The Relationship Between Insurance and Economic Development: 85 Empirical Papers for a Review of the Literature

Abstract

The objective of this article is to propose a review of 85 empirical papers examining the relationships between insurance and economic development, that is, the insurance‐growth nexus. When looking at the economic importance of the insurance sector, most papers in the past have looked at the demand side (the level of economic development is an explanatory variable among other factors that affect the demand for insurance). Because the role of the insurance sector and its contribution to development is at the agenda of international organizations and because the importance of the relationship between financial development and economic growth has been well recognized and emphasized in the field of economic development, more recent papers have examined the causality links between insurance and economic development and the role of insurance as a significant determinant in the process of economic growth.

Who enrols in voluntary micro health insurance schemes in low-resource settings? Experience from a rural area in Bangladesh

“…The Outreville’s insurance demand framework [15] has been used to explore the determinants of enrolment in this study. The econometric model derived from the framework looks at the determinants from four different aspects: (a) Economic factors (e.g.…”

El desarrollo del sector asegurador y el crecimiento económico: un análisis empírico para 47 países

“…Países como España y Alemania son ejemplos claros de lo anterior, lo cual se puede observar en las Figuras 1 y 2, donde se muestra la evolución del volumen de primas y el PIB para estas dos economías desarrolladas. Debido a la importancia del mercado asegurador en una economía, diversas investigaciones han puesto de manifiesto la necesidad de más estudios que busquen analizar el vínculo entre el desarrollo del mercado asegurador y el crecimiento económico (al respecto, véase Haiss y Sumegi, 2008;Outreville, 2013;Focarelli, 2017). Lo anterior se debe a que en su mayoría la literatura empírica se basa en analizar únicamente el efecto del desarrollo de los seguros del segmento de vida -sin abarcar no vida-.…”

Improving the assessment of the non-life insurance market development level in Ukraine

“…The basic indexes that characterize the use of insurance as an effective instrument of insurance defense of the state and measures necessary for providing of effective insurance market in Ukraine are analyzed in the work [10]. Scientists [11][12][13][14] examined the causal relationship between insurance penetration and economic growth in different countries. In the paper [15] the factors affecting the insurance sector development were explored.…”