Impact analysis of macro-economic factors on non-life insurance sector in India

Abhijit Chakraborty () and Ashim Kr. Das ()
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Abhijit Chakraborty: Department of Management Studies, National Institute of Technology Silchar, Silchar 788010, Assam, India
Ashim Kr. Das: Department of Management Studies, National Institute of Technology Silchar, Silchar 788010, Assam, India

International Journal of Financial Engineering (IJFE), 2022, vol. 09, issue 03, 1-24

Abstract: The development of global economy has pushed up the importance of insurance industry in the growth of an economy. This paper intends to study the non-life insurance sector with an objective to identify the macro-economic factors that influence its growth. Time series data of 37 years is considered using Johansen & Engle Granger Cointegration and Ordinary Least Square method. It was found that Final Consumption Expenditure plays a negatively significant role in influencing non-life insurance sector in India. The practical implication of this study lies in controlling the responsible factors through appropriate policy measures to ensure a sustainable growth of the non-life Insurance sector.

Keywords: Non-life insurance; macro-economic factors; growth of insurance sector; economic development (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S2424786322500116

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