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The importance of the relationship between financial development and economic growth is recognized in the economic literature. Recent evidence suggests that the developing countries have a supply-leading causality pattern of development. Property-Liability insurance like other financial services has grown in quantitative importance as part of the general development of financial institutions. This article investigates empirically the relationship between property-liability insurance premiums and economic and financial development. A model is specified for property-liability insurance demand and it is tested with a cross-section of 55 developing countries.
J. François Outreville (1990) studied this question.