Factors affecting the insurance sector (OECD example)

The aim of this study was to identify factors affecting the insurance industry of 10 OECD countries in which Turkey is located. As data set, annual data of 10 OECD countries between 1983 and 2015 were used. While the total premium production amounts of life and non-life branches are used as independent variables, inflation (TÜFE), average life span, number of insurance companies, population growth rate, urbanization rate, penetration rate and OECD insurance market share of countries are used as independent variables. In the analysis, two separate models for dependent variables were created and measured by Panel Data Analysis. As a result of the study, OECD market share and number of insurance companies have reached the result that non-life branch premiums are affected, resulting in OECD market share and penetration rate being effective for life branch.