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Demand for non-life insurance: A cross-country analysis

  • Hiroyuki Nakata

    (Department of Accounting and Finance, Management, University of Essex)

  • Yasuyuki Sawada

    (Faculty of Economics, University of Tokyo)

A number of existing studies on insurance demand report an apparently pathological result that insurance is a luxury good. Using cross-country insurance data and national wealth data, we resolve this spurious puzzle. While we found that the income elasticity of insurance demand is larger than unity, the wealth elasticity of insurance demand is smaller than unity at least for upper-middle and high wealth countries.

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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-461.

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Length: 11 pages
Date of creation: Jan 2007
Date of revision:
Handle: RePEc:tky:fseres:2007cf461
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  1. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  2. repec:oup:qjecon:v:108:y:1993:i:3:p:717-37 is not listed on IDEAS
  3. Stephen Knack & Philip Keefer, 1995. "Institutions And Economic Performance: Cross-Country Tests Using Alternative Institutional Measures," Economics and Politics, Wiley Blackwell, vol. 7(3), pages 207-227, November.
  4. repec:tpr:qjecon:v:108:y:1993:i:3:p:717-37 is not listed on IDEAS
  5. Rudolf Enz, 2000. "The S-Curve Relation Between Per-Capita Income and Insurance Penetration," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 25(3), pages 396-406, July.
  6. Michael Lokshin, 2006. "Difference-based semiparametric estimation of partial linear regression models," Stata Journal, StataCorp LP, vol. 6(3), pages 377-383, September.
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