Analysis of influence of macroeconomic indicators on life insurance premium in Czech Republic, Germany and US

The article deals with an impact of macroeconomic variables (GDP per capita, unemployment rate and short term interest rate) on life insurance premium in the Czech Republic, Germany and the United States. The theoretical part discusses general characteristics of the insurance market, life insurance and its importance in the Czech Republic. In empirical part is analyzed an influence of factors on life insurance premiums, using econometric models based on time series. It used a model, operating with delayed independent variables (ADL), which defines a short-term relationships between time series and an error correction model (ECM), which examines the long-term relationships between time series. It was found out that the unemployment rate affects life insurance premiums negatively, in all surveyed economies, except Germany, where its influence was positive. Short-term interest rates had a positive effect on life insurance premiums in Germany and in the United States and a negative effect in the Czech Republic. The influence of GDP per capita on life insurance premiums was positive in all surveyed countries.