{"id":112084,"date":"2024-01-22T17:28:39","date_gmt":"2024-01-22T16:28:39","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/112084\/"},"modified":"2025-10-22T21:46:38","modified_gmt":"2025-10-22T19:46:38","slug":"the-relationship-between-insurance-and-economic-growth-in-europe-a-theoretical-and-empirical-analysis","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/112084\/","title":{"rendered":"The Relationship Between Insurance and Economic Growth in Europe: A Theoretical and Empirical Analysis"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-112084","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The role of insurance companies, although growing in importance in financial intermediation, has received less attention than bank and stock markets and if so, mainly as a provider of risk transfer in single country or very heterogeneous samples. We investigate both the impact of insurance investment and premiums on GDP growth in Europe. We conduct a cross-country panel data analysis from 1992 to 2005 for 29 European countries. We find a positive impact of life insurance on GDP growth in the EU-15 countries, Switzerland, Norway and Iceland. For the new EU member states from Central and Eastern Europe, we find a larger impact for liability insurance. Furthermore our findings emphasise the impact of the real interest rate and the level of economic development on the insurance-growth nexus. We argue that the insurance sector needs to be paid more attention in financial sector analysis and macroeconomic policy.","onlinedate":"2008-07-01 02:00:00","lang":"English","publication_series":"","publication_date":"20080701","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Economic growth\",\"Finance-growth nexus\",\"Financial intermediation\",\"Insurance\"]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"35","monthly_report_pages":"405-431","monthly_report_pages_sort":"405","issue":"4","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[14293,14291],"persons_data":"[{\"personId\":14293,\"personName\":\"Peter Haiss\",\"organisationNames\":[]},{\"personId\":14291,\"personName\":\"Kjell S\u00fcmegi\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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