The 2004 enlargement of the European Union by another 10 member countries introduced a change in the quality of Europe’s economic relations. The integration of social, political and economic spheres of life entailed a number of consequences, such as the possibility of direct comparisons of living standards across member countries or effectiveness of legal regulations. It also helped to devise and implement programmes aimed at narrowing the civilization gap between the ‘old’ 15 EU countries and the new members .
As part of any economy’s financial system, the insurance market plays a significant part in stimulating economic growth. Its effective functioning within the EU will facilitate introducing the idea of Uniform Insurance Market. The present state of affairs, however, shows a substantial diversity in the development of the insurance market among the EU member countries.