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The Relationship between Property-Liability Insurance Premiums and Income: An International Analysis

Michael Beenstock, Gerry Dickinson and Sajay Khajuria
The Journal of Risk and Insurance
Vol. 55, No. 2 (Jun., 1988), pp. 259-272
DOI: 10.2307/253327
Stable URL: http://www.jstor.org/stable/253327
Page Count: 14
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
The Relationship between Property-Liability Insurance Premiums and Income: An International Analysis
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Abstract

Annual cross-section data for 12 industrialized countries observed over 1970-1981 are pooled in an econometric investigation of the relationship between income and spending on property-liability insurance. A theoretical framework is specified for the supply and demand for insurance in which premiums depend upon income and interest rates. The econometric results are used to measure the short and long run marginal propensities to insure across the 12 countries. The paper concludes with a cross-section analysis of 45 countries in 1981 in which the relationship between economic development (as measured by per capita GNP) and property-liability insurance premiums is investigated.

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