In Selected 12 Asian Economies
Subir Sen[1] and S Madheswaran[2]
Institute for Social and Economic Change
Nagrabhavi (PO)
Bangalore 560072
Email: sens@isec.ac.in
Abstract
The harvest-home of the services sector in the Asian economies, led to firm changes in the fiscal sector. The Asian Financial Crisis, affecting the ASEAN economies in occurrence resorted to more than regulatory measures to erect delivery of products with stripped risks and failures. The countries surrounding the ASEAN economies also went through a phase of economic-restructuring and the almost notable event being the impact of Chinas accession to WTO. The insurance perseverance, in most of the Asian economies were in public owned and operated. Government monopoly kept this segment of the financial market isolated from domestic private or foreign participation. proscribe few exceptions, the insurance market on an average remained infradevelop in terms of insurance density and penetration. Although the regions insurance industry was not so badly affected by the financial crisis, but reforms started after 1990s. Regulatory changes allowing private and foreign presentation has been luring global heavyweight insurance companies to enter these economies.
As more and more suppliers enter these markets, the important issue is to examine the factors that enhance demand for insurance products. This study based on 4 SAARC countries, 2 countries from Greater China Region and 6 ASEAN Countries, deals with this particular issue. After reviewing existing theoretical as well as empirical literature, we find that determinants can be grouped as economic, demographic, legal, socio-political, etc. variables. We restrict our selves in identifying only variables falling under the first two groups. Above all, considering the luxury good characteristics of intent insurance, we do not consider variable like community growth, income, etc. which intuitively raises demand. Annual data...If you want to get a full essay, order it on our website: Ordercustompaper.com
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