Insurance and inclusive growth

Rodney Lester

No 6943, Policy Research Working Paper Series from The World Bank

Abstract: While the real sector and governments (along with a few micro economists) have long recognized the core economic role that the insurance function plays, the mainstream economics profession has largely treated it as invisible background. This literature review of the relevant research, most of which has been carried out in the past few decades, demonstrates that the insurance sector contributes at a basic level to inclusive economic growth and the effectiveness of the credit function. It also shows that the latter impact may be particularly fundamental in assisting the poor to avoid poverty traps and to progress economically. However, the research and the theoretical models underpinning it also highlight certain constraints to the efficient utilization of the insurance function. The literature dealing with innovations designed to overcome these constraints is reviewed and successful initiatives and remaining challenges are identified.

Keywords: Climate Change Economics; Debt Markets; Insurance&Risk Mitigation; Insurance Law; Banks&Banking Reform (search for similar items in EconPapers)
Date: 2014-06-01
New Economics Papers: this item is included in nep-gro and nep-ias
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbrwps:6943

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