The purpose of this paper is to study the relationship between the insurance business and the economic growth of 23 OECD countries over the period 1990-2011, using a static panel data model. The key findings emerged from the empirical analysis show a positive impact of non-life insurance, as measured by the penetration rate on economic growth and a negative effect exerted by the total insurance and non-life insurance, as measured by the density on economic growth.
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