Abstract
The motivation behind this study resides in the heterogeneous development of life insurance across 31 European (developed and former communist) nations over the period 2002–2012. We use the dynamic panel methodology for explaining the main institutional drivers of life insurance consumption. The results show that the most significant institutional factor is governance effectiveness. Among the economic and demographic factors the interest rate and fiscal freedom exert a negative effect on life insurance consumption. Our results can be the basis for improving governance policies in former communist countries and for creating an institutional system of right incentives on the market.
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