Determinants of Life Insurance Consumption in OECD Countries Using FMOLS and DOLS Techniques
This paper aims to examine the determinants of life insurance consumption in 30 OECD countries using panel data from 1996 to 2020. This study uses GDP per capita, Life expectancy, Urbanization, School education, and Health expenditure as the determinants to measure the OECD countries’ life insurance...
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| Format: | Article |
| Language: | English |
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MDPI AG
2024-02-01
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| Series: | Risks |
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| Online Access: | https://www.mdpi.com/2227-9091/12/2/35 |
| _version_ | 1797297097212428288 |
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| author | Maheswaran Srinivasan Subrata Mitra |
| author_facet | Maheswaran Srinivasan Subrata Mitra |
| author_sort | Maheswaran Srinivasan |
| collection | DOAJ |
| description | This paper aims to examine the determinants of life insurance consumption in 30 OECD countries using panel data from 1996 to 2020. This study uses GDP per capita, Life expectancy, Urbanization, School education, and Health expenditure as the determinants to measure the OECD countries’ life insurance consumption. Insurance density is used as a proxy for life insurance consumption. Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and causality tests are applied in this study. Our empirical results revealed that the variables urbanization, school education, and GDP per capita significantly impact life insurance consumption, whereas life expectancy and health expenditure were found to have an insignificant relationship in estimating life insurance consumption. These findings will help all insurance industry stakeholders in OECD countries in policy formulation and decision making. |
| first_indexed | 2024-03-07T22:15:19Z |
| format | Article |
| id | doaj.art-c5f17b4169db46328df7e4b9b903c872 |
| institution | Directory Open Access Journal |
| issn | 2227-9091 |
| language | English |
| last_indexed | 2024-03-07T22:15:19Z |
| publishDate | 2024-02-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Risks |
| spelling | doaj.art-c5f17b4169db46328df7e4b9b903c8722024-02-23T15:33:21ZengMDPI AGRisks2227-90912024-02-011223510.3390/risks12020035Determinants of Life Insurance Consumption in OECD Countries Using FMOLS and DOLS TechniquesMaheswaran Srinivasan0Subrata Mitra1Institute of Management Technology, Nagpur 441502, IndiaInstitute of Management Technology, Nagpur 441502, IndiaThis paper aims to examine the determinants of life insurance consumption in 30 OECD countries using panel data from 1996 to 2020. This study uses GDP per capita, Life expectancy, Urbanization, School education, and Health expenditure as the determinants to measure the OECD countries’ life insurance consumption. Insurance density is used as a proxy for life insurance consumption. Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and causality tests are applied in this study. Our empirical results revealed that the variables urbanization, school education, and GDP per capita significantly impact life insurance consumption, whereas life expectancy and health expenditure were found to have an insignificant relationship in estimating life insurance consumption. These findings will help all insurance industry stakeholders in OECD countries in policy formulation and decision making.https://www.mdpi.com/2227-9091/12/2/35life insurance consumptionOECD countriesFMOLS and DOLS |
| spellingShingle | Maheswaran Srinivasan Subrata Mitra Determinants of Life Insurance Consumption in OECD Countries Using FMOLS and DOLS Techniques Risks life insurance consumption OECD countries FMOLS and DOLS |
| title | Determinants of Life Insurance Consumption in OECD Countries Using FMOLS and DOLS Techniques |
| title_full | Determinants of Life Insurance Consumption in OECD Countries Using FMOLS and DOLS Techniques |
| title_fullStr | Determinants of Life Insurance Consumption in OECD Countries Using FMOLS and DOLS Techniques |
| title_full_unstemmed | Determinants of Life Insurance Consumption in OECD Countries Using FMOLS and DOLS Techniques |
| title_short | Determinants of Life Insurance Consumption in OECD Countries Using FMOLS and DOLS Techniques |
| title_sort | determinants of life insurance consumption in oecd countries using fmols and dols techniques |
| topic | life insurance consumption OECD countries FMOLS and DOLS |
| url | https://www.mdpi.com/2227-9091/12/2/35 |
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