The Impact of culture on the demand for non-life insurance

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<title> Impact of culture on the demand for non-life insurance</title>
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<namePart>Park, Sojung Carol</namePart>
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<abstract displayLabel="Summary">Regression techniques are applied to an unbalanced panel data that includes 68 countries observed over a ten-year period, to explore the factors that affect non-life insurance demand across nations. While previous literature has discovered several significant economic, demographic, and institutional variables, little attention has been devoted to cultural dimensions. We find that non-life insurance consumption is adversely impacted in countries where a large fraction of the population has Islamic beliefs. Also highly significant are three of the cultural scores developed by Hofstede in a celebrated study: Power Distance, Individualism, and Uncertainty Avoidance. An important finding is that culture impacts non-life insurance more in affluent countries, with an adjusted R-square coefficient increasing by 11.7%, than in developing countries where the R-square coefficient increase due to cultural impacts is only 1.2%. These results have implications for multinational insurers seeking to enter a new market. Ceteris Paribus, these insurers should target countries, and population segments within these countries, that exhibit low Power Distance, and high Individualism and Uncertainty Avoidance scores.</abstract>
<note type="statement of responsibility">Sojung Carol Park, Jean Lemaire</note>
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<topic>Seguros no vida</topic>
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<topic>Cultura</topic>
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<topic>Países desarrollados</topic>
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<topic>Países en desarrollo</topic>
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<topic>Empresas de seguros</topic>
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<topic>Perspectivas del seguro</topic>
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<topic>Estudios estadísticos</topic>
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<topic>Análisis socioeconómico</topic>
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<title>Astin bulletin</title>
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<publisher>Belgium : ASTIN and AFIR Sections of the International Actuarial Association</publisher>
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<identifier type="issn">0515-0361</identifier>
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<text>05/11/2012 Volumen 42 Número 2  - noviembre 2012 , p. 501-528</text>
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