Žƒ™ ‘ˆ
—”‘’‡ƒ ‹‘Ȍǡ Pravo i poreziǡ ‘ŽǤ ͳʹǡ
‘ǤͳͲǤ
ͳ͹Ǥ ƒ†‘懘‹©ǡ Ǥ ȋͳͻͻͻȌ ”˜ƒ–•ƒ ‹ Ȃ
‹„‡”ƒŽ‹œƒ…‹Œƒ ˆ‹ƒ…‹Œ•‹Š –”ā‹æ–ƒ ȋ”‘ƒ–‹ƒ
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politika (Economic trends and Economic
policy),‘ŽǤͻǡ‘Ǥ͹ʹǤ
ͳͺǤ e‘ŽŒƒ Ǥ ȋʹͲͲͶȌ Vladaju©i položaj na
tržištu i njegova zloupotreba u pravu
tržišnog natjecanja Europske zajednice
(Dominantmarket position anditsabuse
inthecompetition lawof the European
Community)ǡ„‹•ǡƒ‰”‡„Ǥ
ͳͻǤ ‹’—”‹©ǡǤǡ‡Œ‹©ƒ…ŠǡǤǡƒ˜‹©ǡǤȋʹͲͲͺȌ
‘…‡–”ƒ–‹‘ ‘ˆ –Š‡ ‹•—”ƒ…‡ ‹†—•–”›
‹•‡Ž‡…–‡†–”ƒ•‹–‹‘…‘—–”‹‡•‘ˆ‡–”ƒŽ
ƒ† ƒ•–‡” —”‘’‡ǡ ͳͻͻͺǦʹͲͲ͸ǡ PostǦ
Communist Economiesǡ ‘ŽǤ ʹͲǡ ‘Ǥ ͳǡ ’’Ǥ
ͻ͹ǦͳͳͺǤ
NOTES
ͳ
ȋȌ ‘ ͵ͷͺȀʹͲͲ͵ǡ
Š––’ǣȀȀ‡—”ǦŽ‡šǤ‡—”‘’ƒǤ‡—Ȁ‡š”‹‡”˜Ȁ‡š
”‹‡”˜Ǥ†‘ǫ—”‹αǣǣʹͲͲ͵ǣͲͷ͵ǣͲͲͲͺǣͲͲͳ͸ǣǣ
ȏͳǤͻǤʹͲͳͳȐǤ ”‘•• ™”‹––‡ ’”‡‹— ˆ‘” ‘ǦŽ‹ˆ‡
‹•—”ƒ…‡’‘Ž‹…‹‡•‹…Ž—†‡•ƒŽŽ ƒ‘—–• –Šƒ– ™‡”‡
…‘–”ƒ…–‡†‹ –Š‡ …—””‡– ƒ……‘—–‹‰’‡”‹‘† ‘ˆ ƒ
›‡ƒ”ǡ ™Š‹Ž‡ ‹ Ž‹ˆ‡ ‹•—”ƒ…‡ ‹– ‹…Ž—†‡• ƒŽŽ
’”‡‹—• –Šƒ– ƒ”‡ ’ƒ‹† „› –Š‡ ‡† ‘ˆ –Š‡
ƒ……‘—–‹‰ ’‡”‹‘†ǡ ”‡‰ƒ”†Ž‡•• ‘ˆ ™Š‡–Š‡” –Š‡•‡
ƒ‘—–• ƒ”‡ ™Š‘ŽŽ› ‘” ’ƒ”–Ž› ”‡Žƒ–‡† ‘ –Š‡
ˆ‘ŽŽ‘™‹‰ ƒ……‘—–‹‰ ’‡”‹‘†Ǥ ˜‡”› ‘–Š
‹•—”ƒ…‡ …‘’ƒ‹‡• ’”‘˜‹†‡ †ƒ–ƒ ‘ ‰”‘••
™”‹––‡ ’”‡‹— –‘ ”‘ƒ–‹ƒ •—”ƒ…‡ —”‡ƒ—ǡ
™Š‹…Š’—„Ž‹•Š‡•–Š‡ƒ•‘–ŠŽ›”‡’‘”–•Ǥ–‹•„‡•–
