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Socio-Economic Valences Of Insurance

Author

Listed:
  • Cristina UNGUR

    (National Institute for Economic Research, Academy of Sciences of Moldova and Ministry of Economy, Republic of Moldova)

Abstract

One of the main concerns of economists is economic growth. In this paper we show that insurance is an instrument for influence economic growth. Also, we analyze the impact of social and economic factors on insurance sector development. Thereby, this paper shows that insurance and economy are two correlated dimension. The development of national insurance markets, especially life insurance sector, allows us to promote financial stability, to improve welfare, to develop business and innovation. At the same time, insurance helps government to improve the social security and to strengthen national budget. Al of this effects leads to GDP growth. The results of this paper could be useful for governments, especially in emerging countries, to improve economic growth by stimulative policies for the development of insurance industry.

Suggested Citation

  • Cristina UNGUR, 2017. "Socio-Economic Valences Of Insurance," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 2(2), pages 112-118.
    • Handle: RePEc:brc:brccej:v:2:y:2017:i:2:p:112-118
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    References listed on IDEAS

    as
    1. Wanat, Stanisław & Papież, Monika & Śmiech, Sławomir, 2016. "Insurance Market Development and Economic Growth in Transition Countries: Some new evidence based on bootstrap panel Granger causality test," MPRA Paper 69051, University Library of Munich, Germany.
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    3. Rousseau, Peter L & Wachtel, Paul, 1998. "Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 657-678, November.
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    6. Feyen, Erik & Lester, Rodney & Rocha, Roberto, 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 Series 5572, The World Bank.
    7. Hakki Ciftci & Erhan Iscan & Duygu Serin, 2015. "The Interaction Between Insurance Sector And Economic Growth: Turkish Case," Proceedings of International Academic Conferences 2805263, International Institute of Social and Economic Sciences.
    8. Maurice Kugler & Reza Ofoghi, 2005. "Does Insurance Promote Economic Growth? Evidence from the UK," Money Macro and Finance (MMF) Research Group Conference 2005 8, Money Macro and Finance Research Group.
    9. repec:hur:ijaraf:v:5:y:2015:i:1:p:7-14 is not listed on IDEAS
    10. Charles Ndalu, 2016. "Financial Deepening of Insurance and Economic Growth in Kenya," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(1), pages 7-14, January.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

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    More about this item

    Keywords

    insurance; economic growth; investments; saves;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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