Neugebaue , Jan; Vokoun, Ma ek
A icle
Symbio ic ha mony: explo ing he in e play be ween
in es men s a egies and insu ance in he Czech Republic
Financial In e ne Qua e ly
P o ided in Coope a ion wi h:
Uni e si y o In o ma ion Technology and Managemen , Rzeszów
Sugges ed Ci a ion: Neugebaue , Jan; Vokoun, Ma ek (2025) : Symbio ic ha mony: explo ing he
in e play be ween in es men s a egies and insu ance in he Czech Republic, Financial In e ne
Qua e ly, ISSN 2719-3454, Sciendo, Wa saw, Vol. 21, Iss. 2, pp. 1-18,
h ps://doi.o g/10.2478/ iq -2025-0008
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/329899
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by-nc-nd/4.0/
10.2478/ iq -2025-0008
Abs ac This s udy in es iga es he complex ela ionship be ween insu ance and in es men s a egies in
he Czech Republic using a PICOT-PRISMA app oach ha ocuses on high-impac Social Sciences
Ci a ion Index (SSCI) a icles om Q1-Q3 jou nals. By examining bo h manda o y and op ional
insu ance ypes, we highligh hei impac on socie al wel a e and indi idual au onomy. The
s udy also uses VECM econome ic analysis o e eal dis inc pa e ns ac oss di e en economic
agen s: households ha e a s able long- e m equilib ium, wi h inc eased insu ance co e age co -
ela ed wi h highe in es men le els, implying complemen a i y. Non- inancial companies, on
he o he hand, show a subs i u ion e ec , wi h inc eased insu ance co e age esul ing in lowe
in es men . A he agg ega e economic le el, we see a s onge posi i e ela ionship, wi h in-
es men se ing as he p ima y d i e and insu ance playing a mo e passi e ole. These indings
con ibu e o he li e a u e by p o iding empi ical e idence on he nuanced in e ac ion o insu -
ance and in es men in a small open economy, highligh ing he impac o speci ic economic, eg-
ula o y, and sociocul u al ac o s, as well as di e gen incen i es and isk p o iles among house-
holds and co po a e en i ies.
JEL classi ica ion: G11, G22, C32, R28
Keywo ds: Housing In es men , Insu ance, Czechia, S a egies, Economy, Financial Planning
Recei ed: 23.05.2024 Accep ed: 27.12.2024
Ci e his:
Neugebaue , J. & Vokoun, M. (2025). Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies and insu ance in he Czech Repu-
blic. Financial In e ne Qua e ly 21(2), pp. 1-18.
© 2025 Jan Neugebaue and Ma ek Vokoun, published by Sciendo. This wo k is licensed unde he C ea i e Commons A ibu ion-NonComme cial-
NoDe i a i es 4.0 License.
1 Uni e si y o Jan E angelis a Pu kyně in Ús í nad Labem, Facul y o Social and Economic S udies, Depa men o Economics and Managemen ,
Czech Republic, e-mail: s 102396@s uden s.ujep.cz, ORCID: h ps://o cid.o g/0000-0001-5216-1015.
2 Uni e si y o Jan E angelis a Pu kyně in Ús í nad Labem, Facul y o Social and Economic S udies, Depa men o Economics and Managemen ,
Czech Republic, e-mail: Ma ek.Voko[email p o ec ed], ORCID: h ps://o cid.o g/0000-0001-5659-3085.
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
men depa men s and p ocedu es, as well as p o es-
sional inancial ad ice o s ay in o med abou ma ke
de elopmen s and a di e si ied app oach o in es -
men s and isk managemen . These a e c i ical p inci-
ples o o ganiza ions in he Czech Republic and he
Eu opean Union o adap o changing economic land-
scapes and imp o e inancial esilience.
The Eu opean Union's co e objec i e is o p omo e
peace, adhe e o many p ac ical, cul u al, and e hical
alues, and shape Eu ope as a single economic space
(Fiala e al., 2021). Nume ous indica o s can be used o
compa e coun ies o egions, including GDP and GNI
(S anicko a e al., 2018). O he ac o s such as people's
social ci cums ances, a i udes owa ds en i onmen al
p o ec ion, sense o secu i y, and happiness a e also
assessed as GDP is inc easingly seen as an insu icien
indica o o li ing s anda ds.
O ganiza ions, pa icula ly global co po a ions,
ecognize ha g oss alue-added and p o i maximiza-
ion depend on en i onmen al, socie al, and go e n-
men al (ESG) objec i es. New isk managemen p o-
cesses mus be implemen ed in ligh o ESG goals and
inc easing globaliza ion endencies. The mos ea ed
new h ea s a e e o ism, cybe ne ic inciden s, hyb id
wa s, cul u al di e si y issues, and he e u n o e adi-
ca ed o global ci iliza ion diseases (Ma eso a e al.,
2018; Lando ska & Ka bano a, 2022; Pola & And es,
2019).
All hese ac o s con ibu e o he necessi y o e-
sea ch on inc easing demand o insu ance p oduc s
and de eloping new hedging s a egies o in es men
p ojec s. Policy-make s a e ecognizing he new
h ea s; howe e , he economic policy esponse lag
and implemen a ion lag and he delay in passing new
laws is a new sou ce o unce ain y and hea ed poli ical
deba e. Tha is why Czech households and o ganiza-
ions a e now mo e open o new in es men s a egies,
including insu ance, inc easing hei incomes, and i
impac s he economy and money low in he Czech
Republic (Blaschke, 2022).
Insu ance mo es beyond i s adi ional ole as
a isk mi iga o o become a signi ican economic con-
ibu o . The Czech Republic is one o he coun ies
wi h he highes incidence o insu ance p oduc s, based
on knowledge o comme cial and non-comme cial in-
su ance (B yndo á e al., 2019). In addi ion, i is a coun-
y wi h many ypes o insu ance, anging om li e and
p ope y insu ance o insu ance agains he , andal-
ism, o damage o hi d pa ies (Budská & Fleischmann,
2021). Based on he compound annual g ow h a e
(CAGR) be ween 2010 and 2022, he g oss p emium o
li e insu ance is g owing by 0.87%, and non-li e insu -
ance is inc easing by 3.11% yea ly (Table 1). As is ypi-
Insu ance and hedging a e an in eg al pa o he
in es men s a egies o economic agen s. Financial
goals, isk ole ance, and o e all inancial si ua ion in-
luence indi iduals’ inancial decisions. Insu ance s a -
egies a e employed o manage isk, p ese e capi al,
maximize po olio e u ns, and main ain inancial s a-
bili y. As economic agen s conside in es men as pa
o hei insu ance s a egies, he e is an in iguing " ice
e sa" pe spec i e. Li e insu ance is an example; in ad-
di ion o p o iding inancial secu i y o hei lo ed ones
in he e en o hei dea h, i also allows people o
g ow hei weal h o e ime h ough a ious ax and
non- ax incen i es p o ided by he insu ance company.