–‘—•‡–Š‡†ƒ–ƒˆ”‘–Š‡Žƒ•–‘–Š‘ˆ–Š‡›‡ƒ”ǡ‹Ǥ‡Ǥ
‡…‡„‡”ǡ –‘ …‘˜‡” ’”‡‹—• ™”‹––‡ –Š”‘—‰Š‘—–
–Š‡ ›‡ƒ”ǡ ™Š‹…Š ‹• ˜‡”› ‹’‘”–ƒ– „‡…ƒ—•‡ ‘ˆ –Š‡
“—ƒ”–‡”Ž› ‘” ƒ—ƒŽ ƒ–—”‹–‹‡• ‘ˆ …‡”–ƒ‹
’”‡‹—•Ǥ Š‡ ’‡”‹‘† ˆ”‘ ʹͲͲͶ –‘ ʹͲͳͲ ™ƒ•
–ƒ‡ †—‡ –‘ •‡˜‡”ƒŽ ”‡ƒ•‘•ǣ ‘”‡ Dzƒ‰‰”‡••‹˜‡dz
’”‘…‡•• ‘ˆ Ž‹„‡”ƒŽ‹œƒ–‹‘ ‹ –Š‹• •‡…–‘” ƒ† ™‹–Š ‹–
„‡––‡” ‘˜‡”•‹‰Š–ǡ •—’‡”˜‹•‘”› ƒ‰‡…‹‡• ™‡”‡
ˆ‘”‡†ǡ ƒ† †ƒ–ƒ ™‡”‡ ‘”‡ ƒ˜ƒ‹Žƒ„Ž‡ ˆ‘” –Š‹•
’‡”‹‘†Ǥ
ʹ —–Š‘”•̵ …ƒŽ…—Žƒ–‹‘• ƒ……‘”†‹‰ –‘ †ƒ–ƒǢ
™™™ǤŠ—‘ǤŠ”ǡͲͳǤͳͲǤʹͲͳͳǤ
͵Š‡‹•„‡Ž‘™ͳͲͲͲ–Š‡‹†—•–”›‹•ƒ••‡••‡†
ƒ• ‘– …‘…‡–”ƒ–‡†ǡ ‘†‡”ƒ–‡Ž› …‘…‡–”ƒ–‡† ‹ˆ
‹• „‡–™‡‡ ͳͲͲͲ ƒ† ͳͺͲͲǡ ƒ† Š‹‰ŠŽ›
…‘…‡–”ƒ–‡†‹ˆ‹•ƒ„‘˜‡–Š‡ͳͺͲͲǤ
ͶŠ‡‹†—•–”›…‘•‹•–•‘ˆͳ͹‰”‘—’•‘ˆ…‘’ƒ‹‡•
‘„•‡”˜‡† „› ‘™‡”•Š‹’ •–”—…–—”‡ǡ ™Š‡”‡ –Š‡ ˆ‹”•–
ˆ‘—” ȋͶȌ ‘……—’› ͹͹ǤʹͻΨ ‘ˆ –Š‡ ƒ”‡– ƒ† –Š‡
ˆ‹”•– ‡‹‰Š– ͻͶǤͳ͵Ψ ‘ˆ –Š‡ ƒ”‡– ‹ ʹͲͲ͹Ǥ ‹•
ʹͲͳ͵Ǥͷͺǡ ™Š‹…Š ‹• —…Š ‘”‡ –Šƒ ™Š‡ –Š‡
‹†—•–”›‹•ƒƒŽ›œ‡†„›‹†‹˜‹†—ƒŽ…‘’ƒ‹‡•Ǥ˜‡
™‹–Š–Š‹•‹†‘ˆ‹†‹…ƒ–‘”ƒƒŽ›•‹•–Š‡”‡Šƒ•„‡‡
ƒ †‡…Ž‹‡ ‹ …‘…‡–”ƒ–‹‘ǡ ™Š‹…Š ‡ƒ• –Šƒ–
•ƒŽŽ‡” …‘’ƒ‹‡• ‰”‡™ǡ ™Š‹Ž‡ Žƒ”‰‡” ‰”‘—’•
”‡…‘”† ˆƒŽŽ‹‰ ƒ”‡– •Šƒ”‡Ǥ Ͷ †”‘’’‡† ‹ ʹͲͳͲ
–‘ ͹͵Ǥͷ͸Ψ ƒ† ͺ –‘ ͺͻǤͻͻΨǤ †‡…Ž‹‡† –‘
ͳͺͲͺǤ͵͵ǡ™Š‹…Š‹••–‹ŽŽŠ‹‰Šǡ„—–™‹–Š–Š‡ƒ’’ƒ”‡–
†‡…”‡ƒ•‹‰–”‡†Ǥ
…‘‘‹…‡˜‹‡™Ȃ‘—”ƒŽ‘ˆ…‘‘‹…•ƒ†—•‹‡••ǡ‘ŽǤǡ••—‡ʹǡ‘˜‡„‡”ʹͲͳͳ
͹ͷ///