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Culture and Life Insurance Ownership: Is It an Issue?

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  • J. Francois Outreville

Abstract

Although life insurance consumption increases from low income group to high income group, there is a substantial variation in life insurance density across-country in each income group. The level of national income can explain peoples’ ability to afford insurance, while cultural traits and the sociopolitical environment not only affect the amount of perceived risk and uncertainty but also influence people’s atti-tudes and ways of handling perceived risks. The main objective of this paper is to review the definitions of culture to include dimensionalist and non-dimensionalist measures of culture and to investigate how national culture and the sociopolitical environment influence the level of life insurance pervasiveness. The results, based on a representative sample of emerging countries, show that the sociopolitical environ-ment is clearly more important than the limited dimensionalist definition of culture.

Suggested Citation

  • J. Francois Outreville, 2018. "Culture and Life Insurance Ownership: Is It an Issue?," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 41(2), pages 168-192.
    • Handle: RePEc:wri:journl:v:41:y:2018:i:2:p:168-192
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    Cited by:

    1. Trinh, Cong Tam & Nguyen, Xuan & Sgro, Pasquale & Pham, Cong S., 2020. "Culture, financial crisis and the demand for property, accident and health insurance in the OECD countries," Economic Modelling, Elsevier, vol. 93(C), pages 480-498.
    2. Evan, Tomáš & Holý, Vladimír, 2023. "Cultural diversity and its impact on governance," Socio-Economic Planning Sciences, Elsevier, vol. 89(C).
    3. Mamadou Bah & Nelson Abila, 2024. "Institutional determinants of insurance penetration in Africa," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 49(1), pages 138-179, January.
    4. Cong Tam Trinh & Xuan Nguyen & Pasquale Sgro, 2021. "Culture and the demand for non‐life insurance: Empirical evidences from middle‐income and high‐income economies," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 29(3), pages 431-458, July.
    5. Cong Tam Trinh & Minh-Tri Ha & Nhut Quang Ho & Tho Alang, 2023. "National culture, public health spending and life insurance consumption: an international comparison," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-14, December.
    6. Tom'av{s} Evan & Vladim'ir Hol'y, 2021. "Cultural Diversity and Its Impact on Governance," Papers 2112.11563, arXiv.org.

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