A he mac oeconomic le el, massi e o eign di ec
in es men (FDI) in lows we e obse ed in he Czech
Republic du ing he ans o ma ion pe iod a he begin-
ning o he wen y- i s cen u y. Fo eign di ec in es -
men (FDI) in lows we e no always success ul, and
s a e incen i es we e ine ec i e (Bolcha & Zempline o-
á, 2012), howe e , du ing he ans o ma ion pe iod,
o eign-owned companies se ed as a c ea i e-
des uc i e business p ocess inno a ion wa e in he
Shumpe e ian sense, pa icula ly in he manu ac u ing
indus y, and con ibu ed o echnological knowledge
spillo e s and p oduc i i y g ow h (Vokoun, 2016).
The " ice e sa" in es men -insu ance pe spec i e
he e is also in iguing, as we can see ha s a e insu -
ance ( isk mi iga ion) policies o in es o s, such as ax
holidays, di ec in es men incen i es, and long- e m
p o ision o na ional subsidies o companies, se ed as
a c ucial decision ac o o hei in es men s a egies,
a ype o en -seeking beha io ha esul ed in c owd-
ing-ou e en in he case o o eign-owned inno a o s
(Vokoun, 2020). Nowadays, he Czech Republic exem-
pli ies economic esilience and sus ainable g ow h in
he hea o Eu ope (Ženka e al., 2019). The in e play
be ween insu ance and economics eme ges as a pi o al
ac o in luencing he na ion's ajec o y as i con inues
o o ge i s pa h in he global economy (Op ea e al.,
2020; Bilenko, 2022). This a icle examines he complex
ela ionship be ween insu ance and in es men in he
Czech Republic, shedding ligh on he key d i e s, chal-
lenges, and oppo uni ies ha shape he p ocess o
decision-making and policy-making (Bilenko, 2022;
Odei e al., 2021; Palecko a & P ecko a, 2023).
Indi iduals and businesses egula ly e alua e hei
in es men and insu ance s a egies in ligh o changing
economic condi ions and isks. New h ea s a e eme g-
ing due o he ongoing in e na ional con lic be ween
Russia and Uk aine, ade wa s be ween he Uni ed
S a es and China, e c. T adi ional isk ac o s a e man-
aged by o ganiza ions h ough in e nal isk manage-
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
ing slowe han he yea ly in la ion a e. This de elop-
men sugges s a possible dec ease in absolu e alue,
and we can see a di e se g ow h and highe popula i y
o non-li e insu ance p oduc s alongside he e ec o
he Non-Li e o Li e Ra io (Table 1).
cal o non-li e insu ance con ac s, he g oss p emiums
o non-li e insu ance p oduc s a e g owing as e han
he in la ion a e (a dynamic pa o con ac s). When
he g ow h a es o in la ion (GAVG 1.85%) and non-li e
insu ance (CAGR 0.87%) a e compa ed, we can see
hose nominal annual igu es o li e insu ance a e g ow-
Table 1: G oss p emium o li e insu ance and non-li e insu ance in housands o CZK
in he Czech Republic be ween 2010 and 2022
Yea Li e Insu ance
(Thousands o CZK)
Non-Li e Insu ance
(Thousands o CZK) Non-Li e o Li e Ra io Annual In la ion Ra e
(CPI)
2010 44 481 668.00 72 249 017.00 1.62 1.50%
2011 46 573 794.00 69 090 093.00 1.48 1.90%
2012 46 273 376.00 67 570 584.00 1.46 3.30%
2013 46 447 711.00 67 545 890.00 1.45 1.40%
2014 46 147 621.00 68 856 499.00 1.49 0.40%
2015 44 463 713.00 71 600 563.00 1.61 0.30%
2016 43 661 822.00 74 798 349.00 1.71 0.70%
2017 43 692 786.00 79 671 496.00 1.82 2.50%
2018 43 967 931.00 85 405 384.00 1.94 2.10%
2019 45 149 818.00 91 148 630.00 2.02 2.80%
2020 47 548 317.00 93 352 891.00 1.96 3.20%
2021 48 239 678.00 98 810 619.00 2.05 3.80%
2022 49 767 567.00 107 597 467.00 2.16 15.10%
CAGR 0.87% 3.11% 2.22% GAVG: 1.85%
No es: Based on adjus ed igu es o he p e ious yea o a gi en annual epo . Li e insu ance is cu en and single
p emium annualized on a 10-yea basis. Non-li e insu ance di ec and indi ec business, mo o liabili y, acciden insu-
ance, business, e ail p ope y, and liabili y insu ance, excluding p emiums ceded o Czech Associa ion o Insu ance
Companies membe s. Compound Annual G ow h Ra e (CAGR). Geome ic a e age alue (GAVG). Consume p ice
index (CPI)
Sou ce: Au ho s’ own calcula ions based on Česká Asociace Pojišťo en (2023) da ase s.
sion. The mode n pe spec i e desc ibes mo e possibili-
ies o how insu ance can wo k, bu he ule is ha no
one shall en ich hemsel es a he expense o insu -
ance (Česká Asociace Pojišťo en, 2023; Danieli & Jaku-
bik, 2022).
In es men incen i es we e ini ially designed o
encou age o eign capi al in lows in o de eloping econ-
omies. They a e now a ailable in Wes e n Eu ope's
de eloped coun ies. They no longe se e hei p ima-
y pu pose bu ha e become a s anda d economic poli-
cy ool o assis ing speci ic, usually isola ed, weake
egions. Like any comp ehensi e sys em, he in es -
men incen i es sys em has suppo e s and opponen s
who disag ee wi h hei jus i ica ion. Using da a on
in es men incen i es p o ided by CzechIn es and
selec ed mac oeconomic indica o s, i was de e mined
ha hei impac on posi i e economic de elopmen in
he Czech economy was s a is ically negligible
(Blaschke, 2022).
The Czech Republic has a s a u o y heal h insu -
ance (SHI) sys em based on manda o y membe ship in
one o he heal h insu ances companies. I means ha
insu e s a e quasi-public, sel -go e ning o ganiza ions
ha se e as paye s and pu chase s o ca e (Přečko á
& Palečko á, 2023). The inhabi an s can choose hei
heal h insu e s and heal hca e p o ide s (B yndo á e
al., 2019; Alexa e al., 2015). Manda o y heal h insu -
ance was in oduced in 1992, wi h eligibili y de e -
mined by pe manen esidence. Ini ially, he insu ance
was adminis e ed by a single insu ance company
(Vseobecna Zd a o ni Pojis o na, VZP), bu la e on,
compe ing heal h insu ance companies wi h he legal
s a us o independen public law en i ies we e in o-
duced (OECD, 2017; Thomson e al., 2018; Budská
& Fleischmann, 2021).
