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Life Insurance Ownership by Italian Households: A Gender-Based Differences Analysis

Author

Listed:
  • Elisa Luciano

    (Collegio Carlo Alberto, University of Turin, Corso Unione Sovietica 218 bis, 10134 Turin, Italy)

  • J François Outreville

    (Burgundy School of Business, rue Sambin, 21006 Dijon, France)

  • Mariacristina Rossi

    (Collegio Carlo Alberto, University of Turin, Corso Unione Sovietica 218 bis, 10134 Turin, Italy)

Abstract

The purpose of this study is to analyse, for men and women, the microeconomic determinants of life insurance purchases. Indeed, only a few papers have tried to justify rigorously the gender-based differences in life insurance ownership. On the basis of survey data collected by the Bank of Italy in 2012 (the Survey on Income and Households), we estimate the propensity to buy and the willingness to pay for a life insurance contract. We examine the differences between two types of contracts, that is, traditional life and term life insurance and show that, in all cases, women are less likely to be insured than are men. The demand for insurance is highly correlated with income, family structure and employment status. Geographical variables within Italy significantly affect the demand too. We introduce novel variables that measure the financial status of households and their proximity to the financial market or, similarly, their familiarity with financial market opportunities. These determinants turn out to be significant and affect demand almost as much as traditional variables. To study policy implications, we calculate the probabilities of having either traditional life or term insurance, under several scenarios for the determinants of demand. Again, financial market proximity plays a key role.

Suggested Citation

  • Elisa Luciano & J François Outreville & Mariacristina Rossi, 2016. "Life Insurance Ownership by Italian Households: A Gender-Based Differences Analysis," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 41(3), pages 468-490, July.
    • Handle: RePEc:pal:gpprii:v:41:y:2016:i:3:p:468-490
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    Citations

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    Cited by:

    1. Ning Wang, 2019. "The demand for life insurance in a heterogeneous-agent life cycle economy with joint decisions," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 44(2), pages 176-206, September.
    2. Jiang Cheng & Lu Yu, 2019. "Life and health insurance consumption in China: demographic and environmental risks," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(1), pages 67-101, January.
    3. Wang, Qian & Wang, Jun & Gao, Feng, 2021. "Who is more important, parents or children? Economic and environmental factors and health insurance purchase," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    4. Brenna, Elenka & Giammanco, Maria Daniela, 2024. "The use of voluntary health insurance in the access to specialist care: Evidence from the Italian NHS," Socio-Economic Planning Sciences, Elsevier, vol. 93(C).
    5. Milijana Novovic Buric & Ljiljana Kascelan & Vladimir Kascelan, 2023. "Economic and demographic determinants of premium reserve in Western Balkan countries during and after the crisis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 1116-1136, January.
    6. Bojan Srbinoski & Klime Poposki & Patricia H. Born & Valter Lazzari, 2021. "Life insurance demand and borrowing constraints," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 24(1), pages 37-69, March.
    7. Dragos, Simona Laura & Dragos, Cristian Mihai & Muresan, Gabriela Mihaela, 2020. "From intention to decision in purchasing life insurance and private pensions: different effects of knowledge and behavioural factors," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 87(C).
    8. Striani, Fabrizio, 2023. "Life-cycle consumption and life insurance: Empirical evidence from Italian Survey," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 619(C).
    9. Eling, Martin & Ghavibazoo, Omid & Hanewald, Katja, 2021. "Willingness to take financial risks and insurance holdings: A European survey," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 95(C).

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