IDEAS home Printed from https://ideas.repec.org/a/pal/gpprii/v27y2002i3p395-412.html
   My bibliography  Save this article

Law, Politics and Life Insurance Consumption in Asia

Author

Listed:
  • Damian Ward

    (Lecturer in Economics, Bradford University School of Management, Emm Lane, Bradford, West Yorkshire, United Kingdom BD9 4JL)

  • Ralf Zurbrueg

    (Associate Professor of Finance, School of Commerce,University of Adelaide)

Abstract

This paper investigates the determinants of consumption for one of the fastest growing financial products in Asia. We find evidence that increased provision of civil rights and political stability leads to an increase in life insurance provision. However, by utilizing various estimation procedures, a number of differences between the more developed insurance markets and those in Asia are illustrated. In particular, the estimated income effect is found to be far higher in Asia than in other countries. However, the size of this difference is reduced once political and legal factors are controlled for, suggesting that future insurance market growth in Asia may not exceed that in the rest of the world. The Geneva Papers on Risk and Insurance (2002) 27, 395–412. doi:10.1111/1468-0440.00181

Suggested Citation

  • Damian Ward & Ralf Zurbrueg, 2002. "Law, Politics and Life Insurance Consumption in Asia," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 27(3), pages 395-412, July.
    • Handle: RePEc:pal:gpprii:v:27:y:2002:i:3:p:395-412
    as

    Download full text from publisher

    File URL: http://www.palgrave-journals.com/gpp/journal/v27/n3/pdf/2500181a.pdf
    File Function: Link to full text PDF
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: http://www.palgrave-journals.com/gpp/journal/v27/n3/full/2500181a.html
    File Function: Link to full text HTML
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Pradhan, Rudra P. & Arvin, Mak B. & Norman, Neville R., 2015. "Insurance development and the finance-growth nexus: Evidence from 34 OECD countries," Journal of Multinational Financial Management, Elsevier, vol. 31(C), pages 1-22.
    2. Benlagha, Noureddine & Hemrit, Wael, 2020. "Internet use and insurance growth: evidence from a panel of OECD countries," Technology in Society, Elsevier, vol. 62(C).
    3. Alhassan, Abdul Latif & Biekpe, Nicholas, 2016. "Determinants of life insurance consumption in Africa," Research in International Business and Finance, Elsevier, vol. 37(C), pages 17-27.
    4. Akhter, Waheed & Pappas, Vasileios & Khan, Saad Ullah, 2017. "A comparison of Islamic and conventional insurance demand: Worldwide evidence during the Global Financial Crisis," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1401-1412.
    5. Milijana Novoviæ Buriæ & Julija Ceroviæ Smoloviæ & Milena Lipovina Božoviæ & Ana Laleviæ Filipoviæ, 2017. "Impact of economic factors on life insurance development in Western Balkan Countries," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 35(2), pages 331-352.
    6. Gengnan Chiang & Chin-Chi Liu & Hui-Hsuan Liu, 2022. "The Threshold Effect of Regulatory Quality on the Relationship between Financial Development and Economic Growth: Evidence from Asian Countries," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 12(1), pages 1-6.
    7. Subir Sen, 2008. "An Analysis Of Life Insurance Demand Determinants For Selected Asian Economies And India," Working Papers 2008-036, Madras School of Economics,Chennai,India.
    8. Chu-Shiu Li & Gene C. Lai & Saruultuya Tsendsuren & Richard J. Butler & Chwen-Chi Liu, 2023. "Cognitive abilities and life insurance holdings: evidence from 16 European countries," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 48(1), pages 110-166, March.
    9. Yuan, Cheng & Jiang, Yu, 2020. "The marginal propensity to insure: An international analysis," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 102-109.
    10. Ming-Sun Horng & Yung-Wang Chang & Ting-Yi Wu, 2012. "Does insurance demand or financial development promote economic growth? Evidence from Taiwan," Applied Economics Letters, Taylor & Francis Journals, vol. 19(2), pages 105-111, February.
    11. Chang, Chi-Hung, 2018. "The dynamic linkage between insurance and banking activities: An analysis on insurance sector assets," Journal of Multinational Financial Management, Elsevier, vol. 46(C), pages 36-50.
    12. Sisira Kumara NARADDA GAMAGE, & Li LIN, & Ihtisham ul HAQ, 2016. "Economic & Demographic Characterictics, Social Capital And Demand For Life Insurance: Evidence From Central Region Of Sri Lanka," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 5(2), pages 1-9, July.
    13. Lin, Chaonan & Hsiao, Yu-Jen & Yeh, Cheng-Yung, 2017. "Financial literacy, financial advisors, and information sources on demand for life insurance," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 218-237.
    14. Lester, Rodney, 2014. "Insurance and inclusive growth," Policy Research Working Paper Series 6943, The World Bank.
    15. Lee, Chi-Chuan & Lee, Chien-Chiang, 2020. "Insurance activity, real output, and geopolitical risk: Fresh evidence from BRICS," Economic Modelling, Elsevier, vol. 92(C), pages 207-215.
    16. Lee, Chien-Chiang & Chiu, Yi-Bin & Chang, Chi-Hung, 2013. "Insurance demand and country risks: A nonlinear panel data analysis," Journal of International Money and Finance, Elsevier, vol. 36(C), pages 68-85.
    17. Song, In Jung & Park, Heejung & Park, Narang & Heo, Wookjae, 2019. "The effect of experiencing a death on life insurance ownership," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 170-176.
    18. Lee, Chien-Chiang & Chang, Chi-Hung & Arouri, Mohamed & Lee, Chi-Chuan, 2016. "Economic growth and insurance development: The role of institutional environments," Economic Modelling, Elsevier, vol. 59(C), pages 361-369.
    19. Dalila BENZIANE & Qasim SHAH, 2019. "Insurance consumption in the Maghreb countries (Algeria, Morocco and Tunisia): Financial and institutional determinants," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(620), A), pages 193-204, Autumn.
    20. Olasehinde-Williams, Godwin & Balcilar, Mehmet, 2020. "Examining the Effect of Globalization on Insurance Activities in Large Emerging Market Economies," Research in International Business and Finance, Elsevier, vol. 53(C).
    21. Lee, Chien-Chiang & Chang, Chi-Hung, 2015. "Financial policy and insurance development: Do financial reforms matter and how?," International Review of Economics & Finance, Elsevier, vol. 38(C), pages 258-278.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:gpprii:v:27:y:2002:i:3:p:395-412. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave-journals.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.