Document Type : Original Research Paper
Authors
1 Department of Economics, Payam Noor University, Karaj, Alborz, Iran
2 Department of Economics, Tabriz University, East Azarbaijan, Iran
Abstract
In today's world, life insurance is one of the most important economic tools and it has many uses, and its most important role is in providing and guaranteeing the future of families. Life insurances are a source of huge investments and play an important role in savings. The purpose of this research is to investigate the effect of economic factors (level of per capita income, inflation, level of financial development and unemployment), demographic factors (dependency ratio, education level and urbanization) and institutional factors (political stability, rule of law and government effectiveness) on insurance demand. Life expectancy in Iran and selected developing countries of the world during the period of 2001-2009 using the panel data method (cross-sectional data). Research findings show that the level of per capita income, level of financial development, rule of law, level of education and urbanization are among the factors that have a positive effect on the demand for life insurance in the studied countries. Inflation, unemployment, and government effectiveness variables have an inverse relationship with life insurance demand, and the two variables of people's dependency ratio and political stability do not have a significant relationship with life insurance demand in the studied countries.
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