Non-life insurance consumption in Italy: a sub-regional panel data analysis |
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Authors: | Giovanni Millo Gaetano Carmeci |
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Institution: | (1) Generali Research & Development, Generali S.p.A., via Machiavelli 4, 34131 Trieste, Italy;(2) Dipartimento di Scienze Economiche, Aziendali, Matematiche e Statistiche “B. de Finetti” (DEAMS), University of Trieste, Piazzale Europa 1, 34127 Trieste, Italy |
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Abstract: | We analyze the consumption of non-life insurance across 103 Italian provinces in 1998–2002 in order to assess its determinants,
in the light of the empirical literature. Using sub-regional data, we overcome an important limitation of cross-country analyses,
i.e. the systemic heterogeneity due to country-specific characteristics. Individual heterogeneity is accounted for through
panel data techniques. However, considering spatial units within a single market raises issues of cross-sectional or spatial
dependence, either due to common nationwide and/or regional factors or to spatial proximity. We carefully assess spatial dependence,
employing recent diagnostic tests, finding out that the regressors included in our specification successfully account for
spatial dependence. Insurance turns out to depend on income, wealth and some demographics, as already established, but also
on trust, judicial efficiency and borrowing conditions. These findings help in explaining the gap between Central-Northern
Italy and the south of the country. |
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Keywords: | |
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