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Evaluating the Insurance Development-Economic Growth Nexus in Albania

Ermira Kalaj (), Flora Merko () and Alma Zisi ()
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Flora Merko: University “Aleksander Moisiu”
Alma Zisi: University “Aleksander Moisiu”

Eastern European Business and Economics Journal, 2017, vol. 3, issue 4, 350-359

Abstract: This paper examines the impact of insurance market on economic development in Albania. We use macroeconomic data for the period 2006-2015 in order to answer a research question about the nexus between the insurance market development and economic growth. In our paper the dependent variable, GDP per capita, is analysed in relation to the following set of control variables: written gross premiums on life and non life insurance, government consumption, export and import of goods and services, human capital, and savings. Insurance premiums are used as a standard measure of insurance market development and in our research we disaggregate data for life and non-life insurance. The empirical results of our analysis are partially consistent with previous studies focused on developing countries. The correlation seems to be stronger between GDP per capita and non-life insurance, which is predominant in the Albanian insurance market. The research findings are important for the Albanian policy makers in order to foster economic growth, which is currently constrained by limited capital stock and excessive foreign debt burden.

Keywords: Insurance Market; Economic Growth; Granger Causality (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:eeb:articl:v:3:y:2017:n:4:p:350-359