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Influence of Secondary and Tertiary Literacy on Life Insurance Consumption: Case of Selected ASEAN Countries

Author

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  • Hui-Shan Lee

    (Universiti Tunku Abdul Rahman (UTAR)
    Universiti Putra Malaysia (UPM))

  • Kevin-Lock-Teng Low

    (Universiti Tunku Abdul Rahman (UTAR))

  • Shyue-Chuan Chong

    (Universiti Tunku Abdul Rahman (UTAR))

  • Bik-Kai Sia

    (Universiti Tunku Abdul Rahman (UTAR))

Abstract

Life insurance as a financial tool is essential to both individuals and the economy for the promotion of long-term savings, the reinvestment of funds, risk management and the development of capital markets to support economic growth. The determinants of life insurance consumption from the economic and demographic perspectives were examined in the ASEAN context. The influence of secondary and tertiary education on the demand for life insurance was investigated to highlight the importance of introducing insurance knowledge in the education syllabus in order to improve the economy in the future with better income and social returns, supported by the life insurance market. This will ensure a sound risk management strategy among individuals, firms and countries as a whole and will align with the ASEAN Economic Community blueprint aimed at improving the living standards of the community.

Suggested Citation

  • Hui-Shan Lee & Kevin-Lock-Teng Low & Shyue-Chuan Chong & Bik-Kai Sia, 2018. "Influence of Secondary and Tertiary Literacy on Life Insurance Consumption: Case of Selected ASEAN Countries," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(1), pages 1-15, January.
    • Handle: RePEc:pal:gpprii:v:43:y:2018:i:1:d:10.1057_s41288-017-0050-7
    DOI: 10.1057/s41288-017-0050-7
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    References listed on IDEAS

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    Cited by:

    1. Lee, Hui Shan & Cheng, Fan Fah & Chong, Shyue Chuan & Sia, Bik Kai, 2018. "Influence of Macroeconomics Factors and Legal Stability to the Insurance Growth in the ASEAN-5 Countries," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 52(2), pages 219-229.
    2. Chimuka Leo Haamukwanza, 2021. "To insure or not to insure—the role that government and insurance practice should play: a thematic comparison of the urban poor and the workers in the pensions and insurance industry," SN Business & Economics, Springer, vol. 1(9), pages 1-20, September.
    3. Hui Shan Lee & Shyue Chuan Chong & Shen Yap & Bik Kai Sia & Ying Xi Chen, 2021. "Does Economic Freedom in Host Countries Lead to Increased Non-Life Insurance Development?," SAGE Open, , vol. 11(4), pages 21582440211, October.

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