Yuldashev Nuriddin Toshmurzaevich
Independent Researcher, Tashkent State University of Economics
e-mail: nurik.ty@mail.ru
Abstract. This article evaluates, using econometric methods, the impact of macroeconomic factors on indicators representing life insurance potential, identifies the key factors and the magnitude of their effects, and formulates scientifically grounded conclusions aimed at increasing life insurance potential and developing the sector. The study uses panel data for 85 countries over the period 2015–2023. The research is distinguished by the large number of countries examined, the coverage of all regions as well as both developed and developing countries, and the inclusion of new variables in explaining life insurance potential. Life insurance potential is assessed through three indicators (insurance premiums, penetration, and density), and the impact of macroeconomic factors is empirically tested using Fixed Effects (FE) and GMM dynamic panel models. Overall results empirically substantiate the importance of macroeconomic growth, expanding the sector’s share, and ensuring inflation stability in enhancing life insurance potential.
Keywords: life insurance potential, insurance premiums, penetration, insurance density, macroeconomic factors, inflation, exchange rate, GDP per capita.