Publication:
Insurance and Inclusive Growth

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dc.contributor.authorLester, Rodney
dc.date.accessioned2014-06-30T17:00:01Z
dc.date.available2014-06-30T17:00:01Z
dc.date.issued2014-06
dc.description.abstractWhile the real sector and governments (along with a few micro economists) have long recognized the core economic role that the insurance function plays, the mainstream economics profession has largely treated it as invisible background. This literature review of the relevant research, most of which has been carried out in the past few decades, demonstrates that the insurance sector contributes at a basic level to inclusive economic growth and the effectiveness of the credit function. It also shows that the latter impact may be particularly fundamental in assisting the poor to avoid poverty traps and to progress economically. However, the research and the theoretical models underpinning it also highlight certain constraints to the efficient utilization of the insurance function. The literature dealing with innovations designed to overcome these constraints is reviewed and successful initiatives and remaining challenges are identified.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/06/19705801/insurance-inclusive-growth
dc.identifier.doi10.1596/1813-9450-6943
dc.identifier.urihttps://hdl.handle.net/10986/18830
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6943
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectABSENCE OF INSURANCE
dc.subjectACCESS TO INSURANCE
dc.subjectAGENCY RELATIONSHIP
dc.subjectAGRICULTURAL ECONOMICS
dc.subjectAGRICULTURAL INSURANCE
dc.subjectALLOCATION
dc.subjectALLOCATION OF CAPITAL
dc.subjectALTERNATIVE FUNDING
dc.subjectASSET DIVERSIFICATION
dc.subjectASSET MANAGEMENT
dc.subjectBALANCE SHEET
dc.subjectBANK CREDIT
dc.subjectBANK LENDING
dc.subjectBANK LOANS
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTOR DEVELOPMENT
dc.subjectBANKING SECTORS
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBENEFICIARIES
dc.subjectBOND
dc.subjectBOND MARKET
dc.subjectBOND MARKET DEVELOPMENT
dc.subjectBOND MARKETS
dc.subjectCAPITAL BASE
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL LOSS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL STOCKS
dc.subjectCAPS
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCATASTROPHE INSURANCE
dc.subjectCHILD LABOR
dc.subjectCLIMATE
dc.subjectCLIMATE CHANGE
dc.subjectCOLLATERAL
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMPTION SMOOTHING
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCONTRACTUAL SAVINGS
dc.subjectCONTRACTUAL SAVINGS INSTITUTIONS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOST OF INSURANCE
dc.subjectCREDIBILITY
dc.subjectCREDIT CONSTRAINTS
dc.subjectCREDIT COOPERATIVE
dc.subjectCREDIT MARKET
dc.subjectCREDIT RISK
dc.subjectCROP INSURANCE
dc.subjectDAMAGES
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDEFICITS
dc.subjectDEMAND FOR CREDIT
dc.subjectDEPOSIT
dc.subjectDERIVATIVE
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISASTER INSURANCE
dc.subjectDISBURSEMENT
dc.subjectDISCOUNT RATES
dc.subjectDISTRIBUTIONAL EFFECTS
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC GROWTH RATES
dc.subjectECONOMIC IMPACTS
dc.subjectECONOMIC MODELS
dc.subjectEMERGING MARKETS
dc.subjectENABLING ENVIRONMENT
dc.subjectENFORCEMENT CONSTRAINTS
dc.subjectENFORCEMENT MECHANISMS
dc.subjectEXOGENOUS SHOCKS
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXTREME POVERTY
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INNOVATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STABILITY
dc.subjectFISCAL BURDEN
dc.subjectFISCAL POLICY
dc.subjectFLOOD INSURANCE
dc.subjectFUTURES
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL MARKETS
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT SUBSIDIES
dc.subjectGOVERNMENT SUBSIDY
dc.subjectGOVERNMENT SUPPORT
dc.subjectHIDDEN ACTION
dc.subjectHOUSEHOLD INCOME
dc.subjectHUMAN CAPITAL
dc.subjectHURRICANE
dc.subjectHURRICANE RISK
dc.subjectINCOME
