A matter of life or non-life: the role of economic uncertainty on insurance consumption

Selahattin Er () and Ender Demir
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Selahattin Er: Institute of Law and Economics, University of Hamburg, Germany

Economics Bulletin, 2022, vol. 42, issue 3, 1305 - 1313

Abstract: This paper examines the effect of economic uncertainty proxied by the World Uncertainty Index on life and non-life insurance consumption using a panel dataset from 114 countries between 1996 and 2017. We find evidence that while higher economic uncertainty lowers life insurance penetration, non-life insurance penetration remains unaffected by economic uncertainty.

Keywords: Life Insurance; Non-life Insurance; Insurance Consumption; Economic Uncertainty; World Uncertainty Index (search for similar items in EconPapers)
JEL-codes: G2 (search for similar items in EconPapers)
Date: 2022-09-30
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