عنوان مقاله [English]
نویسندگان [English]چکیده [English]
The effectiveness of insurance as a financial instrument for risk management purposes is an important issue in regards to the impact of financial industry on economic growth. In this paper we examine the effect of insurance on economic growth among OPEC countries during 1990-2009 using the GMM model. The two indices of insurance penetration (insurance premium as a percentage of GDP) and insurance density (real insurance premium per capita) are used as two significant indices. The results indicate a weak positive relationship between insurance penetration and economic growth among OPEC countries. However, no significant relationship between insurance density and economic growth is found.