dc.subjectINCOME GROWTH
dc.subjectINCOME HOUSEHOLDS
dc.subjectINCOME LEVEL
dc.subjectINCOME LEVELS
dc.subjectINCOME STREAMS
dc.subjectINCOME VARIABILITY
dc.subjectINFLATION
dc.subjectINFLATION RATES
dc.subjectINFORMAL CREDIT
dc.subjectINFORMATION ASYMMETRIES
dc.subjectINFORMATION ASYMMETRY
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE CONTRACT
dc.subjectINSURANCE CONTRACTS
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE MARKET
dc.subjectINSURANCE MARKETS
dc.subjectINSURANCE MECHANISMS
dc.subjectINSURANCE PENETRATION
dc.subjectINSURANCE PREMIUM
dc.subjectINSURANCE PREMIUMS
dc.subjectINSURANCE PRODUCT
dc.subjectINSURANCE PRODUCTS
dc.subjectINSURANCE REGULATION
dc.subjectINSURANCE RISK
dc.subjectINSURANCE SECTOR
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL INSURANCE
dc.subjectINVESTMENT BANKING
dc.subjectINVESTMENT STRATEGIES
dc.subjectLAND HOLDINGS
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL SYSTEM
dc.subjectLENDERS
dc.subjectLEVEL OF RISK
dc.subjectLIABILITY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE PREMIUM
dc.subjectLIFE INSURANCE PRODUCTS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CONSTRAINTS
dc.subjectLIQUIDITY CRISIS
dc.subjectLOAN
dc.subjectLOAN DEFAULT
dc.subjectLOCAL GOVERNMENTS
dc.subjectLONG-TERM INVESTMENT
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMARKET CAP
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET FAILURES
dc.subjectMICRO-CREDIT
dc.subjectMICROCREDIT
dc.subjectMICROFINANCE
dc.subjectMICROINSURANCE
dc.subjectMONETARY POLICY
dc.subjectMONEY SUPPLY
dc.subjectMONEYLENDERS
dc.subjectMORAL HAZARD
dc.subjectMUTUAL FUNDS
dc.subjectNATIONAL ACCOUNTS
dc.subjectNATIONAL INCOME
dc.subjectNATURAL DISASTER
dc.subjectNATURAL DISASTERS
dc.subjectOPPORTUNITY COSTS
dc.subjectOUTPUT DECLINES
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPER CAPITA INCOMES
dc.subjectPERFORMANCE RISK
dc.subjectPERSONAL LOSS
dc.subjectPOLICY MAKERS
dc.subjectPOLITICAL ECONOMY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIOS
dc.subjectPRIVATE CREDIT
dc.subjectPROPERTY RIGHTS
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREMITTANCE
dc.subjectRESERVES
dc.subjectRESOURCE ECONOMICS
dc.subjectRISK AVERSION
dc.subjectRISK EXPOSURE
dc.subjectRISK FACTOR
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT TOOLS
dc.subjectRISK NEUTRAL
dc.subjectRISK PROFILE
dc.subjectRISK SHARING
dc.subjectRISKY ASSET
dc.subjectRULE OF LAW
dc.subjectRURAL CREDIT
dc.subjectRURAL FINANCIAL MARKETS
dc.subjectSAVINGS RATE
dc.subjectSAVINGS RATES
dc.subjectSOCIAL CAPITAL
dc.subjectSOVEREIGN RISK
dc.subjectTAX
dc.subjectTELECOMMUNICATIONS
dc.subjectTIMELY PAYMENT
dc.subjectTRADE BALANCE
dc.subjectTRADE BALANCES
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTRANSITION COUNTRIES
dc.subjectTROPICAL CYCLONES
dc.subjectTURNOVER
dc.subjectUTILITY FUNCTIONS
dc.subjectVALUATION
dc.subjectWEATHER DERIVATIVES
dc.subjectWEATHER INSURANCE
dc.titleInsurance and Inclusive Growthen
dspace.entity.typePublication
okr.crosscuttingsolutionareaClimate Change
okr.crossref.titleInsurance and Inclusive Growth
okr.date.disclosure2014-06-15
okr.date.doiregistration2025-04-10T11:15:53.240632Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2014/06/19705801/insurance-inclusive-growth
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid826921468148789534
okr.identifier.doi10.1596/1813-9450-6943
okr.identifier.externaldocumentum000158349_20140624132258
okr.identifier.internaldocumentum19705801
okr.identifier.reportWPS6943
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/06/24/000158349_20140624132258/Rendered/PDF/WPS6943.pdfen
okr.topicInsurance and Risk Mitigation
okr.topicMacroeconomics and Economic Growth::Climate Change Economics
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicLaw and Development::Insurance Law
okr.topicBanks and Banking Reform
okr.unitNon-Bank Financial Institutions Unit, Finance and Markets Global Practice
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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