Insurance and Economic Development

Extracted 30NOV2011 from

[The claims and evidence in this report, produced in 2006, are important in the current climate of accelerating globalization.]

Given the lack of global information on insurance market development, USAID contracted Chemonics International and the International Insurance Foundation to assess 1) the link between strengthening the insurance industry and economic growth and development in developing countries, and 2) possible donor interventions that would support the development of insurance products in different types of countries, with what preconditions and for what level of investment...

The three key findings that arise from this analysis are: 1) countries are much more likely to experience sustained growth if their insurance markets develop well; 2) insurance market development is closely related to improved financial sector performance; and 3) insurance markets do not develop adequately without both public and private sector investment in their infrastructure.