4,036
Views
16
CrossRef citations to date
0
Altmetric
Articles

The nexus between the demand for life insurance and institutional factors in Europe: new evidence from a panel data approach

ORCID Icon, ORCID Icon, ORCID Icon, ORCID Icon & ORCID Icon
Pages 1477-1496 | Received 28 Apr 2016, Accepted 30 Jan 2017, Published online: 05 Jun 2017

References

  • Afonso, Ó. (2016). Effects of labor-market institutions on employment, wages, R&D intensity and growth in 27 OECD countries: From theory to practice. Economic Modelling, 53, 48–62. 10.1016/j.econmod.2015.11.009
  • Alhassan, A. L., & Biekpe, N. (2016). Determinants of life insurance consumption in Africa. Research in International Business and Finance, 37, 17–27. 10.1016/j.ribaf.2015.10.016
  • Araujo, L., Mion, G., & Ornelas, E. (2016). Institutions and export dynamics. Journal of International Economics, 98, 2–20. 10.1016/j.jinteco.2015.08.004
  • Baldwin, R. B. (1971). Determinants of the commodity structure of the US trade. American Economic Review, 61, 126–146.
  • Beck, T., & Webb, I. (2003). Economic, demographic and institutional determinants of life insurance consumption. The World Bank Economic Review, 17, 51–88. 10.1093/wber/lhg011
  • Beenstock, M., Dickinson, G., & Khajuria, S. (1986). The determination of life premiums: An international cross-section analysis, 1970-1981. Insurance: Mathematics and Economics, 5, 261–270.
  • Browne, M. J., & Kim, K. (1993). An international analysis of life insurance demand. Journal of Risk and Insurance, 60, 616–634. 10.2307/253382
  • Carter, R. L., & Dickinson, G. M. (1992). Obstacles to the liberalization of trade in insurance. London: Harvester Wheatsheaf.
  • Chang, C. H., & Lee, C. C. (2012). Non-linearity between life insurance and economic development: A revisited approach. The Geneva Risk and Insurance Review, 37, 223–257. 10.1057/grir.2011.10
  • Chen, T. (2015). Institutions, board structure, and corporate performance: Evidence from Chinese firms. Journal of Corporate Finance, 32, 217–237. 10.1016/j.jcorpfin.2014.10.009
  • Chui, A. C., & Kwok, C. C. (2008). National culture and life insurance consumption. Journal of International Business Studies, 39, 88–101. 10.1057/palgrave.jibs.8400316
  • Creane, A., & Jeitschko, T. D. (2016). Exporting to bypass weak institutions. European Economic Review, 83, 185–197. 10.1016/j.euroecorev.2015.12.008
  • Elango, B., & Jones, J. (2011). Drivers of insurance demand in emerging markets. Journal of Service Science Research, 3, 185–204.
  • Enz, R. (2000). The S-curve relation between per-capita income and insurance penetration. The Geneva Papers on Risk and Insurance – Issues and Practice, 25, 396–406. 10.1111/gene.2000.25.issue-3
  • European Central Bank. (2015). Statistics, long term interest rates. Retrieved from https://www.ecb.europa.eu/stats/money/long/html/index.en.html
  • Feyen E., Lester R., & Rocha R. (2011). What drives the development of the insurance sector? An empirical analysis based on a panel of developed and developing countries. Policy Research Working Paper 5572, The World Bank.
  • Fields, P., Gupta, M., & Prakash, P. (2012). Risk taking and performance of public insurers: An international comparison. The Journal of Risk and Insurance, 79(4), 1–32.
  • Góes, C. (2016). Institutions and Growth: A GMM/IV Panel VAR approach. Economics Letters, 138, 85–91. 10.1016/j.econlet.2015.11.024
  • Guerineau S., & Sawadogo R. (2015). On the determinants of life insurance development in Sub-Saharan Africa: The role of the institutions quality in the effect of economic development. Working Papers, halshs-01178838, HAL.
  • Hammond, J. D., Houston, D. B., & Melander, E. R. (1967). Determinants of household life insurance premium expenditure: An empirical investigation. Journal of Risk and Insurance, 34, 397–408.
  • Hlavacek, P., Zambochova, M., & Sivicek, T. (2015). The influence of the institutions on entrepreneurship development: Public support and perception of entrepreneurship development in the Czech Republic. Amfiteatru Economic, 17, 408–421.
  • Hwang, T., & Gao, S. (2003). The determinants of demand for life insurance in an emerging economy- the case of China. Managerial Finance, 29, 82–96. 10.1108/03074350310768779
  • Insurance Europe. (2015). Statistics No. 49 and No. 50, European Insurance for Total Life Premiums and Number of Population.
  • Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The world governance indicators: Methodology and analytical issues. World Bank policy research working paper, no. 5430 (Washington, D.C.: The World Bank, Development Research Group, Macroeconomics and Growth Team).
  • Kjosevski, J. (2012). The determinants of life insurance demand in Central and South-Eastern Europe. International Journal of Economics and Finance, 4, 237–247.
  • Lee, C. C., & Chang, C. H. (2015). Financial policy and insurance development: Do financial reforms matter and how? International Review of Economics & Finance, 38, 258–278. 10.1016/j.iref.2015.03.004
  • Lee, C. C., & Lin, C. W. (2016). Globalization, political institutions, financial liberalization, and performance of the insurance industry. The North American Journal of Economics and Finance, 36, 244–266. 10.1016/j.najef.2016.01.007
  • Lee, C. C., Chang, C. H., Arouri, M., & Lee, C. C. (2016). Economic growth and insurance development: The role of institutional environments. Economic Modelling, 59, 361–369. 10.1016/j.econmod.2016.08.010
  • Li, D., Moshirian, F., Nguyen, P., & Wee, T. (2007). The demand for life insurance in OECD Countries. Journal of Risk and Insurance, 74, 637–652. 10.1111/jori.2007.74.issue-3
  • Nesterova, D. (2008). Determinants of the demand for life insurance: Evidence from selected CIS and CEE countries. National University Kyiv-Mohyla Academy, 1–49.
  • Outreville, J. F. (1996). Life insurance markets in developing countries. Journal of Risk and Insurance, 63, 263–278. 10.2307/253745
  • Sen, S. (2008). An analysis of life insurance demand determinants for selected Asian Economies and India. MSE Working Papers, 36, Madras School of Economics.
  • Shi, X., & Yan Z. (2015). An international analysis of urbanizations and life insurance industry development: A new perspective, Insurance Risk and Finance Research Conference, 25-26 June 2015.
  • Truett, D. B., & Truett, L. J. (1990). The demand for life insurance in Mexico and the United States: A comparative study. Journal of Risk and Insurance, 57, 321–328. 10.2307/253306
  • Ward, D., & Zurbruegg, R. (2002). Law, politics and life insurance consumption in Asia. The Geneva Papers on Risk and Insurance – Issues and Practice, 27, 395–412. 10.1111/gene.2002.27.issue-3
  • World Bank. (2015a). Indicators: Economy & growth, health, urban development, education and poverty. Washington, DC. Retrieved from http://data.worldbank.org/data-catalog/world-development-indicators
  • World Bank. (2015b). Worldwide governance indicators (WGI). Retrieved from http://info.worldbank.org/governance/wgi/index.aspx#home
  • Zagorchev, A., & Gao, L. (2015). Corporate governance and performance of financial institutions. Journal of Economics and Business, 82, 17–41. 10.1016/j.jeconbus.2015.04.004
  • Zietz, E. N. (2003). An examination of the demand for life insurance. Risk Management and Insurance Review, 6, 159–191.10.1046/J.1098-1616.2003.030.x