Life and non-life insurance demand: the different effects of influence factors in emerging countries from Europe and Asia

Abstract

Urbanisation, incomes and their distributions, and the population degree of education are relevant factors for the development of insurance sector. This study estimates the different effects of the previously mentioned factors for life and non-life sector. We used the econometrics of panel data on 17 emerging economies from Asia and Europe over a 10-year period. We showed that urbanisation influenced significantly the life insurance demand in Asia, but not in Europe. Also, education was found to be significant only for the non-life sector in both regions and income was non-significant in Asia for non-life sector.