The Analyse of The Relationship Between Insurance Industry Development & Economic Growth in Developing Countries(Algeria, Indonesia, Malaysia, Pakistan, Turkey, Philipines, Egypt, India) & Comparson

Subject Areas : Financial Economics

Sakineh Safari ¹ , Hamed soltani ² , Ghadir Mahdavi ³

1 - Assistant professor in Economics, Islamic Azad University ,Central Tehran Branch
2 - M.A. in Economics
3 - Assistant professor in Economics , Allame Tabatabaei University

Received: 2015-05-06 Accepted : 2015-05-06 Published : 2012-12-21

Keywords: Insurance, Insurance Industry, Capital Market, financial market, investment, premium, Economic Growth,

Abstract :

insurance institutions, including financial institutions that are providing security near the economic capital in creating the financial resources at time intervals to receive insurance premium and pay damages, especially in long-term insurance can lead to mobility and dynamicaly and development financial markets and with accumulation of capital necessary can provide fields of economic growth. In this study with using a CROOSS – COUNTRY PANEL DATA technique to examine the relationship between insurance sector expantion and economic growth in Iran and the selection countries at during the period 1186-2991. The results were considered significant and positive relationship between study variables and economic growth and with increasing 1 percent in the insurance penetration coefficient (the ratio of premium to GDP), the economic growth will increase 90993 percent, then insurance is one of the factors affecting the country's economic growth during the period of review and, the Schumpeter’s opinion (1111) and supply leading theories will be approved.

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