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The relationship between insurance and economic growth in Asian countries: a regional perspective

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  • Nikita Singhal
  • Shikha Goyal
  • Tanmay Singhal

Abstract

The purpose of this paper is to quantify the role of various economic, demographic, and institutional characteristics in the insurance market growth in Asia and to evaluate causality between insurance and economic growth. This paper employed the Generalized Method of Moments (GMM) to identify the drivers of insurance market growth and panel Granger causality test to empirically assess causality between insurance and economic growth. For analysis, a sample of 37 Asian countries is considered over 16 years from 2002 to 2017. The study identified that the relationship between insurance market growth and its drivers is different across the Asian regions.

Suggested Citation

  • Nikita Singhal & Shikha Goyal & Tanmay Singhal, 2022. "The relationship between insurance and economic growth in Asian countries: a regional perspective," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 15(3), pages 301-322, September.
    • Handle: RePEc:taf:macfem:v:15:y:2022:i:3:p:301-322
    DOI: 10.1080/17520843.2021.1957599
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    Cited by:

    1. Xiang, Feiyun & Chang, Tsangyao & Jiang, Shi-jie, 2023. "Economic and climate policy uncertainty, geopolitical risk and life insurance premiums in China: A quantile ARDL approach," Finance Research Letters, Elsevier, vol. 57(C).
    2. Nikita Singhal & Almas Sultana & Shikha Goyal, 2023. "Myth or coverage: experience and expectation of policyholders from health insurance during COVID-19 in the NCR region of India," Future Business Journal, Springer, vol. 9(1), pages 1-17, December.
    3. Sriyanto Sriyanto & Muhammad Imran & Shiraz Khan & Khalid Zaman & Haroon ur Rashid Khan & ?Dadang Yunus Lutfiansyach? & Parmono Parmono & Abdul Wahab Pathath & Mohd Khata Jabor, 2023. "Harnessing the Power of Globalization: A Study of the Association between Globalization, Transportation Energy, and Insurance and Financial Services in Europe and Central Asia," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 453-461, March.

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