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Determinants for life insurances, a view on notoriety

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  • Cătălin Câmpeanu

    (University of Craiova, Craiova, Romania)

Abstract

Life insurances are among the most important products on a mature market, usually having a consistent share of the market. However, with a long development period behind, the differences between countries are quite relevant and that extends not just in terms of market share and coverage but also on factors influencing the acquisition. Dominated by Motor Third Party Liability and with a life expectancy among the lowest in European Union, the Romanian market has yet to achieve a its potential on life insurance. Life insurance is the most common financial instruments to cover the risk of death, terminal illness, or incapacity to work, also having lifelong saving components or investment (united linked). Among the usual determinants when it comes to life insurance, we find the level of income, education, age, employment rate, financial status, or even economic growth. However, some uncommon factors have their role in this process, like culture, family status or even religion. This study shall address the influence of knowledge and information, specifically the notoriety of life insurance products and its correlation with sales, aiming to boost the sales of life insurances in Romania by analysing the correlation between the use of product and notoriety. The level of education, occupation, income, or area of living also play an important role as there is a direct influence on the use of product or notoriety.

Suggested Citation

  • Cătălin Câmpeanu, 2023. "Determinants for life insurances, a view on notoriety," Journal of Financial Studies, Institute of Financial Studies, vol. 8(15), pages 29-41, November.
    • Handle: RePEc:fst:rfsisf:v:8:y:2023:i:15:p:29-41
    DOI: 10.55654/JFS.2023.8.15.02
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    References listed on IDEAS

    as
    1. Thorsten Beck & Ian Webb, 2003. "Economic, Demographic, and Institutional Determinants of Life Insurance Consumption across Countries," The World Bank Economic Review, World Bank, vol. 17(1), pages 51-88, June.
    2. Pavić Kramarić Tomislava & Miletić Marko & Kožul Blaževski Renata, 2019. "Financial Stability of Insurance Companies in Selected CEE Countries," Business Systems Research, Sciendo, vol. 10(2), pages 163-178, September.
    3. repec:eme:mfppss:03074350310768779 is not listed on IDEAS
    4. Kuan-Min Wang & Yuan-Ming Lee, 2023. "Are life insurance futures a safe haven during COVID-19?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G52 - Financial Economics - - Household Finance - - - Insurance
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income

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