What Drives the Development of the Insurance Sector? An Empirical Analysis Based on a Panel of Developed and Developing Countries

The insurance sector can play a critical role in financial and economic development. By reducing uncertainty and the impact of large losses, the sector can encourage new investments, innovation, and competition. As financial intermediaries with lon...

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Bibliographic Details
Main Authors:	Feyen, Erik, Lester, Rodney, Rocha, Roberto
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	AGENTS AMOUNT OF CAPITAL ANNUITIES ANNUITY ASSET MANAGEMENT ASSETS BANK POLICY BANKING BOND BOND MARKET BOND MARKET CAPITALIZATION BOND MARKETS COLLATERAL PROBLEMS COMMERCIAL BANKS COMPETITION CONSUMER PROTECTION CONSUMERS CONSUMPTION INCREASES CONTRACT CONTRACT ENFORCEABILITY CONTRACTS CORPORATE BONDS CORPORATE INVESTMENT COVERAGE CREDIBILITY CREDIT GUARANTEES CREDIT INTERMEDIATION CREDIT MARKET CREDIT MARKETS CREDIT RISK CREDITOR CREDITOR RIGHTS DEFAULT DEGREE OF RISK DEMAND DEMOGRAPHIC DEVELOPING COUNTRIES DEVELOPMENT FINANCE DEVELOPMENT POLICY DIFFERENTIAL TAXATION DISBURSEMENTS DISPOSABLE INCOME DOMESTIC BOND DOMESTIC BOND MARKET DUMMY VARIABLE DUMMY VARIABLES ECONOMETRICS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC RESEARCH ENDOGENOUS VARIABLES ENFORCEMENT ENVIRONMENTAL FACTORS EXCHANGE EXPECTED VALUE EXPENDITURES EXPORTS EXTERNAL TRADE FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIARIES FINANCIAL SECTOR FINANCIAL SYSTEMS FIXED INCOME FOREIGN INSURERS FUTURE FUTURE RESEARCH GDP GDP PER CAPITA GINI COEFFICIENT GOOD GOODS HEALTH INSURANCE HEDGE INCENTIVES INCOME EFFECT INCOME GROUP INCOME INEQUALITY INCOME INSTRUMENTS INCOME LEVEL INCOME LEVELS INFLATION INFLATION RATE INFLATIONARY EXPECTATIONS INFLUENCE INFORMATION INFORMATION SERVICES INSURANCE INSURANCE ACTIVITIES INSURANCE ACTIVITY INSURANCE COMPANIES INSURANCE CONTRACTS INSURANCE COVERAGE INSURANCE GROWTH INSURANCE INDUSTRIES INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE POLICIES INSURANCE PREMIUMS INSURANCE PRODUCTS INTEREST INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BUSINESS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INSURANCE INTERNATIONAL SETTLEMENTS INVESTMENT INVESTMENT HORIZONS INVESTMENTS LAGS LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL RIGHTS LENDERS LIABILITY LIABILITY INSURANCE LIABILITY MANAGEMENT LIFE EXPECTANCIES LIFE EXPECTANCY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE PREMIUM LIFE INSURANCE PREMIUMS LIFE INSURANCE PRODUCTS LIFE-INSURANCE LOAN LONG-TERM FINANCE LONG-TERM INSTRUMENTS LOSS LOSSES LOW INFLATION MARKET MARKET CONCENTRATION MARKET DATA MARKET DEVELOPMENT MARKET PLAYER MARKET STRUCTURE MIDDLE INCOME COUNTRIES MORTGAGES MOTOR THIRD PARTY LIABILITY INSURANCE NON-LIFE INSURANCE OLIGOPOLISTIC MARKETS OPEN COUNTRIES OPEN ECONOMIES OUTCOMES OUTPUT PENSION PENSION SYSTEM PENSIONS PER CAPITA INCOME PERSONAL LOANS POLITICAL ECONOMY PORTFOLIO PORTFOLIOS POSITIVE EFFECTS POVERTY PRICE PRICES PRICING PRIVATE BOND PRIVATE BONDS PRIVATE CREDIT PRIVATE PENSIONS PRIVATE SECTOR DEVELOPMENT PROPERTY PROPERTY INSURANCE PUBLIC PENSION REAL ASSETS REAL ESTATE REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES REGRESSION ANALYSIS REGULATION REGULATIONS REGULATORY ENVIRONMENT REGULATORY FRAMEWORK RETURN RETURNS REVENUES RISK AVERSION RISK MANAGEMENT RISK POOLING RISKS RULE OF LAW SAVING SAVINGS SAVINGS MOTIVE SECURITY SHARE SMALL ECONOMIES SOCIAL SECURITY SOCIAL SECURITY PROGRAMS SOCIAL SECURITY SYSTEMS SUBSTITUTION EFFECT TAXES TERM STRUCTURE OF INTEREST RATES THEORY TRANSITION COUNTRIES TRENDS URBANIZATION VALUE VALUE OF COLLATERAL WORLD DEVELOPMENT INDICATORS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110223115546 http://hdl.handle.net/10986/3339