Skip to main content

Table 9 Definition of Variables Relating to Insurance Markets and Economic Growth

From: Insurance market density and economic growth in Eurozone countries: the granger causality approach

Variables

Definition

LID

Life insurance 28 density: It is the direct domestic life premiums per capita (in US Dollars).

NID

Non-life insurance 29 density: It is the direct domestic non-life premiums per capita (in US Dollars).

TID

Total insurance density: It is the direct domestic premiums, both life and non-life per capita (in US Dollars).

GDP

Economic growth: It is the per capita gross domestic product (in US Dollars).

LIL

Liquid liabilities: It is the ratio of liquid liabilities (broad money supply) to gross domestic product.

PCO

Private credit: It is the private credit by deposit money banks and other financial institutions to gross domestic product.

GCE

Government consumption expenditure: It is the government consumption expenditure as a percentage of gross domestic product.

YDP

Young dependency population: It is the ratio of younger dependents-people younger than 15 years- to the working-age population.

  1. Note: Insurance density means direct domestic premiums in USD (for life/ non-life/ total) per thousand population
  2. 28Life insurance is a form of insurance coverage that pays out premiums to the insured or their specified beneficiaries upon any incident (see, iter alia, Lee and Chiu 2012; Lee et al. 2012; Pan et al. 2012)
  3. 29Non-life insurance essentially consists of insurance policies that protect the insured against losses and damages other than those covered by life insurance such as property, motor, marine, transport, pecuniary loss, and aviation (see, iter alia, Chen et al. 2013; Lee et al. 2012; Pradhan et al. 2015a, 2015b)