2014
DOI: 10.4236/me.2014.52014
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Relationship between Insurance and Economic Growth in Sub-Saharan African: A Panel Data Analysis

Abstract: This study examined the relationship between insurance and economic growth in sub-Saharan Africa over the period 1986-2011. Pooled OLS, Fixed Effect Model and Generalized Method of Moment Panel Model were employed in the estimation. The estimations of the dynamic panel-data results show that insurance has positive and significance impact on economic growth in sub-Saharan Africa. This shows that premium contributes to economic growth in sub-Saharan Africa which means that a well-developed insurance sector is ne… Show more

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Cited by 55 publications
(65 citation statements)
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“…Second, while empirical studies on the relationship between economic development and life insurance have focused on both developed and developing countries (Ward & Zurbruegg, 2000;Arena, 2008;Chang & Lee, 2012;Chen et al, 2012;Lee et al, 2013aLee et al, , 2013bSawadogo et al, 2018), the positioning of this study is specifically in the space of contemporary Africacentric literature because this articulates how its positioning departs from attendant Africacentric studies. Hence, as critically engaged in Section 2, the extant literature on insurance consumption in Africa has focused on two main strands, notably: nexuses between the penetration of insurance and economic development (Ioncică et al, 2012;Akinlo, 2015;Alhassan & Biekpe, 2015 and factors that determine insurance penetration (Zerriaa et al, 2017;Guerineau & Sawadogo, 2015;Alhassan & Biekpe, 2016b). This research is closest to the former strand, and unfortunately, studies in the attendant strand have a common shortcoming of not clearly articulating thresholds of insurance penetration at which further consumption of insurance enhances economic prosperity.…”
Section: Introductionmentioning
confidence: 99%
“…Second, while empirical studies on the relationship between economic development and life insurance have focused on both developed and developing countries (Ward & Zurbruegg, 2000;Arena, 2008;Chang & Lee, 2012;Chen et al, 2012;Lee et al, 2013aLee et al, , 2013bSawadogo et al, 2018), the positioning of this study is specifically in the space of contemporary Africacentric literature because this articulates how its positioning departs from attendant Africacentric studies. Hence, as critically engaged in Section 2, the extant literature on insurance consumption in Africa has focused on two main strands, notably: nexuses between the penetration of insurance and economic development (Ioncică et al, 2012;Akinlo, 2015;Alhassan & Biekpe, 2015 and factors that determine insurance penetration (Zerriaa et al, 2017;Guerineau & Sawadogo, 2015;Alhassan & Biekpe, 2016b). This research is closest to the former strand, and unfortunately, studies in the attendant strand have a common shortcoming of not clearly articulating thresholds of insurance penetration at which further consumption of insurance enhances economic prosperity.…”
Section: Introductionmentioning
confidence: 99%
“…In the second strand, Alhassan and Biekpe (2015) Akinlo (2015) has investigated causal nexuses between insurance and economic growth in 33 countries in SSA for the period 1995-2011. Using panel data with an estimation approach that accounts for heterogeneity, the results show evidence of bidirectional causality between economic growth and insurance penetration.…”
Section: Literaure Review On Insurancementioning
confidence: 99%
“…High deposit interest rates encourage saving and thus providing commercial banks with deposit inflows well beyond their required reserve ratios. This enables banks to lend out for investment purposes, which ultimately leads to economic growth (Akinlo and Apanisile, 2014). Inflation is included because of its influence on aggregate demand.…”
Section: Theoretical Modelmentioning
confidence: 99%