Article Metrics

Article abstract view : 109 times
PDF full text: 0 times

Role of Insurance Sector on Inclusive Growth in India

Debabrata Jana

Abstract


In the present era insurance sector plays a vital role in both developed and developing countries. Insurance markets working as a financial intermediary to contribute economic growth of the country as well as risk management more efficiently.  The purpose of the study is to investigate the relationship between insurance sector development and economic growth in India.  For this study, data has been collected only from the secondary sources for the period 2000 to 2019. To run linear regression, four variables are taken viz. GDP as a surrogate of economic growth and Real Premium Growth Rate, Total Investment in Insurance Sector and Insurance Claim. Finally, it can be suggested that more attention in the insurance market is to be paid so that proper economic growth will be possible in the developing country in India.

Keywords: Insurance, Premium, Claim, Investment, GDP.


Full Text:

PDF

References


Buric, M. N., Smolovic, J. C., Bozovic, M. L., Filipovic, A.L. (2017). “Impact of economic factors on life insurance development in Western Balkan Countries”, https://doi.org/10.18045/zbefri.2017.2.331, 35(2), 331-347.

Dash, S., Pradhan, R.P., Maradana, R.P., Gaurav, K., Zaki, D.B. and Jaykumar, M. (2018). “Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality”, Future Business Journal, 4(1), 50-67.

Ghosal, M. (2012). “Role of Insurance in Economic Development of India”, ZENITH International Journal of Business Economics and Management Research, 2(7), 81-92.

Nejad, H. R. and Kermani, S. A. (2012). “The relation between insurance development and economic growth in Iran”, Elixir International Journal, https://www.elixirpublishers.com articles 47, 9079-9087.

Olayungbo, D. O. (2015). “Effects of Life and Non-Life Insurance on Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach”, Global Journal of Management and Business Research, 15(11), 33-40.

Pant, S. and Bahadur, F. (2017). “Contribution of Insurance in Economic Growth of Nepal”, Journal of Advanced Academic Research, 4(1), 99-110.

Phutkaradze, J. (2015). “Impact of Insurance Market on Economic Growth in Post-Transition Countries, International Journal of Management and Economics, 44(1), 92-105.

Sawadogo, R., Guerineau, S. and Ouedraogo, I. M. (2018) “Life Insurance Development and Economic Growth: Evidence from Developing Countries”, Journal of Economic Development, 43(2), 1-28.

Sing, K. and Gangal, V. K. (2015). “Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate Poverty and Vulnerability”, IOSR Journal of Economics and Finance, 6(2), 14-20.

Ungur, C. (2017). “Socio-Economic Valences of Insurance”, Journal Contemporary Economy, 2(2), 112-118.

Zouhaier, H. (2014). “Insurance and economic growth”, Journal of Economics and Sustainable Development, 5(12), 102-112.






Copyright (c) 2020 INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES

International Research Journal of Business Studies indexed in:

 
Image result for university of Saskatchewan small logo