Abstract
ABSTRACT We scrutinize the influence of economic policy uncertainty on the demand for insurance and delve into the moderating effect of national culture. Using an OLS model with two-way fixed effects, we find that heightened EPU engenders a decline in insurance demand, with discernible variances observed in the long-term and short-term effects on life and non-life insurance demand. Notably, uncertainty avoidance, power distance, and long-term orientation act as moderators, mitigating the adverse impact of EPU on insurance demand. Conversely, individualism exacerbates the negative consequences. Furthermore, our investigation uncovers that EPU primarily diminishes insurance demand by constraining residents’ income.
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