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Does Economic Freedom in Host Countries Lead to Increased Non-Life Insurance Development?

Hui Shan Lee, Shyue Chuan Chong, Shen Yap, Bik Kai Sia and Ying Xi Chen

SAGE Open, 2021, vol. 11, issue 4, 21582440211054486

Abstract: The journey to reinforce connectivity between China and ASEAN-5 through the Belt and Road Initiative (BRI) presents various risks and non-life insurance development opportunities. This research investigates the factors that affect non-life insurance development in China and ASEAN-5. This study has offered novel evidence highlighting the impacts of trade variables and a multidimensional economic freedom measure consisting of nine components on non-life insurance development. Panel regression results indicate that trade and the BRI itself are decisive factors that stimulate insurance development. Higher economic freedom, however, has a negative influence on non-life insurance development. In terms of policy implications, regulatory interventions represent a more practical way to enhance the resilience and development of the non-life insurance sector to accomplish the BRI goals.

Keywords: Belt and Road Initiative; economic freedom; ASEAN; China; non-life insurance (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1177/21582440211054486

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