A Study of Determinants on Demand for Life Insurance in Selected Countries
Author(s):
Abstract:
Introduction
Life insurance is important to the extent that it is introduced as a valid index in the international survey of evaluating countries development level. However, this industry has remained unknown in most of the developing countries and its role is really low in these countries economy. The aim of this study is to maintain the impact of macro-economic variables with life insurance demand in MENA and some selected countries.Methods
Using panel data model estimation, the effect of macro-economic variables on purchase of life insurance during 2003-2011 was analyzed. Macro-economic and premium data were extracted from World Bank website and Sigma journal, respectively. STATA software was used for data analysis.Results
The highest the lowest demands for life insurance belong to Singapore and Al jazeera, respectively. Also, life insurance demand in the mentioned countries showed significantly positive relationship with per-capita gross national product, human development index, life expectancy and population while the relationship was negative with inflation and interest rates.Conclusion
Countries can increase the demand for life insurance by providing insurance services with no significant difference with bank services as well as the dynamics of relative interest rate insurance with respect to annual inflation rate. They can also increase the demand sensitivity to income using advertisement and diversification of sales methods. Keywords:
Life Insurance , Demand , Macro , economic Variables , MENA
Language:
Persian
Published:
Journal of Health Administration, Volume:19 Issue: 63, 2016
Pages:
9 to 20
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