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WP-02/23: A Literature Review of the Nexuses Between Insurance, Economics, Institutions, and Human Development

Alfredo Baronio, Flavio Buchieri, Gustavo Ferro and Ana Vianco

ABSTRACT

A detailed survey of the literature examines the efforts made to establish the conceptual and empirical links between the development (penetration and density) of the insurance market and economic growth, insurance and institutional development, insurance, and human development, respectively. Accumulated evidence tests the hypothesis of a positive association (correlation and/or causality) between insurance and economic growth, insurance and institutions, and insurance and human development, the latter as measured by some internationally accepted indicators. The studies encompass different countries, and various time windows and employ disparate methods. This review puts together those results and permits recognizing stylized facts.

Keywords: Insurance, Growth, Institutions, Human Development