Publication:
Economic, Demographic, and Institutional Determinants of Life Insurance Consumption across countries

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creativeworkseries.issn1564-698X
dc.contributor.authorWebb, Ian
dc.contributor.authorBeck, Thorsten
dc.date.accessioned2014-02-26T15:17:43Z
dc.date.available2014-02-26T15:17:43Z
dc.date.issued2003-01
dc.description.abstractLife insurance has become an increasingly important part of the financial sector over the past 40 years, providing a range of financial services for consumers and becoming a major source of investment in the capital market. But what drives the large variation in life insurance consumption across countries remains unclear. Using a panel with data aggregated at different frequencies for 68 economies in 1961-2000, this article finds that economic indicators such as inflation, income per capita, and banking sector development and religious and institutional indicators are the most robust predictors of the use of life insurance. Education, life expectancy, the young dependency ratio, and the size of the social security system appear to have no robust association with life insurance consumption. The results highlight the importance of price stability and banking sector development in fully realizing the savings and investment functions of life insurance in an economy.en
dc.identifierhttp://documents.worldbank.org/curated/en/2003/01/17741877/economic-demographic-institutional-determinants-life-insurance-consumption-across-countries
dc.identifier.citationWorld Bank Economic Review
dc.identifier.doi10.1596/17169
dc.identifier.urihttps://hdl.handle.net/10986/17169
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesWorld Bank Economic Review
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subjectACCOUNTABILITY
dc.subjectADMINISTRATIVE COSTS
dc.subjectAGENTS
dc.subjectAMOUNT OF RISK
dc.subjectANNUITIES
dc.subjectANNUITY
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTOR DEVELOPMENT
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBENEFICIARIES
dc.subjectBEQUEST
dc.subjectBRITISH LEGAL ORIGIN
dc.subjectBUREAUCRATIC QUALITY
dc.subjectBUSINESS CYCLE
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCONSUMER DEMAND
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCONTRACTUAL SAVINGS
dc.subjectCOUNTRY RISK
dc.subjectCOVERAGE
dc.subjectDEGREE OF RISK
dc.subjectDEMOGRAPHIC
dc.subjectDEPOSIT
dc.subjectDEPOSIT MONEY BANKS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING ECONOMIES
dc.subjectDEVELOPING ECONOMY
dc.subjectDISCOUNT RATE
dc.subjectDISINTERMEDIATION
dc.subjectDISPOSABLE INCOME
dc.subjectDIVIDEND
dc.subjectDIVIDENDS
dc.subjectDOMESTIC MARKET
dc.subjectDUMMY VARIABLE
dc.subjectDUMMY VARIABLES
dc.subjectECONOMIC DEVELOPMENT
dc.subjectENFORCEMENT OF CONTRACTS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE REGIMES
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURES
dc.subjectFACE AMOUNTS
dc.subjectFACE VALUE
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL PRODUCTS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SERVICES FOR CONSUMERS
dc.subjectFINANCIAL SYSTEM
dc.subjectFIXED INTEREST
dc.subjectFIXED INTEREST RATES
dc.subjectFRAUD
dc.subjectGOVERNANCE INDICATORS
dc.subjectGOVERNMENT SUBSIDIES
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHUMAN CAPITAL
dc.subjectHUMAN DEVELOPMENT
dc.subjectINCOME
dc.subjectINCOME DISTRIBUTION
dc.subjectINCOME ELASTICITY
dc.subjectINCOME INEQUALITY
dc.subjectINCOME LEVEL
dc.subjectINFLATION
dc.subjectINFLATION EXPECTATIONS
dc.subjectINFLATION RATE
dc.subjectINFLATION RATES
dc.subjectINFLATION VOLATILITY
dc.subjectINFORMAL INSURANCE
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINSTITUTIONAL ENVIRONMENT
dc.subjectINSURANCE ACTIVITY
dc.subjectINSURANCE COVERAGE
dc.subjectINSURANCE GROWTH
