The contribution of life and non-life insurances on asean economic growth

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ASEAN is one of the regions with great potential of the world economic power. Countries included in the association of Southeast Asian countries are predicted to show strong economic growth. There are many factors for the development of the ASEAN region such as insurance industry. The Southeast Asian insurance industry, with a stable and long-term financial asset commitment, could play a bigger role in supporting the region's overall economic growth. This study aims at investigating the contribution of the insurance sector measured by three parameters; namely insurance penetration, insurance density and premium volume. The research was conducted to investigate the factors which are related to the insurance industry and could affect the economic growth of 6 countries; namely Singapore, Malaysia, Philippine, Thailand, Vietnam and Indonesia, in ASEAN area over the period 2005-2015 using a fixed effect model. The result revealed that premium volume of life insurance and non-life insurance, respectively, maintained positive and significant effects on the economic growth. Life insurance penetration and density also give significant effects on economic growth while non-life insurance penetration and density are not statistically significant for the economic growth.

Original languageEnglish
Pages (from-to)957-966
Number of pages10
JournalManagement Science Letters
Issue number7
Publication statusPublished - 1 Jan 2019


  • ASEAN countries
  • Economic Growth
  • Fixed Effect
  • Insurance Density
  • Insurance Penetration
  • Insurance Premium


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