This article acts as a review and also a guide to policymakers who are interested in understanding the determinants of insurance demand and how it affects general economic development. By providing a synopsis and evaluation of existing empirical research on the development of insurance markets, this article provides a discussion of the factors that promote insurance market development. This article then highlights certain issues that both insurance companies and policymakers can utilize further in their own markets to design future policies that can be geared to promote insurance market development.
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Hussels et al. (2005) studied this question.
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