How Advanced Technologies Shape the Insurance Market: Statistical Insights at the European Union Level

Considering the changes caused by new technologies and the significance of insurance field for the economy, the objective of this research is to highlight how advanced technologies and innovations influence the insurance market, through econometric analysis at the European Union level. The research methodology consists of applying Bayesian network analysis, through Gaussian Graphical Models, based on data collected for the period 2013-2022. The variables include indicators both from the insurance market and from the field of new technologies, digital transformation and innovation. The research suggests that that there is a connection between digital transformations, new technologies and the insurance market, and the relationship between these variables is complex, with both favorable and unfavorable connections between the analyzed variables.