In he EU, heal h insu ance is no always easily ac-
cessible o mig an s as i is “limi ed only o ci izens
who con o m o sexualized, acialized, and classis ide-
as abou he good, ha d-wo king ci izen” (P obs , 2023,
p. 7). A new esea ch opic in insu ance deals wi h he
mo al economy o EU public heal h insu ance p o i-
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
Recen de elopmen shows a s eady 4.4% annual
compound g ow h a e o households’ in es men s in
medium- and long- e m consume du ables be ween
2010 and 2023. The g oss ixed capi al o ma ion o
non- inancial companies is a bi highe , abou 5%. The
iskie in es men s in esea ch and de elopmen p o-
jec s a e g owing by 6.28%. We can obse e o ganiza-
ions’ need o adap o digi aliza ion wi h an in es -
men annual compound g ow h a e o abou 12% be-
ween 2010 and 2023 (Table 3).
Vu e al. (2023) desc ibe he spillo e e ec s ha
can be impo an o a coun y's de elopmen and eco-
nomic g ow h. I could mani es a he i m le el o he
le el o he whole coun y. This was also obse ed in
he Czech Republic (Dambo sky, 2023). The localiza ion
s a egies de e mine he di ec in es men s. Un o u-
na ely, egions wi h mo e conside able unemploymen
and lowe egional GDP a e no a ge ed by FDIs (Table
2) o na ional asse s.
Table 2: Sha es o egional o eign di ec in low and egional le el o GDP pe capi a in he Czech Republic
in 2014, 2017, and 2021
Region
2021 2017 2014
FDI in low
(Millions o
CZK)
GDP p.c.
FDI in low
(Millions o
CZK)
GDP p.c.
FDI in low
(Millions o
CZK)
GDP p.c.
Czech Republic
(To al) 4,400,464.0 571,051.0 3,321,271.0 482,622.0 2,774,601.0 412,908.0
Capi al Ci y o
P ague 64.0% 221.0% 61.7% 220.0% 54.5% 221.0%
Region
S ředočeský 8.2% 87.0% 7.9% 91.0% 11.9% 90.0%
Region
Jihočeský 1.7% 79.0% 2.9% 81.0% 3.3% 81.0%
Region
Plzeňský 2.5% 88.0% 2.8% 91.0% 3.3% 92.0%
Region
Ka lo a ský 0.7% 59.0% 0.8% 65.0% 0.8% 68.0%
Region
Ús ecký 2.4% 69.0% 2.4% 71.0% 3.0% 73.0%
Region
Libe ecký 1.5% 74.0% 1.8% 77.0% 2.1% 77.0%
Region
K álo éh adecký 2.0% 91.0% 1.9% 89.0% 1.9% 84.0%
Region
Pa dubický 1.5% 79.0% 1.5% 81.0% 1.5% 79.0%
Region
Vysočina 2.0% 81.0% 1.8% 82.0% 1.9% 83.0%
Region
Jihomo a ský 5.3% 98.0% 4.7% 93.0% 5.7% 94.0%
Region
Olomoucký 1.5% 79.0% 1.4% 77.0% 1.4% 75.0%
Region
Zlínský 1.7% 85.0% 2.0% 85.0% 2.0% 86.0%
Region
Mo a skoslezský 5.2% 79.0% 6.4% 81.0% 6.8% 83.0%
No e: Fo eign Di ec In low (FDI) a e in es men s in equi y capi al, ein es ed ea nings, and o he means
(in e company claims and liabili ies: bo owing and lending o unds, including deb secu i ies and ade c edi s).
G oss Domes ic P oduc pe capi a in nominal p ices (GDP p.c.)
Sou ce: Au ho s’ own calcula ions based on Czech S a is ical O ice (2023) da ase s.
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
The econome ic analysis in es iga es he ela ion-
ship be ween insu ance paymen s (D71, based on ESA
me hodology) and g oss ixed capi al o ma ion. A ec-
o e o -co ec ion model (VECM) is used o analyze
qua e ly ime se ies da a om 2001Q1 o 2024Q2. To
acili a e in e p e a ion, he a iables we e loga i hmi-
cally ans o med. The analysis is ca ied ou unde
h ee di e en scena ios: household sec o , non-
inancial p i a e sec o , and combined sec o analysis.
The esea ch dealing wi h Czech mic oeconomic
agen s like households and indi iduals is limi ed o i-
nancial li e acy opics; howe e , he “Buy and Hold”
s a egy is he mos popula in common in es men
s a egies. Mu ual unds a ac in es o s o buy s ocks
and hold hem o an ex ended ime (Riho a e al.,
2022).
This s udy employs a dual me hodological ap-
p oach: (1) an econome ic analysis using ec o e o -
co ec ion modeling (VECM), and (2) a sys ema ic li e -
a u e e iew using a modi ied PRISMA–PICOT ame-
wo k.
Table 3: Expendi u es o households, non- inancial co po a ions, and o al Resea ch and de elopmen
and So wa e and Da abases expendi u es in he Czech Republic be ween 2010 and 2023
Yea
Household
expendi u es on
medium- and long- e m
consume du ables
(Millions o CZK)
G oss ixed capi al
o ma ion o non-
inancial co po a ions
(Millions o CZK)
G oss ixed capi al
o ma ion - Resea ch
and de elopmen
(Millions o CZK)
G oss ixed capi al
o ma ion - So wa e
and da abases
(Millions o CZK)
2010 293,302.00 605,096.00 46,608.00 62,501.00
2011 297,969.00 656,160.00 49,279.00 72,162.00
2012 287,211.00 671,614.00 60,508.00 77,954.00
2013 291,087.00 669,140.00 60,324.00 77,028.00
2014 301,122.00 686,336.00 65,507.00 78,667.00
2015 324,081.00 742,631.00 69,041.00 96,270.00
2016 348,315.00 769,717.00 71,836.00 104,020.00
2017 387,444.00 839,161.00 77,886.00 117,816.00
2018 404,524.00 878,140.00 86,743.00 150,990.00
2019 422,234.00 966,954.00 106,640.00 181,171.00
2020 405,396.00 895,479.00 90,199.00 199,524.00
2021 437,659.00 950,518.00 87,559.00 217,544.00
2022 513,270.00 1,144,791.00 102,898.00 274,566.00
CAGR 4.40% 5.03% 6.28% 12.06%
No es: Nominal alues. Compound Annual G ow h Ra e (CAGR). Household domes ic expendi u es made by esi-
den s and non- esiden s
Sou ce: Au ho s’ own calcula ions based on Czech S a is ical O ice (2023) da ase s.
