The role of insurance growth in economic growth: Fresh evidence from a panel of OECD countries |
| |
| Institution: | 1. University of Derby, UK;2. Department of Economics, Democritus University of Thrace, Greece;1. Department of Finance, Lunghwa University of Science and Technology, 33306, No. 300, Sec.1, Wanshou Rd., Guishan District, Taoyuan City, Taiwan, ROC;2. Department of Banking and Finance, Kainan University, 33857, No. 1 Kainan Rd., Luzhu District, Taoyuan City, Taiwan, ROC;1. School of Management, Beijing Normal University Zhuhai, Zhuhai, China;2. Department of Finance, National Sun Yat-sen University, Kaohsiung, Taiwan;1. Department of Economics, University of the Punjab, Pakistan;2. School of Management and Economics, Beijing Institute of Technology, China;3. Laboratory of Behavioral Economics and Policy Simulation, Nankai University, Tianjin, China;4. College of Economic and Social Development, Nankai University, Tianjin, China;1. Department of Economics, Eastern Mediterranean University, Northern Cyprus, Turkey;2. Department of Economics, University of Pretoria, Pretoria, South Africa;3. Montpellier Business School, Montpellier, France;4. School of Economics and Management, Nanchang University, Nanchang, China |
| |
| Abstract: | Insurance is one of the key activities in a globalised financial and economic environment. Through its benefits, it offers income, life and property protection to the insured and their keens, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle or living standards. Motivated by this end of insurance, the goal of this paper is to study the contribution of insurance growth to economic growth, by employing the benefit side of the insurance activity, next to the acquisition side that has already been considered. More precisely, the findings provide evidence that gross claims payments and gross operating expenses are significantly and positively related to economic growth. At the same time, the results confirm the findings of the existing literature that gross premia and insurance penetration are also significantly and positively related to economic growth. The outcomes hold true for total, life and non-life insurance, both during the pre- and post- 2008-crisis periods, even though less strong after the crisis. Furthermore, the positive and statistically significant impact of gross capital formation, government expenditure, secondary schooling, FDI inflows, trade openness and financial development is validated, in line with certain theoretical expectations. |
| |
| Keywords: | Insurance growth Economic growth Premium Retention Macroeconomic variables |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
