Does Economic Freedom in Host Countries Lead to Increased Non-Life Insurance Development?
Hui Shan Lee,
Shyue Chuan Chong,
Bik Kai Sia and
Ying Xi Chen
SAGE Open, 2021, vol. 11, issue 4, 21582440211054486
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)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:11:y:2021:i:4:p:21582440211054486
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