Does the Insurance Sector Really Matter for Economic Growth? Evidence From Central and Eastern European Countries

Bayar, Yılmaz; Gavriletea, Marius Dan; Dănuleţiu, Dan

doi:10.3846/jbem.2021.14287

Cited by 15 publications

(6 citation statements)

References 47 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The test also showed that there was bidirectional causality for Austria while Slovakia had no causality. Bayar et. al.…”

Section: Review Of the Empirical Literaturementioning

confidence: 99%

An Empirical Investigation of the Relationship Between the Insurance Industry and the Economic Growth in Turkey

Koşaroğlu¹

2022

ijif

View full text Add to dashboard Cite

Insurance provides risk management by providing compensation for potential losses of people. The insurance sector, which is an important part of the financial sector, can have a positive impact on economic growth. This effect is mainly due to the reliability and stability of the insurance, the private savings, and the resource-increasing feature of the financial sector. In recent years, it has been given importance to investigate the relationship between insurance and economic growth. In Turkey, which has a significant potential in terms of economic growth, there is a limited study on the relationship between insurance and growth, since the insurance activities have just started to widen. Accordingly, the aim of this study is to fill in this gap and explore this relation between the insurance sector and economic growth for Turkey. For this purpose, by applying annual data between 1983-2020, the relationship between insurance premiums, penetration rate and economic growth in Turkey is analyzed by Pesaran et al. (2001) ARDL method. The Bound test results show that there is a long-term relationship among the variables. According to the ARDL result, while a significant relationship was measured between the total insurance premium and economic growth in the long run, no significant relationship was found between the penetration rate and economic growth.

show abstract

“…The test also showed that there was bidirectional causality for Austria while Slovakia had no causality. Bayar et. al.…”

Section: Review Of the Empirical Literaturementioning

confidence: 99%

An Empirical Investigation of the Relationship Between the Insurance Industry and the Economic Growth in Turkey

Koşaroğlu¹

2022

ijif

View full text Add to dashboard Cite

show abstract

“…According to Cheston et al (2018) "insurance inclusion is the state of access to and use of appropriate and affordable insurance products for the unserved and underserved". Arguably, existent studies have proved insurance to contribute to economic growth at the macro level and poverty alleviation at the micro level (Bayar et al 2021;Zulfiqar et al 2020). Thus, inclusive insurance can enable poverty alleviation through savings mobilisation for entrepreneurship and reducing people's risk susceptibility (Kim et al 2018).…”

Section: Introductionmentioning

confidence: 99%

Digital Literacy, Insurtech Adoption and Insurance Inclusion in Uganda

Kiwanuka,

Sibindi

2024

JRFM

View full text Add to dashboard Cite

The purpose of this study was to establish whether digital literacy and insurtech adoption influence insurance inclusion in Uganda. Principally, we sought to determine whether insurtech adoption mediates the nexus between digital literacy and insurance inclusion. This study adopted a cross-sectional and quantitative correlational approach. The study’s sample was 391 individuals who had used digital platforms such as mobile phones and computers to access insurance products and services in Uganda. Data were collected using structured survey questionnaires. Partial Least Squares Structural Equation Modelling (PLSEM) was employed to test the hypothesised relationships. The results demonstrated that both digital literacy and insurtech adoption significantly and positively influence insurance inclusion. We also found digital literacy to be a significant and positive determinant of insurtech adoption. Markedly, it was found that insurtech adoption mediates the association between digital literacy and insurance inclusion in Uganda. However, this study was conducted in a developing country with an underdeveloped insurance market and with low technological advancement. This may affect the generalisation of the study’s findings. This study’s novelty lies in establishing how digital literacy and insurtech adoption interact to influence insurance inclusion in Uganda. This is the first study to examine the effect of digital literacy and insurtech adoption on insurance inclusion.

show abstract

“…It is surprising that thorough and in-depth research of this kind is not more prevalent among research subjects, given the significance of the insurance sector in facilitating a wide range of economic transactions. Few studies have examined the connection between insurance and economic growth, with the majority of empirical works on the financial sector concentrating more on the banking industry or the stock market (Ahmed & Bashir, 2016;Bayar & Gavriletea, 2018;Sawadogo et al, 2018;Bayar et al, 2021). This study aims to contribute to the growing empirical inquisitions in the literature by examining the causal relationship between insurance and economic growth in Nigeria.…”

Section: Introductionmentioning

confidence: 99%

Investigating the Causal Relationship between Insurance and Economic Growth in Nigeria.

N. Orofuke,

A. Maku

2023

IJMSSSR

View full text Add to dashboard Cite

The insurance sector's contribution to economic growth in an economy cannot be understated, as recent empirical studies have demonstrated that, in addition to serving the primary functions of managing losses and reducing risks, insurance also has the potential to mobilize domestic savings for investment, which in turn fosters economic growth. This hypothesis served as the foundation for this study, which examined the causal relationship between insurance and economic growth in Nigeria from 1998 to 2020. In order to analyze the data, this study used the autoregressive distributed lag model (ARDL) estimation technique. Real gross domestic product (RGDP) was utilized as a proxy for economic growth, while gross insurance premiums (GIP), life insurance premiums (LIP), and non-life insurance premiums (NLIP) served as the predictive factors for the insurance sector. The findings of the causality test demonstrated that, in both the short- and long-run, there is a causal relationship between economic growth and gross insurance premiums, as well as between economic growth and non-life insurance, while a significant causal relationship exists between economic growth and life insurance premiums only in the long run.

show abstract

Does the Insurance Sector Really Matter for Economic Growth? Evidence From Central and Eastern European Countries

Cited by 15 publications

References 47 publications

An Empirical Investigation of the Relationship Between the Insurance Industry and the Economic Growth in Turkey

An Empirical Investigation of the Relationship Between the Insurance Industry and the Economic Growth in Turkey

Digital Literacy, Insurtech Adoption and Insurance Inclusion in Uganda

Investigating the Causal Relationship between Insurance and Economic Growth in Nigeria.

Contact Info

Product

Resources

About