Country factors behavior for integration improvement of European life insurance markets

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      <subfield code="a">Cummins, David J.</subfield>
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      <subfield code="a">Country factors behavior for integration improvement of European life  insurance markets</subfield>
      <subfield code="c">J. David Cummins, María Rubio-Misas</subfield>
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      <subfield code="a">Madrid</subfield>
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      <subfield code="a">Este trabajo obtuvo un Accesit en 2020 Premios de Investigación y Estudio Antonio Dionis Soler 2020
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      <subfield code="a">This paper provides evidence of the role that national financial markets development and institutional quality play in the integration of European Union (EU) life insurance markets. It analyzes 10 EU life insurance markets over the period 1998-2014. The meta-technology cost/revenue efficiency ratios, estimated under the meta-frontier DEA framework, are used as a measure of integration and the analysis is conducted by applying Tobit panel regression models. We find that, in terms of cosT efficiency, stock market development contributes to this integration but banking sector development prevents it, suggesting that the market-ased financial systems enhance cost performance and integration of EU life insurance markets. Results also show that in countries where bancassurance is the main life insurance distribution channel, banking sector development contributes to integration in terms of revenue efficiency, indicating that bancassurance architectural offers benefits for integration improvement. We also find that better outcomes in national institutional quality facilitates (prevents) integration of EU life insurance markets in terms of cost (revenue) efficiency. Results also indicate that EU common law and German civil law countries are at the forefront of technology. </subfield>
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