Culture and integration of Eurozone life insurance markets

María Rubio-Misas

The European Journal of Finance, 2024, vol. 30, issue 6, 597-617

Abstract: This paper provides the first evidence on the role of national culture in the integration of Eurozone life insurance markets. It analyzes seven markets over a sixteen-year sample period that includes the financial crisis. We focus on three cultural values, which are individualism, trust, and hierarchy. The results indicate that collectivism culture increases cost and revenue performance and integration of Eurozone life insurance markets. Trust contributes to this integration, particularly in financial crisis, and egalitarian culture facilitates it in non-crisis time. We find that these relations prevail for unaffiliated single companies, but they weaken or do not even hold for groups of insurers. Our findings are robust with tests designed to alleviate endogeneity concerns.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eurjfi:v:30:y:2024:i:6:p:597-617

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DOI: 10.1080/1351847X.2023.2227228

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