Abstract
The contribution of life and non-life insurances on ASEAN economic growth
Highlights
IntroductionASEAN countries have accelerated economic growth. Increasing economic growth is very important in ASEAN region and in other countries
In recent years, ASEAN countries have accelerated economic growth
Countries included in the association of Southeast Asian countries are predicted to show strong economic growth
Summary
ASEAN countries have accelerated economic growth. Increasing economic growth is very important in ASEAN region and in other countries. Like banks and other investment companies, the insurance industry is one part of the financial sector that plays an important role in encouraging and enhancing a country's economic growth (Ul Din et al, 2017) either directly or indirectly. Life insurance products encourage long-term savings and large-scale investment in public and private sector projects (Beck & Webb, 2002). This has implications for increasing economic growth. Life insurance and non-life insurance are two different types of insurance in providing benefits to its customers based on the types of risks This automatically affects the impact on economic growth, i.e. non-life insurance leads to short-term protection offering medium and short term indemnigation products
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