Determinants of Life Insurance Consumption across Countries

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dc.creatorWebb, Ian
dc.creatorBeck, Thorsten
dc.date2013-09-04T19:52:13Z
dc.date2013-09-04T19:52:13Z
dc.date2002-02
dc.date.accessioned2026-07-01T01:26:31Z
dc.descriptionThe importance of life insurance companies as part of the financial sector has significantly increased over the past decades, both as provider of important financial services to consumers and as a major investor in the capital market. However, the authors still observe a large variance in life insurance consumption across countries, which raises the question of its determinants. The authors use a greatly expanded data set on life insurance consumption to examine the determinants of the demand and supply of life insurance products across countries and over time. Using a cross-sectional sample of 63 countries averaged over 1980-96, the authors find that educational attainment, banking sector development, and inflation are the most robust predictors of life insurance consumption, while income is only a weak predictor. The results on educational attainment and inflation are confirmed in a panel of 23 countries over the period 1960-96. The results strengthen the case for promoting price stability, financial sector reform, and an efficient education system if life insurance and its many benefits are to be fully realized in an economy.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2002/02/1716000/determinants-life-insurance-consumption-across-countries
dc.identifierhttps://hdl.handle.net/10986/15614
dc.identifierhttps://doi.org/10.1596/1813-9450-2792
dc.identifier.urihttp://hdl.handle.net/123456789/418126
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 2792
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectLIFE INSURANCE
dc.subjectCROSS-COUNTRY EXPERIENCE
dc.subjectINSURANCE COMPANIES
dc.subjectFINANCIAL SERVICES
dc.subjectCROSS SECTION ANALYSIS
dc.subjectEDUCATIONAL ACHIEVEMENT
dc.subjectBANKING SYSTEMS
dc.subjectINFLATION RATES
dc.subjectPRICE STABILIZATION
dc.subjectFINANCIAL SECTOR REFORM
dc.subjectEDUCATIONAL EFFICIENCY ANNUITIES
dc.subjectANNUITY
dc.subjectBENEFICIARIES
dc.subjectBUDGET CONSTRAINTS
dc.subjectCAPITAL MARKETS
dc.subjectCONSUMERS
dc.subjectCONTRACTUAL SAVING
dc.subjectCOVERAGE
dc.subjectCPI
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPMENT INDICATORS
dc.subjectDISINTERMEDIATION
dc.subjectDIVIDENDS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectELASTICITIES
dc.subjectEMPIRICAL ANALYSIS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURES
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFRAUD
dc.subjectGNP
dc.subjectGROSS NATIONAL PRODUCT
dc.subjectINCOME
dc.subjectINCOME DISTRIBUTION
dc.subjectINFLATION
dc.subjectINFORMAL INSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE CONTRACTS
dc.subjectINSURANCE COVERAGE
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE MARKETS
dc.subjectINSURANCE POLICIES
dc.subjectINSURANCE PREMIUM RATES
dc.subjectINSURANCE PRODUCTS
dc.subjectINSURERS
dc.subjectINTEREST RATES
dc.subjectLIFE EXPECTANCY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIFE INSURANCE PREMIUMS
dc.subjectLIFE INSURERS
dc.subjectMORTALITY
dc.subjectOVERHEAD COSTS
dc.subjectPOLICY MAKERS
dc.subjectPOLICY RESEARCH
dc.subjectPRESENT VALUE
dc.subjectPRIVATE INSURANCE
dc.subjectPRIVATE SECTOR
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC EXPENDITURES
dc.subjectPURCHASING POWER
dc.subjectRATES
dc.subjectRETIREMENT SAVINGS
dc.subjectRISK AVERSION
dc.subjectRISK INSURANCE
dc.subjectRISK MANAGEMENT
dc.subjectSAVINGS
dc.subjectSOCIAL SECURITY
dc.subjectUNDERWRITING
dc.titleDeterminants of Life Insurance Consumption across Countries

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