Emrah DOĞAN, Berna DOĞAN BAŞAR, İbrahim Halil EKŞİ

Sigorta Kapsamasında Sosyoekonomik Faktörlerin Açıklanması: E-7 Ülkelerinden Kanıtlar

Bu çalışmada, temel bileşenler analizi kullanılarak oluşturulan sigorta kapsama değişkenini belirleyen sosyoekonomik faktörler, E7 ülkeleri için Parks-Kmenta tahmincisi ve niceliksel regresyon kullanılarak test edilmiştir. Bu kapsamda çalışmada kullanılan veriler, değişkenlerin erişilebilirliğine bağlı olarak 2004-2017 yılları arasında incelenmiştir. Ampirik sonuçlar, sigorta sektörüne dahil olmanın ekonomik büyüme, sürdürülebilir kalkınma, kentleşme ve kamu harcamaları değişkenleri gibi makroekonomik faktörlerden pozitif yönde etkilenirken, küresel belirsizlik ve politik risk gibi risk bileşenlerinden negatif yönde etkilendiğini göstermektedir. Dolayısıyla, sonuçlar sosyoekonomik faktörlerin sigorta sektörüne katılımı önemli ölçüde etkilediğini göstermektedir. Ayrıca finansal kapsayıcılık sayesinde E7 ülkelerinin canlanması sağlanacak ve bu ülkelerin ekonomilerinin büyümesi hızlanacaktır.

Anahtar Kelimeler:

Sigorta Kapsama, Ekonomik Faktörler, Panel Veri Analizi, E-7 Ülkeleri

Unpacking the Role of Socioeconomic Factors in Insurance Inclusion: Evidence from The E-7 Countries

In this study, the socioeconomic factors determining the insurance inclusion variable, constructed using principal component analysis, were tested using the Parks-Kmenta estimator and quantile regression for the E7 countries. In this context, the data used in the study were obtained between 2004 and 2017, depending on the accessibility of the variables. The empirical results show that while inclusion in the insurance sector is positively influenced by macroeconomic factors such as economic growth, sustainable development, urbanization, and public expenditure variables, it is negatively affected by risk components such as global uncertainty and political risk. Thus, the results suggest that socioeconomic factors significantly influence involvement in the insurance sector. In addition, thanks to financial inclusion, the revival of E7 countries will be ensured, and the growth of the economies of these countries will accelerate.

Keywords:

