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Insurance Consumption And Economic Policy Uncertainty In India: An Analysis Of Asymmetric Effects

Author

Listed:
  • SIDDHARTH KUMAR

    (Indian Institute of Technology Bhubaneswar, Jatni, Khordha, Odisha 752050, India)

  • NARESH CHANDRA SAHU

    (Indian Institute of Technology Bhubaneswar, Jatni, Khordha, Odisha 752050, India)

  • PUSHP KUMAR

    (Indian Institute of Technology Bhubaneswar, Jatni, Khordha, Odisha 752050, India)

Abstract

This study examines the asymmetric effect of economic policy uncertainty (EPU) on life and non-life insurance consumption in India using monthly data from April 2004–October 2020. The paper has employed a nonlinear autoregressive distributed lag (NARDL) model with a structural break. The results reveal that there exists an asymmetric effect of EPU on life insurance as well as non-life life insurance consumption. A negative relationship is found between EPU and insurance consumption in both life and non-life insurance. Based on the findings, the study suggests the policymakers to consider the asymmetric effects of EPU while formulating insurance-related policies in India.

Suggested Citation

  • Siddharth Kumar & Naresh Chandra Sahu & Pushp Kumar, 2024. "Insurance Consumption And Economic Policy Uncertainty In India: An Analysis Of Asymmetric Effects," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 69(02), pages 637-665, March.
    • Handle: RePEc:wsi:serxxx:v:69:y:2024:i:02:n:s0217590821410095
    DOI: 10.1142/S0217590821410095
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    More about this item

    Keywords

    Life insurance consumption; non-life insurance consumption; EPU; NARDL;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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