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Cross-country evidence on the relationship between regulations and the development of the life insurance sector

Chrysovalantis Gaganis (), Iftekhar Hasan () and Fotios Pasiouras

Economic Modelling, 2020, vol. 89, issue C, 256-272

Abstract: Using a global sample, this study sketches the impact of insurance regulations on the life insurance sector, revealing a significant negative association between supervisory control on policy conditions of life annuities as well as pension products and the development of the industry. A similar inverse relation is observed between the index of capital requirements and insurance development. These results hold when we control for demographic factors, economic factors, religious inclination, culture, as well as for other relevant regulations. We also find some evidence that while the overall supervisory power does not matter, the ability to intervene at an early stage could have a positive effect on insurance development. Additionally, the impact of some regulations appears to differ between advanced and developing countries.

Keywords: Insurance development; Insurance regulations (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:89:y:2020:i:c:p:256-272

DOI: 10.1016/j.econmod.2019.10.024

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