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What's Insurance to a Modern Economy?

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  • Patrick M Liedtke

    (The Geneva Association, 53, rte de Malagnou, 1208 Geneva, Switzerland.)

Abstract

Insuring risks in a modern economy is a multi-dimensional undertaking. It is a complex business that interacts with many aspects of our lives. The importance of the insurance industry for an economy can only in part be measured by the sheer size of its business, the number of its employees in a given country, the assets under management, or its contribution to the national GDP. It actually plays a more fundamental role in the workings of a modern society, being a necessary precondition for many activities that would not take place were it not for insurance. Insurance is a key component of economic development and this article is concerned with the contributions that insurance makes to the development of a modern economy. The Geneva Papers (2007) 32, 211–221. doi:10.1057/palgrave.gpp.2510128

Suggested Citation

  • Patrick M Liedtke, 2007. "What's Insurance to a Modern Economy?," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 32(2), pages 211-221, April.
    • Handle: RePEc:pal:gpprii:v:32:y:2007:i:2:p:211-221
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    Cited by:

    1. Pradhan, Rudra P. & Arvin, Mak B. & Norman, Neville R., 2015. "Insurance development and the finance-growth nexus: Evidence from 34 OECD countries," Journal of Multinational Financial Management, Elsevier, vol. 31(C), pages 1-22.
    2. Rudra P. Pradhan, Mak B. Arvin, John H. Hall and Neville R. Norman, 2017. "Insurance Market Development and Macroeconomic Interactions in Twenty-Six Countries," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 42(4), pages 23-57, December.

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