The Relatıonshıp Between Insurance Sector And Economıc Growth: An Econometrıc Analysıs
Abstract
There are many empirical studies between which focus on relationship between financial
development and economic growth. In the literature these studies mostly about the relationship
between stock market and economic growth or the relationship between banking sector and
economic growth. On the other hand, studies are scarce about analysing the relationship between
insurance sector and economic growth. In this reason, the aim of this paper is the testing the role of
insurance in economic growth. Twenty-nine countries’ data in 1999 and 2008 period are used.
These countries are Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland,
France, Germany, Greece, Hungary, Iceland, Irland, Italia, Japan, Turkey, South Korea, Luxemburg,
Mexico, Holland, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, England and
USA. As a result of this analysis insurance sector and the economic growth are positively related.