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Laskowska Iwona Ewa (Uniwersytet Łódzki)
The Impact of Insurance on Economic Growth in Central and Eastern European Countries against Other European Economies
Optimum : Economic Studies, 2022, nr 2 (108), s. 22-35, tab., bibliogr. s. 33-35
Ubezpieczenia, Wzrost gospodarczy, Modele panelowe
Insurances, Economic growth, Panel model
JEL Classification: C23, G22, O43
Europa Środkowo-Wschodnia
Central and Eastern Europe
Purpose - The purpose of this paper is to assess the impact of the insurance sector on economic growth based on panel data for 31 European countries covering the period 2004-2019, with particular emphasis on the countries of Central and Eastern Europe. Method - Dynamic econometric models were used in the analysis (Generalised Method of Moments). An attempt was made to quantify the impact of the insurance sector on economic growth for selected indicators of activity in that sector (insurance density and market penetration) for 2004- -2019. Conclusions - Research using regression analysis has confirmed the importance of insurance activity (in total, life and property & casualty insurance) for economic growth in a group of 31 European countries. The analysis carried out for the group of CEE countries has not confirmed significant impact of any of the variables characterising the development of total insurance and life insurance markets on GDP per capita. However, a significant impact of property & casualty (P&C) insurance, expressed in terms of insurance density, has been confirmed. Originality/value/ implications/recommendations - The results of the study may constitute a recommendation for supporting the further development of the insurance sector by formulating appropriate regulations and legal frameworks and by taking measures that can increase trust in the insurance sector and raise insurance awareness. (original abstract)
The Library of University of Economics in Katowice
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