Acta Univ. Agric. Silvic. Mendelianae Brun. 2013, 61(7), 2677-2683 | DOI: 10.11118/actaun201361072677

Impact of insurance sector activity on economic growth - A meta-analysis

Zuzana Richterková, Petr Koráb
Department of Finance, Mendel University in Brno, Zemědělská 1, 613 00 Brno, Czech Republic

The aim of this study is to compute the overall effect size concerning the impact of insurance sector activity on economic growth. The connection of insurance activity and economic growth has been a widely investigated topic due to numerous papers and research attempts performed so far. The results, however, often differ among individual studies. Therefore a comprehensive analysis of the significance of causality from insurance activity, measured by insurance premium, to business cycle fluctuation, is well-required. Using 10 published and unpublished studies, we conduct a meta-analysis of the literature on the impact of insurance activity on economic growth. Insurance premium is taken as the measure of insurance activity. The combined significance test of individual t-statistics is employed. The calculation of the effect size allows understand the true effect relying on synthesis of so far published research with significantly higher amount of observations and better precision. Our results confirm positive effect of insurance activity on economic growth and are particularly important for policy makers who set the policy towards subjects in the insurance market.

Keywords: research synthesis, effect size, Random-effect model, insurance premium
Grants and funding:

The research was supported via Mendel University Internal Grant Agency project, No. 14/2013.

Received: April 11, 2013; Published: December 24, 2013  Show citation

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Richterková, Z., & Koráb, P. (2013). Impact of insurance sector activity on economic growth - A meta-analysis. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 61(7), 2677-2683. doi: 10.11118/actaun201361072677
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