Culture, financial crisis and the demand for property, accident and health insurance in the OECD countries
Cong Tam Trinh,
Pasquale Sgro () and
Cong Pham ()
Economic Modelling, 2020, vol. 93, issue C, 480-498
Culture has been known to play an important role in explaining differences in consumption behaviour across countries. Yet, we know very little how it affects spending on non-life insurance products. This paper attempts to shed some light on how cultural characteristics impact the demand for property, accident and health insurance, focusing on the OECD countries in the period 2000–2017. We find, via the system generalized method of moment estimations, that cultural characteristics such as individualism, long-term orientation, masculinity and uncertainty avoidance were the drivers of the expenditure on property insurance, whereas long-term orientation, uncertainty avoidance and hypometropia explained accident and health insurance spending across the OECD countries. In the presence of the global financial crisis, cultural effects on property insurance spending turned out to be relatively minor, with the exception of individualism. These findings provide valuable information for non-life insurance companies, consumers and policy makers in the OECD countries.
Keywords: Accident and health insurance; Property insurance.; Global financial crisis; Culture; OECD countries (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:93:y:2020:i:c:p:480-498
Access Statistics for this article
Economic Modelling is currently edited by S. Hall and P. Pauly
More articles in Economic Modelling from Elsevier
Bibliographic data for series maintained by Catherine Liu ().