Table 4: Summa y s a is ics, in es men expendi u es and insu ance paid, qua e ly da a o households
and p i a e non- inancial sec o be ween 2021 and 2024
Va iable Mean S.D. Min Max
In es men (Households) 67433 24192 34884 1,45 × 105
Insu ance (Households) 5285 1838 1808 10794
In es men (Companies) 1,68 × 105 52907 26097 3,32 × 105
Insu ance (Companies) 4134 1145 2663 8763
Sou ce: Au ho s’ own wo k.
s an . We used he Johansen coin eg a ion es o con-
duc ou coin eg a ion analysis. P io o model es ima-
ion, we pe o med: (a) ank selec ion es s o de e -
mine he app op ia e numbe o coin eg a ing ela ion-
ships, (b) coin eg a ion es s o con i m he p esence o
The VECM amewo k was chosen due o he coin-
eg a ed na u e o he dependen a iables. We de-
ined he models using h ee di e en de e minis ic
end speci ica ions based on he ime se ies de elop-
men : es ic ed ends, cons an , and es ic ed con-
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
al., 2023). The connec ion be ween hese wo domains
is no me ely coinciden al bu complex. O e he las
h ee decades, he e has been a signi ican inc ease in
he adop ion o explici deposi insu ance schemes ha
ope a e globally, and he li e a u e has highligh ed se -
e al e ec s o in oducing such laws in shaping he con-
sume and co po a e banking landscape (Meie e al.,
2021).
In es men s a egies can also bene i Czech ci i-
zens because, as new in ech companies demons a e,
hey can be simple and easy o implemen i egional
in e ne in as uc u e is inclusi e (Lu e al., 2021). Indi-
iduals and amilies in he Czech Republic can bene i
om combining in es men and insu ance s a egies.
S able inancial g ow h and isk managemen imp o e
he secu i y o an indi idual's li e, a co po a ion, and
socie y. (Haq e al., 2022; To i e al., 2022; Jakubík
& Teleu, 2022).
Insu ance is essen ial in mode n socie y because i
p o ec s indi iduals, businesses, and go e nmen s om
un o eseen isks. As in many o he coun ies, insu ance
in he Czech Republic is di ided in o wo b oad ca ego-
ies: compulso y and op ional. These classi ica ions
ep esen a ious app oaches o isk managemen and
inancial p o ec ion (S aněk e al., 2022).
Compulso y insu ance equi es speci ic co e age
o ce ain indi iduals o en i ies (To i e al., 2022).
This ype o insu ance is ypically manda ed by law and
se es as a sa egua d o ensu e e e yone's sa e y. Mo-
o Thi d-Pa y Liabili y (MTPL) insu ance is compulso y
o e e y ehicle owne in he Czech Republic. They
mus ha e mo o hi d-pa y liabili y insu ance o co e
po en ial damages caused o hi d pa ies in he e en
o an acciden . Employe 's Liabili y insu ance is compul-
so y o all employe s who mus co e wo kplace acci-
den s and occupa ional diseases hei employees
su e . While no en i ely c i ical, heal h insu ance in
he Czech Republic is manda o y o esiden s (Maciak
e al., 2022). This ensu es uni e sal access o
heal hca e se ices while educing he s ain on he
public heal h sys em (Haq e al., 2022; To i e al.,
2022).
Op ional insu ance, as opposed o compulso y in-
su ance, allows indi iduals and businesses o selec he
ypes o co e age hey deem necessa y o desi able.
This app oach acknowledges ha isks di e signi i-
can ly be ween indi iduals and en i ies, and no all may
equi e he same le el o p o ec ion (Mazu chenko e
al., 2022). P ope y insu ance, li e insu ance, a el
long- un ela ionships, and (c) pos -es ima ion diagnos-
ics such as an au oco ela ion, s abili y, and no mali y
es s.
I should be no ed ha he mode o in e ence was
conse a i e, as he models did no include exogenous
con ol a iables, and none o he speci ica ions
achie ed s ic no mali y in hei esiduals. None he-
less, i p oduces he bes es ima es o he pu e in es -
men and insu ance expendi u es in e ac ions, and we
ecognize hese limi a ions in ou in e p e a ion.
The li e a u e e iew uses a simpli ied PRISMA-
PICOT amewo k and ocuses solely on Web o Science
Q1-Q3 jou nals. The e iew was conduc ed in se e al
s ages. The i s phase in ol ed de eloping a sea ch
s a egy (Kim, 2023; Bahl, 2023). We de eloped a PI-
COT esea ch ques ion ha add esses: Popula ion (P):
Families, indi iduals, and businesses as economic
agen s; In e en ion (I): Unde s anding o insu ance,
in es men , and insu ance-in es men s a egies. Com-
pa ison (C): S a egy implemen a ion and in luence on
inancial decision-making in he Czech Republic; Ou -
come (O): Implemen a ion, s akeholde ela ionships,
and alignmen wi h global ends. Time (T): 2019-2023.
The second phase in ol ed he ini ial sea ch and
il e ing p ocess. The ini ial sea ch (July–Sep embe
2023) yielded 6,319 a icles o he “in es * insu *”
sea ch ph ase. The inclusion c i e ia we e: Publica ion
pe iod: 2019–2023. Languages: Czech, Slo ak, o Eng-
lish. Da abase: Web o Science, Index: Social Sciences
Ci a ion Index (SSCI), Jou nal Qua iles: Q1-Q3, and
Subjec s: Economics, Poli ical Science, and Sociology.
The hi d phase in ol ed conduc ing a sys ema ic
e iew. Ini ial sc eening yielded 97 ele an a icles (as
o Sep embe 3, 2023). The abs ac e iew phase elim-
ina ed i ele an a icles, ocusing speci ically on he
insu ance-in es men in e ac ion. Full- ex analysis o
he emaining a icles. Final inclusion included 18 s ud-
ies ha me all c i e ia. The e iew delibe a ely ocused
only on high-impac li e a u e om he Web o Science
da abase, wi h a pa icula emphasis on a icles dis-
cussing he in e ac ion o insu ance and in es men in
he Czech Republic con ex . Con e ence p oceedings,
abs ac s, and non- ull- ex esea ch pape s we e all
excluded and ele an non-high-impac li e a u e e-
sou ces a e al eady conside ed in he con ex pa in
he in oduc ion sec ion. The il e ing p ocess empha-
sized he ele ance o he insu ance-in es men ela-
ionships, esul ing in a mo e ocused analysis o his
pa icula domain.
