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<p>This paper conducts a cross-country analysis to examine how remittance flows are associated with the development of domestic insurance markets. Specifically, it investigates the effects of remittance inflows, outflows, and net flows on insurance density and penetration in both the life and non-life insurance sectors, while incorporating cultural factors. The findings generally indicate that higher remittance inflows and net flows are positively associated with the growth of the life insurance sector, particularly in emerging and developing economies, enhancing both density and penetration. The impact on the non-life insurance sector is generally positive but not statistically significant. These results suggest that remittances tend to complement, rather than substitute for, formal insurance purchases. In contrast, remittance outflows are associated with lower life insurance consumption in emerging and developing economies. This highlights the potential importance of policies that encourage inflows and manage outflows to support the development of the domestic insurance market.</p>

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Remittances and domestic insurance markets: Catalyst for growth or barrier to development?

  • 期刊论文

  • 发表日期：

    2026年6月25日

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  • Hyejeong Mun,
  • Xiaoying Xie,
  • Sojung Carol Park

摘要

This paper conducts a cross-country analysis to examine how remittance flows are associated with the development of domestic insurance markets. Specifically, it investigates the effects of remittance inflows, outflows, and net flows on insurance density and penetration in both the life and non-life insurance sectors, while incorporating cultural factors. The findings generally indicate that higher remittance inflows and net flows are positively associated with the growth of the life insurance sector, particularly in emerging and developing economies, enhancing both density and penetration. The impact on the non-life insurance sector is generally positive but not statistically significant. These results suggest that remittances tend to complement, rather than substitute for, formal insurance purchases. In contrast, remittance outflows are associated with lower life insurance consumption in emerging and developing economies. This highlights the potential importance of policies that encourage inflows and manage outflows to support the development of the domestic insurance market.