Insurance Inclusion, Economic Factors, Panel Data Analysis, E-7 Countries,

PDF

___

Abel S., Mutandwa L., Le Roux P. (2018). A Review of Determinants of Financial Inclusion. International Journal of Economics and Financial Issues, 8(3), 1.
Ahir H., Bloom N., Furceri D. (2018). The World Uncertainty Index. Available at SSRN 3275033.
Akçay A. Ö., Erataş F. (2012). Cari Açık ve Ekonomik Büyüme İlişkisinin Panel Nedensellik Analizi Ekseninde Değerlendirilmesi. Türkiye Ekonomi Kurumu, UEK-TEK 2012 İzmir, 1-24.
Akhter W., Khan S. U. (2017). Determinants of Takāful and conventional insurance demand: A regional analysis. Cogent Economics & Finance, 5(1), 1291150.
Akpınar, Ö., Yıldız, A. (2018). Küresel Ekonomik Krizin Sigortacılık Sektörüne Etkisi ve Kriz Sonrası Hayat Dışı Sigortacılık Sektörü Performans Analizi (2007-2016). Yüzüncü Yıl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (39), 263-282.
Akyol H., Gül K. (2021). Çevresel Vergi Politikaları Sürdürülebilir Kalkınmayı Desteklemede Ne Kadar Etkilidir: OECD Ülkeleri Örneği. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 24(46), 977-997.
Alhassan A. L., Biekpe N. (2016). Determinants of Life Insurance Consumption in Africa. Research in International Business and Finance, 37, 17-27.
Asongu S. A., Odhiambo N. M. (2021). Enhancing Governance For Environmental Sustainability in Sub-Saharan Africa. Energy Exploration & Exploitation, 39(1), 444-463.
Baker S. R., Bloom N., Davis S. J. (2016). Measuring Economic Policy Uncertainty. The Quarterly Journal of Economics, 131: 1593–1636.
Balcilar M., Gupta R., Lee C. C., Olasehinde-Williams G. (2020). Insurance And Economic Policy Uncertainty. Research in International Business and Finance, 54, 101253.
Başar, D., Öztürk, S., Cakmak, İ. (2018). An application of the behavioral model to the utilization of health care services in Turkey: A focus on equity. Panoeconomicus, 68(1), 129-146.
Baum C., Caglayan M., Ozkan N. (2013). The Role of Uncertainty in the Transmission of Monetary Policy Effects on Bank Lending. The Manchester School, 81(2), 202-225.
Behr A. (2008). Quantile Regression for Robust Bank Efficiency Score Estimation. European Journal of Operational Research, 200(2), 568–581.
Bittencourt M. (2012). Financial Development and Economic Growth in Latin America: Is Schumpeter Right?. Journal of Policy Modeling, 34(3), 341-355.
Bordo M. D., Duca J. V., Koch C. (2016). Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level US Evidence Over Several Decades. Journal of Financial Stability, 26, 90-106.
Bölükbaşı M. (2021). Mali Özgürlük ve Makroekonomik Değişkenler ile İlişkisi. International Conference of Strategic Research on Scientific Studies and Education (ICoSReSSE).
Brkić I. (2020). The Relationship Between Economic Freedom and Economic Growth in EU Countries (Doctoral dissertation, Universitat Jaume I).
Browne M. J., Kim K. (1993). An International Analysis of Life Insurance Demand. Journal of Risk and Insurance, 616-634.
Buric M. N., Smolovic J. C., Bozovic M. L., Filipovic L. (2017). Impact of Economic Factorson Life Insurance Development in Western Balkan Countries. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 35(2), 331-352.
Canh N. P., Wongchoti U., Thanh S. D. (2021). Does Economic Policy Uncertainty Matter For Insurance Development? Evidence From 16 OECD Countries. The Geneva Papers on Risk and Insurance-Issues and Practice, 46(4), 614-648.
Canol, S. (2018). Türk Sigorta Sektöründe Hayat Sigortası Branşında Müşteri Memnuniyetini Arttırmak İçin Stratejik Öneriler. Ekonomi İşletme ve Maliye Araştırmaları Dergisi, 1(1), 39-55.
Chuang, C. C., Tang, Y. C. (2015). Asymmetric dependence between efficiency and market power in the Taiwanese life insurance industry. Panoeconomicus, 62(4), 511-525.
Çiftçi H. (2004). Türk Sigorta Sektörünün Sorunları, Dea Analizi İle Türk Sigorta Şirketlerinin Etkinlik Düzeylerinin Belirlenmesi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi,13 (1), 121-149.
Davino C., Furno M., Vistocco D. (2014). Quantile Regression Theory and Applications. United Kingdom: John Wiley&Sons.
Demirci, Ş. D., Zeren, F. (2017). Sigorta Primi ve Ekonomik Büyüme: OECD Ülkeleri üzerine bir araştırma. İşletme Bilimi Dergisi, 5(1), 1-11.
Dragos S. L. (2014). Life and Non-life Insurance Demand: The Different Effects of Influence Factors in Emerging Countries from Europe and Asia. Economic research-Ekonomska istraživanja, 27(1), 169-180.
