Publications

This paper tests whether there is a causal relationship between insurance market activity (life and non-life insurance) and economic growth. Using the generalized method of moments for dynamic models of panel data for 56 countries and for the 1976-2004 period, we find robust evidence of a causal relationship between insurance market activity and economic growth. Both life and non-life insurance have a positive and significant causal effect on economic growth. High-income countries drive the results in the case of life insurance. On the other hand, both high-income and developing countries drive the results in the case of non-life insurance.