The Czech Republic o e s a unique en i onmen
o esea ch in in es men and insu ance s a egies in
he complex ealm o inancial managemen (Fise a e
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
decisions, hey a e conside ing no only he e u ns and
isk- o-in es men a io bu also concep s such as sus-
ainable and esponsible in es ing (SRI). Acco ding o
ecen indings, millennial coho s appea mo e isk-
a e se han hei p edecesso s (Fo manko a e al.,
2019). A he economic agen le el, he in es men
decision-making p ocess is mul i ac o ial and depend-
en on a ious ac o s.
The economic en i onmen , he egula o y land-
scape, he abili y o conduc and unde s and ma ke
esea ch, and global dynamics a ec in es men s a e-
gies. The Czech economic clima e is s able because o
GDP g ow h (economic cycle), in la ion a es ( ola ili y),
and iscal policies. Unde s anding he egula o y land-
scape is c i ical o a oiding issues wi h compliance and
op imizing e u ns and ax exemp ions. Ma ke e-
sea ch can e eal op imal p oduc s, in ech ends, con-
sume beha io , and indus y p ojec ions. Global eco-
nomic condi ions, ade ag eemen s, and geopoli ical
ac o s ha e his o ically had ipple e ec s on he Czech
in es men landscape and a e c i ical decision ac o s,
pa icula ly o expo ing co po a ions (B ada e al.,
2019; S ako a e al., 2021).
Typical conside a ions o in es o s a he econom-
ic agen le el include isk ole ance, ime ho izon, and
he abili y o ob ain and comp ehend expe in o -
ma ion. Va ious s a egies ha e a ying le els o isk
ole ance ( isk appe i e). In es o s mus assess his
ole ance abou hei expec ed e u ns ( o example,
discoun ing a es and be as) and align s a egies ac-
co dingly (Cohen e al., 2022). In es men goals and
ime ames de e mine he app op ia e mix o sho -
e m and long- e m s a egy. Financial ad iso s, econo-
mis s, and legal expe s can all p o ide aluable insigh s
o making in o med decisions (Cho anco a e al.,
2019; Wang e al., 2021).
Indi iduals and ins i u ions use in es men s a e-
gies o g ow hei weal h o e ime (Cohen e al.,
2022). Two p ominen in es men s a egies in he
Czech Republic a e equi y in es men s and ixed in-
come. Bo h indi iduals and o ganiza ions can bene i
om capi al app ecia ion and di idend income by in-
es ing in sha es o companies lis ed on he P ague
S ock Exchange (PSE) o o he in e na ional exchanges.
Go e nmen and co po a e bonds p o ide in es o s
wi h a consis en income s eam. In es o s ecei e eg-
ula in e es paymen s by lending money o issue s (Vu
& Pa elko á, 2023). Real es a e in es men s p o ide
a angible asse wi h capi al app ecia ion and en al
income po en ial. The Czech p ope y ma ke has
a ac ed in e es due o i s g ow h po en ial (Zhao e
al., 2023; Singh e al., 2020; Ma szk & Lechman, 2020).
insu ance, and liabili y insu ance a e examples o op-
ional insu ance in he Czech Republic.
P ope y owne s can choose p ope y insu ance o
p o ec hei asse s om common isks such as he ,
pipeline acciden s, and na u al disas e s. Indi iduals
can buy li e insu ance o suppo hei lo ed ones i
hey suddenly die. People can pu chase a el insu -
ance o co e ip cancella ions, medical eme gencies,
and los luggage (To i e al., 2022; Hodula e al., 2021).
Liabili y insu ance co e s damage o ano he pe son's
heal h (inju y, illness) caused by he insu ed di ec ly o
indi ec ly by damaging o des oying an objec o o
o he ha m o which he insu ed co esponds acco ding
o a speci ic legal egula ion (law). T a ele s a e ypical-
ly o e ed bo h a el insu ance and liabili y insu ance.
The Ci il Code gene ally de e mines liabili y o inju y
and employmen -law ela ions by he Labo Code
(And lo a & Ko y a o a, 2020).
The Eu opean Heal h Insu ance Ca d, also known
as he EHIC (Eu opean Heal h Insu ance Ca d), co e s
many a el insu ance se ices wi hin he Eu opean
Union. I is speci ically abou heal h se ices ha he
coun y’s ci cums ances a ec . As a esul , he insu ed
may be equi ed o pay an addi ional co-paymen o
ea men o a ee o he medica ions hemsel es
(S anek e al., 2022). I ea men is needed, an EHIC
mus be p esen ed o ecei e he same ea men con-
di ions as esiden s. Regula heal h insu ance (EHIC)
does no p o ide he same inancial p o ec ion as con-
ac ed a el insu ance. The a el insu ance company
ypically co e s all ex a expendi u es (based on he
sum insu ed) (Hodula e al., 2021; And lo a
& Ko y a o a, 2020).
Va ious en i onmen al ac o s and isk manage-
men a iables ha in luence inancial decision-making
in luence he implemen a ion o in es men and insu -
ance s a egies. The inancial s abili y o he insu ance
sec o is c i ical o ensu ing access o and con inui y o
insu ance se ices, as well as he indus y's abili y o
con inue pe o ming i s ole as a isk ans e mecha-
nism om ci izens and co po a ions, as well as i s ca-
paci y o mobilize sa ings and in es hem in he eal
economy (Jakubik & Teleu, 2022). This in es men cycle
equi es he p esence o he de eloped insu ance sec-
o . I has become an inc easingly impo an ac o in
main aining inancial ma ke s abili y (Meie e al.,
2021). Na ional go e nmen s' powe is oo ed in he
implemen a ion o social policies, and i , along wi h he
social secu i y sys em, p o ides condi ions o ee la-
bo mo emen wi hin he Eu opean Union.
People in he Czech Republic a e, on a e age, isk-
a e se and insu ance seeking, and in hei in es men
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
e en s, inhe i ance, o e i emen ese es (Janda
& K a so , 2022). People should conside he ollow-
ing asks be o e commi ing o any inancial s a egy:
goal alignmen , comp ehensi e planning, and egula
e iew. In es men s a egies and insu ance policies
should be ailo ed o an indi idual's inancial goals, isk
ole ance, and ime ho izon. Combining in es men and
insu ance planning in o a comp ehensi e inancial
s a egy ensu es b oad isk and g ow h p o ec ion. As
inancial ci cums ances change, egula assessmen o
in es men po olios and insu ance co e age is c i ical
o ensu e hey emain aligned wi h changing needs
(Vece e al., 2020).
Some o he ac o s a e ela ed o he sociocul u al
en i onmen and adi ions, especially in pos -
communis coun ies like he Czech Republic. The olde
gene a ions we e a ec ed by communism, which c ea -
ed a ea ul and uns able en i onmen . Insu ance was
egula ed, and in es men was unnecessa y because
communism p omised a ai wage and sa e y o all
wo ke s du ing hei p oduc i e li e (Beesley, 2020).
