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Insurance penetration and economic growth nexus: Cross-country evidence from ASEAN

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  • Pradhan, Rudra P.
  • Arvin, B. Mak
  • Norman, Neville R.
  • Nair, Mahendhiran
  • Hall, John H.

Abstract

This paper investigates whether there are Granger causal relationships between insurance market penetration, broad money, stock-market capitalization, and economic growth, using panel data for the Association of South East Asian Nations (ASEAN) Regional Forum (ARF) countries for the 1988–2012 period. Using a multivariate framework, we show that all the variables are cointegrated and reveal a network of causal connections, including short-run bidirectional causality between insurance market penetration and economic growth. Recommendations based on this study include establishing a sound regulatory framework for a country's insurance industry, and introducing professional education and certification of insurance personnel to ensure adherence to global best practices and standards. Moreover, opening up a country's domestic insurance market to larger foreign players can ensure a wider choice of cost-effective, quality insurance.

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  • Pradhan, Rudra P. & Arvin, B. Mak & Norman, Neville R. & Nair, Mahendhiran & Hall, John H., 2016. "Insurance penetration and economic growth nexus: Cross-country evidence from ASEAN," Research in International Business and Finance, Elsevier, vol. 36(C), pages 447-458.
    • Handle: RePEc:eee:riibaf:v:36:y:2016:i:c:p:447-458
    DOI: 10.1016/j.ribaf.2015.09.036
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    8. Balcilar, Mehmet & Gupta, Rangan & Lee, Chien-Chiang & Olasehinde-Williams, Godwin, 2018. "The synergistic effect of insurance and banking sector activities on economic growth in Africa," Economic Systems, Elsevier, vol. 42(4), pages 637-648.
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    11. Oana Mirela Cojocaru (Diaconescu) & Otilia Georgiana Floroiu, 2019. "Financial Inclusion – One Step Closer To The Eurozone?," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 4(2), pages 81-90, September.
    12. Adedokun Lateef Adetunji & E. Chuke Nwude & Sergius N. Udeh, 2018. "Interface of Insurance and Economic Growth: Nigerian Experience," International Journal of Economics and Financial Issues, Econjournals, vol. 8(4), pages 16-26.
    13. Saon Ray, 2020. "India's Insurance Sector: Challenges and Opportunities," Indian Council for Research on International Economic Relations (ICRIER) Working Paper 394, Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India.
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    17. Flores, Eduardo & de Carvalho, João Vinicius França & Sampaio, Joelson Oliveira, 2021. "Impact of interest rates on the life insurance market development: Cross-country evidence," Research in International Business and Finance, Elsevier, vol. 58(C).
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    More about this item

    Keywords

    Insurance market penetration; Broad money; Stock market capitalization; Economic growth; ASEAN; Granger causality; ARF countries;
    All these keywords.

    JEL classification:

    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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