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A Subregional Panel Data Analysis of Life Insurance Consumption in Italy


  • Giovanni Millo
  • Gaetano Carmeci


type="main" xml:lang="en"> We propose a subregional panel approach to the determinants of life insurance development, with new methodological tools, applied to Italian data. Our sample has enough variability in observables and less unobserved heterogeneity than cross-country ones, but is potentially affected by spatial dependence and serial correlation. We propose an encompassing estimator, showing that the spatial diffusion process of life insurance is driven by idiosyncratic shocks in neighbors. Our results partly reconcile the aggregate perspective with survey evidence supporting, in contrast to international studies, a negative link between education and risk aversion, and identifying the positive effect of young dependents predicted by theory.

Suggested Citation

  • Giovanni Millo & Gaetano Carmeci, 2015. "A Subregional Panel Data Analysis of Life Insurance Consumption in Italy," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 82(2), pages 317-340, June.
  • Handle: RePEc:bla:jrinsu:v:82:y:2015:i:2:p:317-340

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    Cited by:

    1. Jiang Cheng & Lu Yu, 2019. "Life and health insurance consumption in China: demographic and environmental risks," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(1), pages 67-101, January.
    2. Mouna Zerriaa & Mohamed Marouen Amiri & Hedi Noubbigh & Kamel Naoui, 2017. "Determinants of Life Insurance Demand in Tunisia," African Development Review, African Development Bank, vol. 29(1), pages 69-80, March.
    3. Gabriela-Mihaela MURESAN, 2019. "Public Perception Of Insurance In Romania: A Survey Of Insurance Consumers And Non-Consumers," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(21), pages 1-5.
    4. Simona Laura Dragoş & Codruţa Mare & Cristian Mihai Dragoş, 2019. "Institutional drivers of life insurance consumption: a dynamic panel approach for European countries," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(1), pages 36-66, January.
    5. Dragos, Simona Laura & Dragos, Cristian Mihai & Muresan, Gabriela Mihaela, 2020. "From intention to decision in purchasing life insurance and private pensions: different effects of knowledge and behavioural factors," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 87(C).

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