These p omises, howe e , a e no longe alid in his
new e a, and people mus ocus on co e ing isks on an
indi idual le el as well. As a esul , combining insu -
ance and in es men s a egies can con ibu e o
a highe quali y o li e du ing p oduc i e pe iods and an
inc ease in he long- e m e u n o cu en in es men
po olios and unds (Pon ie , 2020; Beesley, 2020).
Educa ion, esea ch and de elopmen , anspo a-
ion in as uc u e, and ene gy a e he mos p omising
a eas o in es men . These sec o s can also con ibu e
o he Czech economy's g ow h h ough inno a ion,
highe added alue, human capi al, and a low-ca bon
economy (Konie a & S a a ek, 2023). Educa ion in es -
men has emained s agnan o e he las wo decades
and emains below he EU a e age. The di icul ask is
accele a ing he es ablishmen o domes ic leading
inno a o s while encou aging collabo a ion be ween
science ins i u ions and businesses (Zhao e al., 2023).
Inadequa e in es men in anspo in as uc u e
main enance and eno a ion can, o some ex en , ha m
he en i onmen and economic g ow h in he Czech
Republic's ansi and expo economy, as i can lead o
sa e y and capaci y issues (Wang e al., 2021). As he
Czech economy is one o he mos ene gy-in ensi e in
he EU, he e is oom o ene gy e iciency in es men
(B ada e al., 2019; Fid muc & Ho ky, 2021; B ůna
& Pou , 2023).
Ano he popula ool in he Czech Republic is he
combina ion o insu ance and in es men s. Capi al ac-
cumula ion is a sa egua d mechanism ha p o ec s
agains po en ial isks and p o ec s in case o a loss o
amily o indi idual income. Simul aneously, inancial
ounda ions a e laid o u u e d eams, unexpec ed
Table 5: Long un p opensi ies (G ange causali ies) o households
Dependen Va iable LRP (7 lags) o in es men LRP (7 lags) o insu ance
Δ In es men -0.469** -0.385
(0.189) (0.153)
0.785 -1.755***
Δ Insu ance (0.512) (0.545)
Sou ce: Au ho s’ own wo k.
upwa d by abou 17.9% when i alls below he long-
un equilib ium.
The long- un p opensi ies (sum o lagged coe i-
cien s) o he in es men equa ion a e only signi ican
o p e ious in es men s (-0.4698**). This implies ha
his o ical in es men changes ha e a ne nega i e im-
pac on cu en in es men changes. P e ious insu -
ance paymen s we e no s a is ically signi ican . The
long- un p obabili ies (sum o lagged coe icien s) o
he insu ance equa ion a e only signi ican o pas in-
su ance paymen s (-1.7559***). This implies (G ange
causali y) ha p e ious insu ance changes ha e a ne
nega i e impac on cu en insu ance changes. P e i-
ous in es men s we e no s a is ically signi ican in he
household sec o .
The model p o ides a good i , wi h R-squa ed al-
ues o 85.82% o he in es men equa ion and 77.38%
The household sec o has a s able long- un Johan-
sen coin eg a ing equa ion (Equa ion 1). The long- un
ela ionship (no malized on Household In es men s) is:
(1)
This means ha in he long un, a one-poin in-
c ease in insu ance expendi u es is associa ed wi h
a 1.535% inc ease in in es men (ce e is pa ibus) ex-
pendi u es in he sec o o households. The ela ion-
ship is s a is ically signi ican (z = -5.29, p < 0.001). E o
co ec ion e ms ollow he ec o speci ica ion. Fo he
in es men equa ion, i is -0.0834301 (p = 0.056). This
implies ha he in es men equa ion co ec s app oxi-
ma ely 8.3% o de ia ions om long- un equilib ium
e e y qua e . The alue o he insu ance expendi u es
equa ion is 0.1791001 (p = 0.088, ma ginally signi i-
can ). This sugges s ha insu ance expendi u es adjus
1.535 2.090In es men Insu ance= −
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
Cohen, D., Nelson, S. & Rosenman, E. (2022). Repa a i e accumula ion? Financial isk and in es men ac oss socio-
en i onmen al c ises. En i onmen and Planning E: Na u e and Space, 5(4), 2356-2382. h p://
dx.doi.o g/10.1177/25148486211030432.
Czech S a is ical O ice. (2023). Ná odní úč y. Da abáze Ná odních Úč ů. h ps://apl.czso.cz/pll/ ocenka/
ocenka.indexnu (Accessed: 27.09.2024).
Če ná, M. (2009). Finanční po adens í České Republice. [Bachelo Thesis, Masa yk Uni e si y]. h ps://is.muni.cz/
h/ yg l/Bakala ska_p ace.pd . (Accessed: 27.09.2024).
Česká Asociace Pojišťo en. (2023). Vý oj pojis ného hu. S a is iky. h ps://www.cap.cz/s a is iky-p ognozy-analyzy/
y oj-pojis neho- hu. (Accessed: 27.09.2024).
Činčalo á, S. (2022). The impac o he le el o co po a e social esponsibili y on inancial pe o mance: E idence
om insu ance i ms in he Czech Republic. Insu ance Ma ke s and Companies, 12(1), 64-71. h p://
dx.doi.o g/10.21511/ins.12(1).2021.06.
ČNB. (2023). Upozo nění p o eřejnos k uza í ání smlu in es ičního ži o ního pojiš ění. h ps://www.cnb.cz/cs/
dohled- inancni- h/ ykon-dohledu/upozo neni-p o- e ejnos /upozo neni-p o- e ejnos -k-uza i ani-smlu -
in es icniho-zi o niho-pojis eni/. (Accessed: 27.09.2024).
Dambo ský, M. (2023). Regional unemploymen and in es men incen i es in Czechia. Geog aphical Jou nal, 75(2),
107-124. h p://dx.doi.o g/10.31577/geog cas.2023.75.2.06.
Danieli, L. & Jakubik, P. (2022). Ea ly Wa ning Sys em o he Eu opean Insu ance Sec o . Ekonomický Časopis, 70(1),
3-21. h p://dx.doi.o g/10.31577/ekoncas.2022.01.01.
Dhillon, P. (2022). Pa aminde . How o w i e a good scien i ic e iew a icle. The FEBS Jou nal, 289(13), 3592-3602.
h p://dx.doi.o g/10.1111/ ebs.16565.
Fiala, P., Holme o a, I., Ruda, T. & S e l, M. (2021). Financial balance o home nu sing ca e p o ide s in he Czech
Republic. Heal h Economics Re iew, 11(1), 1-7. h p://dx.doi.o g/10.1186/s13561-021-00331-1.
