Article1990

The Economic Significance of Insurance Markets in Developing Countries

310 citations0/0 files storedJournal of Risk & Insurance

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Insurance and Financial Risk Management Monetary Policy and Economic Impact Banking stability, regulation, efficiency

Abstract

The importance of the relationship between financial development and economic growth is recognized in the economic literature. Recent evidence suggests that the developing countries have a supply-leading causality pattern of development. Property-Liability insurance like other financial services has grown in quantitative importance as part of the general development of financial institutions. This article investigates empirically the relationship between property-liability insurance premiums and economic and financial development. A model is specified for property-liability insurance demand and it is tested with a cross-section of 55 developing countries.

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References

1966Financial Development and Economic Growth in Underdeveloped Countries 1986Financial Development and Economic Growth: International Evidence 2016Determinants of the Commodity Structure of US. Trade 1977Money and finance in economic growth and development,

Cited by

2012The Relationship Between Insurance and Economic Development: 85 Empirical Papers for a Review of the Literature 2000International Property-Liability Insurance Consumption 2010Insurance Development and Economic Growth 2017Natural Disaster, Poverty, and Development: An Introduction 2004Law and the Determinants of Property‐Casualty Insurance 2011What drives the development of the insurance sector? An empirical analysis based on a panel of developed and developing countries 2005Does Insurance Promote Economic Growth? Evidence from the UK 2005Stimulating the Demand for Insurance

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