Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168843
Authors: 
Armeanu, Dan
Istudor, Nicolae
Florinel, Sgârdea Marian
Burca, Ana-Maria
Year of Publication: 
2014
Citation: 
[Journal:] Amfiteatru Economic Journal [ISSN:] 2247-9104 [Volume:] 16 [Year:] 2014 [Issue:] 36 [Pages:] 550-562
Abstract: 
In the financial market of insurance, consumer protection represents an important component contributing to the stability, discipline and efficiency of the market. In this respect, the activity of educating and informing insurance consumers on ensuring and exercising their right to claim plays a leading role in the mechanism of consumer protection. This study aims to improve the decision-making capacity of the financial services consumers from the Romanian insurance market through better information on ensuring and exercising their right to claim under the legislation. Thus, by applying three data analysis techniques – principal components analysis, cluster analysis and discriminant analysis – to the data regarding the petitions that were registered by the 41 insurance companies which operated in the Romanian market in 2012, a classification that assesses the insurance market transparency is achieved, resulting in a better information for consumers and, hence, the improvement of their protection through reducing the level of transactions that are harmful to consumers.
Subjects: 
the right to be informed
claims
financial services
insurance market
data analysis techniques
JEL: 
C49
G22
D18
Creative Commons License: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Article

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