Fid muc, J. & Ho ky, F. (2023). Expe ience and Fi ms’ Financing Beha io : A Beha io al Pe spec i e. Ge man Econom-
ic Re iew, 24(3), 233-269, h p://dx.doi.o g/10.1515/ge -2022-0102.
Fise a, B., Ho a h, R. & Melecky, M. (2023). Na u al disas e s and deb inancing cos s. Clima e Change Economics,
14(3), 1-24. h p://dx.doi.o g/10.1142/S201000782350015X.
Fo mánko á, S., T enz, O., Faldík, O., Kolomazník, J. & Sládko á J. (2019). Millennials’ Awa eness and App oach o
Social Responsibili y and In es men -Case S udy o he Czech Republic. Sus ainabili y, 11(2), 1-17. h p://
dx.doi.o g/10.3390/su11020504.
Haq, M., T ipe, D. & Se h, R. (2022). Do adi ional o -balance shee exposu es inc ease bank isk? Jou nal o In e -
na ional Financial Ma ke s, Ins i u ions and Money, 80(1), 1-22. h p://dx.doi.o g/10.1016/j.in in.2022.101627.
Hodula, M., Janků, J., Čas a, M. & Kuče a, A. (2021). On he mac o inancial de e minan s o li e and non-li e insu -
ance p emiums. The Gene a Pape s on Risk and Insu ance - Issues and P ac ice, 1, 1-39. h p://
dx.doi.o g/10.1057/s41288-021-00249-z.
Ho áko á, P. (2019). Pojiš ění mo o o ých ozidel České Republice. [Bachelo Thesis, Uni e zi a Pa dubice].
h ps://dk.upce.cz/handle/10195/73698. (Accessed: 27.09.2024).
Jakubik, P. & Teleu, S. (2022). Suspension o insu e s’ di idends as a esponse o he COVID-19 c isis: e idence om
he Eu opean insu ance equi y ma ke . The Gene a Pape s on Risk and Insu ance - Issues and P ac ice, 47(4),
785-816. h p://dx.doi.o g/10.1057/s41288-021-00243-5.
Janda, J. (2011). Spoři nebo in es o a ? G ada Publishing, P ague.
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
Janouško co á, M. (2022). Finanční g amo nos České epublice. [Mas e Thesis, Uni e si y o Wes Bohemia].
h ps://o ik.uk.zcu.cz/handle/11025/48547. (Accessed: 27.09.2024).
Ji ák, J. (2023). In es o ání do in es ičních nás ojů. [Bachelo Thesis, Uni e si y o Wes Bohemia]. h ps://
dspace5.zcu.cz/handle/11025/52695. (Accessed: 27.09.2024).
Ka ko á, V. (2016). Nabídka in es ičních p oduk ů p o yzické osoby České epublice. [Bachelo Thesis, Uni e si y o
Wes Bohemia]. h ps://dspace.jcu.cz/handle/123456789/36289. (Accessed: 27.09.2024).
Kim, H.K. (2023). Connec ing au ho s wi h eade s: wha makes a good e iew o he Ko ean Jou nal o Women
Heal h Nu sing. Ko ean Jou nal o Women Heal h Nu sing, 29(1), 1-4. h p://dx.doi.o g/10.4069/
kjwhn.2023.02.23.
Konie a, T. & S a á ek, D. (2023). The cos o equi y o Uk ainian ood p ocessing companies as a measu e o com-
pe i i eness. Jou nal o Compe i i eness, 15(2), 1-20, h p://dx.doi.o g/10.7441/joc.2023.02.09.
Ko al, N., P iamuhina, N. & Zhmu ko, I. (2020). Analysis o economic- inancial expe ience o he wo ld coun ies in
he sys em o pension insu ance. Bal ic Jou nal o Economic S udies, 6(1), 1-8. h p://dx.doi.o g/10.30525/2256-
0742/2020-6-1-1-8.
Lando ská, P. & Ka bano á, M. (2023). Social cos s o obesi y in he Czech Republic. The Eu opean Jou nal o Heal h
Economics, 24(8), 1321-1341.
Lu, X., Guo, J. & Zhou, H. (2021). Digi al inancial inclusion de elopmen , in es men di e si ica ion, and household
ex eme po olio isk. Accoun ing & Finance, 61(5), 6225–6261. h p://dx.doi.o g/10.1111/ac i.12863.
Maciak, M., Mize a, I., & Peš a, M. (2022). Func ional p o ile echniques o claims ese ing. ASTIN Bulle in, 52(2),
449-482, h p://dx.doi.o g/10.1017/asb.2022.4.
Ma eso a, P., Valis, M., No o ný, M., Pa elek, Z. & Kuca, K. (2018). The di ec cos s o mul iple scle osis-s udy in he
Czech Republic. Neu ological Sciences, 39(12), 2115-2121. h p://dx.doi.o g/10.1007/s10072-018-3551-7.
Ma szk, A. & Lechman, E. (2020). Exchange-T aded Funds on Eu opean Ma ke s: Has C i ical Mass been Reached?
Implica ions o Financial Sys ems. En opy, 22(6), 686-719. h p://dx.doi.o g/10.3390/e22060686.
Mazu chenko, A., Zelenka, M. & Ma šíko á, K. (2022). Demand o employees’ digi al skills in he con ex o banking
4.0. E+M Ekonomie a Managemen , 25(2), 41-58. h p://dx.doi.o g/10.15240/ ul/001/2022-2-003.
Meie , S., Rod iguez Gonzales, M. & Kunze, F. (2021). The global inancial c isis, he EMU so e eign deb c isis and
in e na ional inancial egula ion: lessons om a sys ema ic li e a u e e iew. In e na ional Re iew o Law and
Economics. 65, 111-137. h p://dx.doi.o g/10.1016/j.i le.2020.105945.
OECD. (2017). Czech Republic: coun y heal h p o ile 2017, S a e o Heal h in he EU, OECD Publishing, B ussels.
h p://dx.doi.o g/10.1787/9789264283336-en.
Odei, S.A., S ejskal, J. & P okop, V. (2021). Unde s anding e i o ial inno a ions in Eu opean egions: Insigh s om
adical and inc emen al inno a i e i ms. Regional Science Policy & P ac ice, 13(5), 1638-1660. h p://
dx.doi.o g/10.1111/ sp3.12446.
Op ea, F., Ono ei, M., Lupu, D., Vin ila, G. & Pa aschi , G. (2020). The De e minan s o Economic Resilience. The
Case o Eas e n Eu opean Regions. Sus ainabili y, 12(10), 1-11. h p://doi.o g/10.3390/su12104228.
