Determinants of insurance demand: Cross-country panel data analysis

The demand of life and non-life insurance is analyzed in the study. The study covers 1996-2014 period for life insurance and 1996-2015 period for non-life insurance. Insurance premium data are utilized from Swiss Re. Data of other variables are imported from World Bank. Research question is based on "Are there any significant differences between insurance demand patterns of developed and developing countries?" Static panel data analysis method is used to analyze the effects of variables on the insurance demand. 26 developed countries and 36 developing countries, also 33 high income countries and 29 middle income countries are selected for the study. The results imply that both life and non-life insurance have positive income elasticity of demand. The findings of the study also provide evidence towards the positive impact of female labor force participation on insurance demand.