Effects of Insurance on Maritime Liability Law

Billah, Muhammad Masum

doi:10.1007/978-3-319-03488-1

Cited by 3 publications

(1 citation statement)

References 14 publications

(57 reference statements)

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“…Due to the more significant resource allocation for the contingencies in these situations, society may lose resources that may improve society's well-being. Additionally, risk-transfer mechanisms like insurance may lower stress and dissatisfaction and sustainably boost innovation, creativity, and self-assurance for economic activities (Billah 2016;Shashi et al 2021). Insurance takes the top spot among other financial instruments used to protect against and indemnify losses, which is essential since it lowers the volatility and unpredictability of the economic situation .…”

Section: Introductionmentioning

confidence: 99%

Insurance Penetration and Institutional Spillover on Economic Growth: A Dynamic Spatial Econometric Approach on the Asian and Europe Region

Fernando,

Tharanga,

Dewasiri

et al. 2023

JRFM

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The contemporary environment is interrelated, and interactions between markets, countries, and international actors at different levels exist in every corner of the globe. Amid this, the failures of the free-market system have paved the way for institutionalism, which proposes minimising transaction costs, substantial property rights, and enabling proper contract enforcement. Studies on institutions and insurance development spillover concerning growth relationships are rare and a critical area needing exploration. This study explores the behaviour of economic development in terms of potential spatial dependencies and spatial institutional and insurance development spillover on economic growth. To measure insurance development by the life insurance and non-life insurance penetration, economic growth by per capita gross domestic product (GDP), and indicators of good governance for institutions in the nations. The study explored the spatial impact between countries using panel data of 56 countries between 2002 and 2020 representing the Asian and European regions. We did this by using dynamic spatial econometric modelling (DSEM) on institutional and insurance development and seeing the spatial implications and the spatial institutional impact moderated by insurance development on growth. Results indicate that developing the life insurance and non-life insurance of surrounding countries creates a spillover impact on the local countries’ economies. In contrast, institutions have created a reverse spatial spillover impact on local countries. However, life insurance development, moderated through accountability and government effectiveness, has created a spatial spillover between countries. Both life and non-life penetration moderated by the control of corruption and overall institutions have shown a reverse spillover on countries’ economies. This suggests that global governance is a positive-sum game, and monitoring and governance structures have failed at the international level concerning separate countries. Therefore, it is seen that to prevent institutional failure at the state level, good governance and links with the global governance structure could disrupt or energise local institutions.

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Section: Introductionmentioning

confidence: 99%

Insurance Penetration and Institutional Spillover on Economic Growth: A Dynamic Spatial Econometric Approach on the Asian and Europe Region

Fernando,

Tharanga,

Dewasiri

et al. 2023

JRFM

View full text Add to dashboard Cite

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Does insurance promote economic growth: A comparative study of developed and emerging/developing economies

Din

Bakar

Regupathi

2017

Cogent Economics & Finance

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Competition in the insurance sector – An application of Boone indicator

Abel

Marire

2021

Cogent Economics & Finance

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Competition in the insurance sector is an important element since it leads to the reduction in risk and uncertainty, enables efficient resources allocation, enhances product innovation, enhances economic growth and improves efficient production of financial services. The study evaluates competition in the insurance sector in Zimbabwe during the period 2010-2017. Of interest is the evolution of competition during the period when the economy had transitioned from hyperinflation. How competition evolved during this period is of interest due to the changes in macroeconomic management styles that were experienced after the hyperinflation period. Of novelty to this study is the use of the Boone Indicator, one of the new empirical industrial organisation methods. The method is premised on the idea that efficient firms achieve higher market shares or profits. The study established that competition was moderate in the insurance industry during the study period. The results further revealed that there was no significant difference in competition in the periods 2013-2017 and 2010-2012. The study recommends that the government should ensure that the macroeconomic environment is conducive for businesses to compete. The economy should be prevented from sliding into hyperinflationary environment, which negatively impacts policy holders as well as insurance companies. The government should put in place pro-growth policies to ABOUT THE AUTHOR

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Effects of Insurance on Maritime Liability Law

Cited by 3 publications

References 14 publications

Insurance Penetration and Institutional Spillover on Economic Growth: A Dynamic Spatial Econometric Approach on the Asian and Europe Region

Insurance Penetration and Institutional Spillover on Economic Growth: A Dynamic Spatial Econometric Approach on the Asian and Europe Region

Does insurance promote economic growth: A comparative study of developed and emerging/developing economies

Competition in the insurance sector – An application of Boone indicator

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