Determinants of Life Insurance Consumption across Countries
The importance of life insurance companies as part of the financial sector has significantly increased over the past decades, both as provider of important financial services to consumers and as a major investor in the capital market. However, the...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/02/1716000/determinants-life-insurance-consumption-across-countries http://hdl.handle.net/10986/15614 |
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okr-10986-156142021-04-23T14:03:19Z Determinants of Life Insurance Consumption across Countries Beck, Thorsten Webb, Ian LIFE INSURANCE CROSS-COUNTRY EXPERIENCE INSURANCE COMPANIES FINANCIAL SERVICES CROSS SECTION ANALYSIS EDUCATIONAL ACHIEVEMENT BANKING SYSTEMS INFLATION RATES PRICE STABILIZATION FINANCIAL SECTOR REFORM EDUCATIONAL EFFICIENCY ANNUITIES ANNUITY BENEFICIARIES BUDGET CONSTRAINTS CAPITAL MARKETS CONSUMERS CONTRACTUAL SAVING COVERAGE CPI DEVELOPED COUNTRIES DEVELOPMENT INDICATORS DISINTERMEDIATION DIVIDENDS ECONOMIC DEVELOPMENT ELASTICITIES EMPIRICAL ANALYSIS EXCHANGE RATE EXCHANGE RATES EXPENDITURES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FRAUD GNP GROSS NATIONAL PRODUCT INCOME INCOME DISTRIBUTION INFLATION INFORMAL INSURANCE INSURANCE COMPANIES INSURANCE CONTRACTS INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE POLICIES INSURANCE PREMIUM RATES INSURANCE PRODUCTS INSURERS INTEREST RATES LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE PREMIUMS LIFE INSURERS MORTALITY OVERHEAD COSTS POLICY MAKERS POLICY RESEARCH PRESENT VALUE PRIVATE INSURANCE PRIVATE SECTOR PROPERTY RIGHTS PUBLIC EXPENDITURES PURCHASING POWER RATES RETIREMENT SAVINGS RISK AVERSION RISK INSURANCE RISK MANAGEMENT SAVINGS SOCIAL SECURITY UNDERWRITING The importance of life insurance companies as part of the financial sector has significantly increased over the past decades, both as provider of important financial services to consumers and as a major investor in the capital market. However, the authors still observe a large variance in life insurance consumption across countries, which raises the question of its determinants. The authors use a greatly expanded data set on life insurance consumption to examine the determinants of the demand and supply of life insurance products across countries and over time. Using a cross-sectional sample of 63 countries averaged over 1980-96, the authors find that educational attainment, banking sector development, and inflation are the most robust predictors of life insurance consumption, while income is only a weak predictor. The results on educational attainment and inflation are confirmed in a panel of 23 countries over the period 1960-96. The results strengthen the case for promoting price stability, financial sector reform, and an efficient education system if life insurance and its many benefits are to be fully realized in an economy. 2013-09-04T19:52:13Z 2013-09-04T19:52:13Z 2002-02 http://documents.worldbank.org/curated/en/2002/02/1716000/determinants-life-insurance-consumption-across-countries http://hdl.handle.net/10986/15614 English en_US Policy Research Working Paper;No. 2792 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
LIFE INSURANCE CROSS-COUNTRY EXPERIENCE INSURANCE COMPANIES FINANCIAL SERVICES CROSS SECTION ANALYSIS EDUCATIONAL ACHIEVEMENT BANKING SYSTEMS INFLATION RATES PRICE STABILIZATION FINANCIAL SECTOR REFORM EDUCATIONAL EFFICIENCY ANNUITIES ANNUITY BENEFICIARIES BUDGET CONSTRAINTS CAPITAL MARKETS CONSUMERS CONTRACTUAL SAVING COVERAGE CPI DEVELOPED COUNTRIES DEVELOPMENT INDICATORS DISINTERMEDIATION DIVIDENDS ECONOMIC DEVELOPMENT ELASTICITIES EMPIRICAL ANALYSIS EXCHANGE RATE EXCHANGE RATES EXPENDITURES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FRAUD GNP GROSS NATIONAL PRODUCT INCOME INCOME DISTRIBUTION INFLATION INFORMAL INSURANCE INSURANCE COMPANIES INSURANCE CONTRACTS INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE POLICIES INSURANCE PREMIUM RATES INSURANCE PRODUCTS INSURERS INTEREST RATES LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE PREMIUMS LIFE INSURERS MORTALITY OVERHEAD COSTS POLICY MAKERS POLICY RESEARCH PRESENT VALUE PRIVATE INSURANCE PRIVATE SECTOR PROPERTY RIGHTS PUBLIC EXPENDITURES PURCHASING POWER RATES RETIREMENT SAVINGS RISK AVERSION RISK INSURANCE RISK MANAGEMENT SAVINGS SOCIAL SECURITY UNDERWRITING |
