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The Relationship between Activities of the Insurance Industry and Economic Growth: The Case of G-20 Economies

Year: 2024

Type: article

Abstract: The aim of this study is to examine the impact of developments in the insurance sector on economic growth. This study examines an annual dataset spanning 1992 to 2022 from ten countries within the G-20 economies, for which data is reliably accessible. The analysis employs panel cointegration and panel causality tests to explore the underlying relationships. The results show that the activities of the overall insurance sector have a positive effect on economic development, while non-life insurance activities, as a sub-component of the insurance sector, also demonstrate a similar impact. Furthermore, findings indicate the existence of a bidirectional causality relationship between economic development and non-life insurance premiums. This study provides various recommendations to policymakers in the process of developing policies on the growth of national economies.

Source: Sustainability

DOI: 10.3390/su16177634

Authors: Ahmet Tasdemir, Erkan Alsu

Institution: Gaziantep University

Language: English

Topic: Insurance and Financial Risk Management

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDGs: Decent work and economic growth, Industry, innovation and infrastructure

Open Access status: gold

Estimated APC paid: $2,728