文章基本信息

标题：Country factor behavior for integration improvement of European life insurance markets
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作者：J. David Cummins ; María Rubio-Misas
期刊名称：Economic Analysis and Policy
印刷版ISSN：0313-5926
出版年度：2021
卷号：72
页码：186-202
DOI：10.1016/j.eap.2021.08.004
语种：English
出版社：Elsevier B.V.
摘要：AbstractThis paper provides evidence of the role that financial market development and institutional quality play in the integration of European Union (EU) life insurance markets. It analyzes ten EU life insurance markets over a seventeen-year sample period. The meta-technology cost/revenue efficiency ratios, estimated under the meta-frontier DEA framework, are used as a measure of integration and the analysis is conducted by applying Tobit panel regression models. We find that national stock market development and institutional quality enhance cost performance and integration of EU life insurance markets. Results also show that in countries wherebancassuranceis the main life insurance distribution channel, banking sector development contributes to integration in terms of revenue efficiency. However, we find that better outcomes in national institutional quality decrease the meta-technology revenue efficiency ratio, suggesting that life insurance prices are lower in countries with better institutions.Highlights•First evidence of country factors influencing integration of EU insurance markets.•Stock market development enhances integration of EU life insurance markets.•Institutional quality increases cost performance of EU life insurance markets.•Bancassurancearchitecture offers benefits for integration improvement.•Institutional quality decreases the meta-technology revenue efficiency ratio.
关键词：Integration;Financial market development;Institutional quality;EU life insurance markets