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE MARKET
dc.subjectINSURANCE MARKETS
dc.subjectINSURANCE PENETRATION
dc.subjectINSURANCE PREMIUM
dc.subjectINSURANCE PREMIUM RATES
dc.subjectINSURANCE PRODUCT
dc.subjectINSURER
dc.subjectINSURERS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectINTERNATIONAL INSURANCE
dc.subjectINVESTMENT CHOICES
dc.subjectINVESTMENT FUNCTION
dc.subjectINVESTMENT FUNCTIONS
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectISLAMIC SCHOLARS
dc.subjectLACK OF COMPETITION
dc.subjectLEGAL SYSTEM
dc.subjectLIABILITY
dc.subjectLIABILITY INSURANCE
dc.subjectLIFE EXPECTANCIES
dc.subjectLIFE EXPECTANCY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIFE INSURANCE CONTRACTS
dc.subjectLIFE INSURANCE POLICIES
dc.subjectLIFE INSURANCE PREMIUMS
dc.subjectLIFE INSURANCE PRODUCT
dc.subjectLIFE INSURANCE PRODUCTS
dc.subjectLIFE INSURERS
dc.subjectLOAN
dc.subjectLOCAL CURRENCY
dc.subjectLONG-TERM FINANCE
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMICS
dc.subjectMARKET STRUCTURE
dc.subjectMONETARY FUND
dc.subjectMONETARY STABILITY
dc.subjectNOMINAL INTEREST RATE
dc.subjectOPTIMAL INVESTMENT
dc.subjectOVERHEAD COSTS
dc.subjectPAYMENT SERVICES
dc.subjectPAYMENT SYSTEM
dc.subjectPOLICYHOLDERS
dc.subjectPOLITICAL RISK
dc.subjectPOLITICAL STABILITY
dc.subjectPORTFOLIO
dc.subjectPOSITIVE COEFFICIENT
dc.subjectPOWER PARITY
dc.subjectPRESENT VALUE
dc.subjectPRICE STABILITY
dc.subjectPRIVATE INSURANCE
dc.subjectPRIVATE SAVINGS
dc.subjectPROFITABILITY
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC EXPENDITURES
dc.subjectPURCHASING POWER
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREINSURANCE
dc.subjectREINVESTMENT
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENTS
dc.subjectRESERVES
dc.subjectRETIREMENT
dc.subjectRETIREMENT SAVINGS
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK AVERSION
dc.subjectRISK MANAGEMENT
dc.subjectRULE OF LAW
dc.subjectSAVINGS INSTRUMENT
dc.subjectSAVINGS INSTRUMENTS
dc.subjectSAVINGS PORTFOLIOS
dc.subjectSAVINGS RATE
dc.subjectSOCIAL SECURITY
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET DEVELOPMENT
dc.subjectTAXATION
dc.subjectUNDERWRITING
dc.subjectURBANIZATION
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.titleEconomic, Demographic, and Institutional Determinants of Life Insurance Consumption across countriesen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.date.disclosure2013-05-22
okr.date.doiregistration2025-05-06T10:58:53.678051Z
okr.doctypePublications & Research::Journal Article
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2003/01/17741877/economic-demographic-institutional-determinants-life-insurance-consumption-across-countries
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeTrade and Competitiveness
okr.guid710401468326418761
okr.identifier.doi10.1093/wber/lhg011
okr.identifier.externaldocumentum000442464_20130522111800
okr.identifier.internaldocumentum17741877
okr.identifier.report77399
okr.journal.nbpages51-88
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/05/22/000442464_20130522111800/Rendered/PDF/773990JRN020030ts0of0Life0Insurance.pdfen
okr.peerreviewAcademic Peer Review
okr.topicLaw and Development::Insurance Law
okr.topicInsurance and Risk Mitigation
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.unitDevelopment Research Group (DECRG)
okr.volume17(1)
relation.isAuthorOfPublication4694cd5a-bd90-594b-abe2-f5b681139e6d
relation.isAuthorOfPublication.latestForDiscovery4694cd5a-bd90-594b-abe2-f5b681139e6d
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relation.isJournalIssueOfPublication.latestForDiscovery095f1436-0826-4dd5-bfff-0925a9d23ce9
relation.isJournalOfPublicationc41eae2f-cf94-449d-86b7-f062aebe893f
relation.isJournalVolumeOfPublicationa55c2a67-3e0a-4c40-8bd9-55d5bea7fd0c
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