Dragoş S. L., Mare C., Dragoş C. M. (2019). Institutional Drivers of Life Insurance Consumption: A Dynamic Panel Approach for European Countries. The Geneva Papers on Risk and Insurance-Issues and Practice, 44(1), 36-66.
Ege I., Bahadir, T. (2011). The Relationship Between Insurance Sector And Economic Growth: An Econometric Analysis. International Journal of Economic Research, 2(2), 1-9.
Field A. (2000). Discovering Statistics using SPSS for Windows. London, Thousand Oaks, Sage Publications, New Delhi.
Gaies B., Nabi M. S. (2021). Banking Crises and Economic Growth in Developing Countries: Why Privileging Foreign Direct Investment Over External Debt?. Bulletin of Economic Research, 73(4), 736-761.
Gong, L., Chen, J. (2023). Disparities in Social Insurance Participation and Urban Identification Among In-situ Urbanized Residents in China. Applied Research in Quality of Life, 1-21.
Gupta R, Lahiani A., Lee C. C., Lee C. C. (2019). Asymmetric Dynamics of Insurance Premium: The Impacts of Output and Economic Policy Uncertainty. Empirical Economics, 57(6), 1959-1978.
Gwartney J., Lawson R. (2009). Economic Freedom of the World: Annual report 2009.
Hawksworth J., Cookson G. (2006). The world in 2050. How big will the major emerging market economies get and how can the OECD compete.
Humanicki M., Olszewski K. (2020). The Heterogeneous Nature of FDI in Central and Eastern Europe. Impact of the Entry Mode on the Host Country's Economic Growth. Finance a Uver: Czech Journal of Economics & Finance, 70(6).
Kaufmann D., Kraay A., Mastruzzi M. (2007). Governance Matters VII: Aggregate and Individual Governance Indicators. World Bank Policy Research Working Paper, 4280.
Kaufmann D., Kraay A., Mastruzzi M. (2010). The Worldwide Governance Indicators: Methodology and Analytical Issues. World Bank policy research working paper, (5430).
Kjosevski J. (2012). The Determinants of Life Insurance Demand in Central and Southeastern Europe. International Journal of Economics and Finance, 4: 237–247.
Kmenta J. (1986). Elements of Econometrics. New York: Macmillan, 302–320.
Kugler, M., Ofoghi, R. (2005, September). Does Insurance Promote Economic Growth? Evidence From The UK. In Money Macro and Finance (MMF) Research Group Conference (Vol. 8).
Laura D. S., Coduta M., Maria A. (2016). Overall Governance Index for Developed and Emerging European Life Insurance Markets. International Journal of Academic Research in Business and Social Sciences, 6(10), 381-392.
Lee C. C., Chiu Y. B., Chang C. H. (2013). Insurance Demand and Country Risks: A Nonlinear Panel Data Analysis. Journal of International Money and Finance, 36, 68-85.
Lee C. C., Lee C. C., Zeng J. H., Hsu Y. L. (2017). Peer Bank Behavior, Economic Policy Uncertainty, and Leverage Decision of Financial Institutions. Journal of Financial Stability, 30, 79-91.
Lee H. S., Cheng F. F., Chong S. C., Sia B. K. (2018). Influence of Macroeconomics Factors and Legal Stability to the Insurance Growth in the ASEAN-5 Countries. J. Ekon. Malaysia, 52(2), 219-229.
Lee K. (2007). Wealth, Income, and Optimal Insurance. Journal of Risk and Insurance, 74(1), 175-184.
Lewis F. D. (1989). Dependents and the Demand for Life Insurance. American Economic Review, 79: 452-466.
Lim C., Haberman S. (2003). Macroeconomic Variables and the Demand for Life İnsurance in Malaysia. Faculty of Actuarial Science and Statistics, FASS Business School, City University, London.
Lin Y. J., Tian W. H., Chen C. C. (2011). Urbanization and the Utilization of Outpatient Services Under National Health Insurance in Taiwan. Health policy, 103(2-3), 236-243.
Maddala G. S., Wu S. (1999). A Comparative Study of Unit Root Tests With Panel Data and A New Simple Test. Oxford Bulletin of Economics and statistics, 61(S1), 631-652.
McMillen P. D. (2013). Quantile Regression for Spatial Data Springer. New York: Springer Melnychuk Y., Chvertko L., Kordiienko T., Vinnytska O., Garmatiuk O. (2019). Analysis of the Factors Influencing the Market of Insurance Services in Life Insurance. TEM Journal, 8(1).
Muhtar O. F., Agboola I. (2021). Determinants Of Non-life Insurance Sector Development in Nigeria. UNILAG Journal of Business, 7(2), 118-138.
Nguyen C. N., Noy I. (2020). Measuring the Impact of Insurance on Urban Earthquake Recovery Using Nightlights. Journal of Economic Geography, 20(3), 857-877.
Okonkwo I. V., Eche A. U. (2019). Insurance Penetration Rate and Economic Growth in Nigeria: 1981-2017. International Journal of Social Sciences and Management Review, 2(1), 21-45.
