Development of the insurance sector and economic growth: an empirical analysis for 47 countries


  • Anelena Sabater Castro Universidad de Málaga (España), Spain



development of the insurance market, economic growth, dynamic panel data model


This paper studies the effect of the development of the life and nonlife insurance market on economic growth, as well as the conditions (degree of financial development, income and institutional environment) that affect the relationship between both variables. The Generalized Method of Moments (GMM) was used, with a dynamic panel data model for 47 countries between 1990 and 2014.  Results indicate that there is a positive impact of the development of the insurance market on economic growth. In addition, the relationship between the insurance market and economic growth decreases in a relatively sounder institutional environment. On the other hand, the positive impact of the development of the insurance market on economic growth is mitigated in high-income countries.

Author Biography

Anelena Sabater Castro, Universidad de Málaga (España)

Máster en Finanzas, Banca y Seguros de la Universidad de Málaga (España), Bachiller en Economía y Bachiller en Dirección de Empresas de la Universidad de Costa Rica. Analista Financiera en The Kraft Heinz Company.


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How to Cite

Development of the insurance sector and economic growth: an empirical analysis for 47 countries. (2017). Economía Y Sociedad, 22(52), 88-109.



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How to Cite

Development of the insurance sector and economic growth: an empirical analysis for 47 countries. (2017). Economía Y Sociedad, 22(52), 88-109.

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