Sources of growth in international insurance services |
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| Affiliation: | 1. Department of Neurology, David Geffen School of Medicine, University of California, Los Angeles, CA, USA;2. Veterans Affairs Greater Los Angeles Healthcare System, Los Angeles, CA, USA;3. Department of Neurobiology and Neurology, Beijing Institute of Geriatrics, Xuanwu Hospital, Capital Medical University, Beijing, China;4. Department of Molecular Biology and Biochemistry, University of California, Irvine, CA, USA;5. Biochemistry Department and Experimental Biochemistry Unit, King Fahd Medical Research Center, King Abdulaziz University, Jeddah, Saudi Arabia;6. Retina Foundation of the Southwest, Dallas, TX, USA;7. Department of Ophthalmology, UT Southwestern Medical Center, Dallas, TX, USA |
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| Abstract: | The purpose of this paper is to analyse international insurance services. It defines international insurance services in the context of the new definition of trade in financial services. Cross-border trade and foreign direct investment in insurance services are categorised into four distinct groups, based on the movement of providers and receivers of insurance services. The empirical results of a model of the movement of providers in insurance services indicate that insurance premiums and the national income of the host countries contribute to the expansion of multinational insurance companies. Furthermore, bilateral trade, labor costs, economic growth and the cost of capital are also contributing to the expansion of international insurance services. In addition, the empirical results indicate that FDI in banking is a complement to the expansion of international insurance services. |
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