Olarewaju, O., & Msomi, T. (2021). Determinants of Insurance Penetration in West African Countries: A Panel Auto Regressive Distributed Lag Approach. Journal of Risk and Financial Management, 14(8), 350.
Outreville J. F. (1996). Life Insurance Markets in Developing Countries. Journal of risk and insurance, 263-278.
Outreville J F. (2007). Foreign Affiliates Of The World Largest Financial Groups: Locations And Governance. Research in International Business and Finance, 21(1): 19–31.
Outreville J. F. (2008). Foreign Affiliates Of The Largest Insurance Groups: Location-Specific Advantages. Journal of Risk and Insurance 75: 463–491.
Özel H. A., Sezgin F. (2012). Ticari Serbestleşme-Ekonomik Büyüme İlişkisinin Bootstrap Kantil Regresyon Yardımıyla Analizi. İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 62(2), 283-303.
Parks R. (1967). Efficient Estimation of a System of Regression Equations When Disturbances Are Both Serially and Contemporaneously Correlated. Journal of the American Statistical Association, 62: 500–509.
Pesaran, Hashem M. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. IZA Discussion Papers, 1240, 1-39.
Polat, A., Faruk, A. K. I. N. (2021). Hayat Sigortası Talebinin Belirleyicileri: Türkiye Örneği. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 35(2), 407-427.
Pradhan R. P., Arvin B. M., Norman N. R., Nair M., Hall J. H. (2016). Insurance Penetration and Economic Growth Nexus: Cross-Country Evidence from ASEAN. Research in International Business and Finance, 36, 447-458.
Pradhan R. P., Arvin M. B., Nair M., Hall J. H., Gupta A. (2017). Is There A Link Between Economic Growth and Insurance and Banking Sector Activities in the G-20 Countries?. Review of Financial Economics, 33, 12-28.
Pradhan, R. P., Arvin, M. B., Bahmani, S., Bennett, S. E., Hall, J. H. (2017). Insurance–Growth Nexus And Macroeconomic Determinants: Evidence From Middle-Income Countries. Empirical Economics, 52, 1337-1366.
Sarıgül H. (2021). Bölgelere ve İllere Göre Türkiye Finansal Kapsayıcılık Endeksi. Muhasebe ve Finansman Dergisi, (90), 79-100.
Sen S., Madheswaran S. (2007). Are Life Insurance Demand Determinants Valid for Selected Asian Economies and India. In Paper for Presentation at the 11th Annual Meeting of APRIA, 22-25.
Sener, H. Y., Behdioğlu, S. (2014). Türkiye Sigorta Pazarının Gelişimindeki Ana Unsurların Belirlenmesine Yönelik Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 523-534.
Tatoğlu F. Y. (2013). Panel Veri Ekonometrisi (2. Baskı). İstanbul: Beta Yayınevi.
Tekin M. (2020). Türkiye’nin E7 Ülkeleri İle Gerçekleştirdiği Dış Ticaretin Çekim Modeli Yaklaşımıyla Analizi. Akdeniz Üniversitesi Sosyal Bilimler Enstitüsü, Yüksek Lisans Tezi.
Trinh C. T., Nguyen X., Sgro P., Pham C. S. (2020). Culture, Financial Crisis and the Demand for Property, Accident and Health Insurance in the OECD Countries. Economic Modelling, 93, 480–498. https://doi.org/10.1016/j.econmod.2020.09.002
Trinh T., Nguyen X., Sgro P. (2016). Determinants of Non-life Insurance Expenditure in Developed and Developing Countries: An Empirical Investigation. Applied Economics, 48(58), 5639–5653. https://doi.org/10.1080/00036846.2016.1181834
Uckun, N., Ersoy, B. (2021). Jeopolitik Risklerin ve Ekonomik Büyümenin Hayat Sigortacılığına Etkisi: Türkiye İçin Bir ARDL Sınır Testi Yaklaşımı. Ekonomi Politika ve Finans Araştırmaları Dergisi, 6(3), 824-844.
Vadlamannati, K. C. (2008). Do Insurance Sector Growth And Reforms Affect Economic Development? Empirical Evidence From India. Margin: The Journal of Applied Economic Research, 2(1), 43-86.
Osei‐Tutu F., Weill L. (2021). Sex, Language and Financial Inclusion. Economics of Transition and Institutional Change, 29(3), 369-403.
Wen C., Wallace J. L. (2019). Toward Human-Centered Urbanization? Housing Ownership and Access to Social Insurance Among Migrant Households in China. Sustainability, 11(13), 3567.
World Bank (2019). World Development Indicators. Washington (D.C.).
Yenisu, E. (2019). Sigortacılık Sektörü ve Ekonomik Büyüme İlişkisi: Türkiye Örneği. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 4(2), 206-217.
Yıldırım, İ. (2022). Sigortacılık Sektörü Prim Üretiminin Ekonomik Gelişmeye Etkisi. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23(2), 492-501.
Zerriaa M., Noubbigh H. (2016). Determinants of Life Insurance Demand in the MENA Region. The Geneva Papers on Risk and Insurance-Issues and Practice, 41(3), 491-511.
Zyka E., Myftaraj E. (2014). Factors Affecting the Insurance Sector Development: Evidence from Albania. The Romanian Economic Journal, 51, 171-188.