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Trends in Applied Sciences Research
Year: 2015  |  Volume: 10  |  Issue: 2  |  Page No.: 99 - 108

Institutional Practices and Life Insurance Consumption: An Analysis Using Developing Countries Scores

Hamid Sepehrdoust and Samaneh Ebrahimnasab    

Abstract: Household expenditure on life insurance is one of the economic financial indicators of the society and plays an important role in mobilizing household’s saving resources towards financial market development. Experimental evidence indicate that despite increasing importance of economic factors in life insurance market; decision making policies are heavily influenced by institutional factors, creating a large variation in life insurance consumption across developing countries. The present study aims to investigate the economic, regulatory and political factors determining life insurance demand in developing economies during the years 1999 to 2011. For this purpose, an econometric panel model was used to analyze the relevant data of life insurance demand in selected developing countries for the period of study. The results show that the regulatory variables including the governance of law and quality of rules and regulations, political factors including issues of political stability and democracy have positive and significant effect on life insurance demand. While economic variables including GDP per capita, financial development index and unemployment rate have positive effect, while inflation rate has negative effect on life insurance demand.

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