Palečko á, I. & Přečko á, L. (2023). Mac oeconomic De e minan s o Insu ance Companies’ Financial S abili y: The
Case o he Czech Republic. S udies in Business and Economics, 18(1), 218-230. h p://dx.doi.o g/10.2478/sbe-
2023-0012.
Peka o á, Š. (2023). Finanční zajiš ění na s áří České Republice. [Mas e Thesis, Uni e si y o Wes Bohemia].
h ps://o ik.uk.zcu.cz/handle/11025/52147. (Accessed: 27.09.2024).
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
Peleckieně, V., Peleckis, K., Dudze ičiu ě, G. & Peleckis, K.K. (2019). The ela ionship be ween insu ance and eco-
nomic g ow h: e idence om he Eu opean Union coun ies. Economic Resea ch-Ekonomska Is aži anja, 32(1),
1138-1151. h p://dx.doi.o g/10.1080/1331677X.2019.1588765.
Pinko á, K. (2018). In es iční ži o ní pojiš ění České epublice po o nání s yb anou zemí. [Bachelo Thesis, Tech-
nical Uni e si y o Libe ec]. h ps://dspace. ul.cz/handle/15240/151452. (Accessed: 27.09.2024).
Pon ines, V. (2020). A p o incial iew o consump ion isk sha ing in Ko ea: Asse classes as shock abso be s. Jou nal
o he Japanese and In e na ional Economies, 55, 1-19. h ps://dx.doi.o g/10.1016/j.jjie.2020.101063.
P obs , U. (2023). Heal h insu ance o he good Eu opean ci izen? Mig an sex wo ke s’ ques s o heal h insu ance
and he mo al economy o heal h ca e. Social Science & Medicine, 319, 1-8. h ps://dx.doi.o g/10.1016/
j.socscimed.2022.115190.
Rieche l, P. (2016). In es iční společnos i a ondy. [Bachelo Thesis, Cha les Uni e si y]. h p://
hdl.handle.ne /20.500.11956/68105. (Accessed: 27.09.2024).
Řího á, P. & S oboda, M. (2022). Is he Czech Capi al Ma ke Weak Fo m E icien ? [Con e ence p oceedings]. 40 h
In e na ional Con e ence Ma hema ical Me hods in Economics. Jihla a, Czechia.
Schwa z, J., Ba oň, P., Bolcha, P., Heřmanský, P. & Mach, P. (2007). Analýza in es ičních pobídek České Republice.
Facul y o Economics a Uni e si y o Economics, P ague. h p://www.mpo.cz/dokumen 34235.h ml. (Accessed:
27.09.2024).
Singh, M., Mi al, M., Meh a, P. & Singla, H. (2020). Pe sonal alues as d i e s o socially esponsible in es men s:
a mode a ion analysis. Re iew o Beha io al Finance, 13(5), 543-565. h p://dx.doi.o g/10.1108/RBF-04-2020-
0066.
S aněk, R., K čál, O. & Čellá o á, K. (2022). Pull you sel up by you boo s aps: Iden i ying p ocedu al p e e ences
agains helping o he s in he p esence o mo al haza d. Jou nal o Beha io al and Expe imen al Economics, 98(1),
1-35. h ps://dx.doi.o g/10.1016/j.socec.2022.101851.
S ako á, J., Ko auš, A., Váchal, J., Pollák, F., Če nák, F., Talíř, M. & Kollmann, J. (2021). Sus ainable De elopmen
Economics o En e p ises in he Se ices Sec o Based on E ec i e Managemen o Value S eams. Sus ainabili y.
13(16), 1-15. h ps://dx.doi.o g/10.3390/su13168978.
Š ámko á, A. (2021). Finanční služby p o zajiš ění na s áří. [Bachelo Thesis, Technical Uni e si y o Libe ec]. h ps://
dspace. ul.cz/handle/15240/160113. (Accessed: 27.09.2024).
Thomson, S., E e o i s, T. & Cylus, J. ( 2018) . Financial p o ec ion in high-income coun ies: a compa ison o he
Czech Republic, Es onia and La ia. Wo ld Heal h O ganiza ion, Gene a.
To i, G., Radi, D. & D ořáčko á, H. (2022). Ca as ophic and sys emic isk in he non-li e insu ance sec o : A mic o-
s uc u al con agion app oach. Finance Resea ch Le e s, 47(1), 1-16. h ps://dx.doi.o g/10.1016/
j. l.2022.102718.
Vodičko á, P. (2006). Ži o ní pojiš ění yzických osob ČR. [Mas e Thesis, Ambis Uni e si y]. h ps://is.ambis.cz/ h/
h7l7l/Zi o ni_pojis eni_ yzickych_osob_ _CR.pd . (Accessed: 27.09.2024).
Vokoun, M. (2016). Inno a ion beha iou o i ms in a small open economy: he case o he Czech manu ac u ing
indus y. Empi ica, 43(1), 111-139. h ps://dx.doi.o g/10.1007/s10663-015-9296-0.
Vokoun, M. (2020). The e iciency o public suppo o inno a ion ac i i ies o o eign-owned companies. SHS Web o
Con e ences, 74(1), 1-6. h ps://dx.doi.o g/10.1051/shscon /20207405028
Vu, D.H., Dehning, B. & Pa elko á, D. (2023). Fi m li e cycle and o eign di ec in es men spillo e e ec : The case o
he Czech Republic. Economics o T ansi ion and Ins i u ional Change, 31(2), 319-340.
Jan Neugebaue and Ma ek Vokoun
Symbio ic ha mony: Explo ing he in e play be ween in es men s a egies
and insu ance in he Czech Republic
Financial In e ne Qua e ly 2025, ol. 21 / no. 2
Vu, H.D. & Pa elko á, D. (2023). De e minan s o p o i epa ia ion: E idence om he Czech Republic and OECD
coun ies as a g oup. S uc u al Change and Economic Dynamics, 67, 58-68.
Wang, C., B abenec, T., Gao, P. & Tang, Z. (2021). The Business S a egy, Compe i i e Ad an age and Financial S a -
egy: A Pe spec i e om Co po a e Ma u i y Misma ched In es men . Jou nal o Compe i i eness, 13(1), 164-181.
Zhao, Z., Pal, S., Mahalik, M.K. & Gozgo , G. (2024). E ec s o inancial and ade globaliza ion on o al ac o p oduc-
i i y g ow h in eme ging economies. Eme ging Ma ke s Finance and T ade, 60(2), 328-344.
Ženka, J., Slach, O. & Pa lík, A. (2019). Economic esilience o me opoli an, old indus ial, and u al egions in wo
subsequen ecessiona y shocks. Eu opean Planning S udies, 27(11), 2288-2311.
