The growth and development goals of a national economy are successfully achieved through implementation of a properly selected investment policy, and for that reason, foreign investments are one of the main fundamental means for reaching the goals of economic and regional development. The insurance is one of the industries that have gone furthest ahead in globalization of the world markets. The main focus of this article is the insurance industry and economic development of the selected transition countries, some of them already members of the European Union, others still in the EU accession procedure. The importance of the insurance industry can be seen in the results of the displayed types of insurance in the period from 2010 to 2014. Transition countries may expect a significant encouragement to economic development by investments in the insurance industry. The subject of this study is to determine if these expectations are met or the improvements are achieved only in the domain of types and ways of selling insurance products.