| spellingShingle |
LIFE INSURANCE CROSS-COUNTRY EXPERIENCE INSURANCE COMPANIES FINANCIAL SERVICES CROSS SECTION ANALYSIS EDUCATIONAL ACHIEVEMENT BANKING SYSTEMS INFLATION RATES PRICE STABILIZATION FINANCIAL SECTOR REFORM EDUCATIONAL EFFICIENCY ANNUITIES ANNUITY BENEFICIARIES BUDGET CONSTRAINTS CAPITAL MARKETS CONSUMERS CONTRACTUAL SAVING COVERAGE CPI DEVELOPED COUNTRIES DEVELOPMENT INDICATORS DISINTERMEDIATION DIVIDENDS ECONOMIC DEVELOPMENT ELASTICITIES EMPIRICAL ANALYSIS EXCHANGE RATE EXCHANGE RATES EXPENDITURES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FRAUD GNP GROSS NATIONAL PRODUCT INCOME INCOME DISTRIBUTION INFLATION INFORMAL INSURANCE INSURANCE COMPANIES INSURANCE CONTRACTS INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE MARKETS INSURANCE POLICIES INSURANCE PREMIUM RATES INSURANCE PRODUCTS INSURERS INTEREST RATES LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE PREMIUMS LIFE INSURERS MORTALITY OVERHEAD COSTS POLICY MAKERS POLICY RESEARCH PRESENT VALUE PRIVATE INSURANCE PRIVATE SECTOR PROPERTY RIGHTS PUBLIC EXPENDITURES PURCHASING POWER RATES RETIREMENT SAVINGS RISK AVERSION RISK INSURANCE RISK MANAGEMENT SAVINGS SOCIAL SECURITY UNDERWRITING Beck, Thorsten Webb, Ian Determinants of Life Insurance Consumption across Countries |
| relation |
Policy Research Working Paper;No. 2792 |
| description |
The importance of life insurance
companies as part of the financial sector has significantly
increased over the past decades, both as provider of
important financial services to consumers and as a major
investor in the capital market. However, the authors still
observe a large variance in life insurance consumption
across countries, which raises the question of its
determinants. The authors use a greatly expanded data set on
life insurance consumption to examine the determinants of
the demand and supply of life insurance products across
countries and over time. Using a cross-sectional sample of
63 countries averaged over 1980-96, the authors find that
educational attainment, banking sector development, and
inflation are the most robust predictors of life insurance
consumption, while income is only a weak predictor. The
results on educational attainment and inflation are
confirmed in a panel of 23 countries over the period
1960-96. The results strengthen the case for promoting price
stability, financial sector reform, and an efficient
education system if life insurance and its many benefits are
to be fully realized in an economy. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Beck, Thorsten Webb, Ian |
| author_facet |
Beck, Thorsten Webb, Ian |
| author_sort |
Beck, Thorsten |
| title |
Determinants of Life Insurance Consumption across Countries |
| title_short |
Determinants of Life Insurance Consumption across Countries |
| title_full |
Determinants of Life Insurance Consumption across Countries |
| title_fullStr |
Determinants of Life Insurance Consumption across Countries |
| title_full_unstemmed |
Determinants of Life Insurance Consumption across Countries |
| title_sort |
determinants of life insurance consumption across countries |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/02/1716000/determinants-life-insurance-consumption-across-countries http://hdl.handle.net/10986/15614 |
| _version_ |
1764429711040053248 |