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Insurance in Italy: A Spatial Perspective

Insurance in Italy: A Spatial Perspective
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Author(s): Giovanni Millo (Assicurazioni Generali SpA, Italy)and Gaetano Carmeci (DEAMS, University of Trieste, Italy)
Copyright: 2013
Pages: 21
Source title: Geographic Information Analysis for Sustainable Development and Economic Planning: New Technologies
Source Author(s)/Editor(s): Giuseppe Borruso (University of Trieste, Italy), Stefania Bertazzon (University of Calgary, Canada), Andrea Favretto (University of Trieste, Italy), Beniamino Murgante (University of Basilicata, Italy)and Carmelo Maria Torre (Polytechnic of Bari, Italy)
DOI: 10.4018/978-1-4666-1924-1.ch011

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Abstract

The authors analyze the demand for life and non-life insurance across 103 Italian provinces in 1994-2004, assessing the determinants of insurance consumption in the light of the empirical literature and the distinctive features of the Italian market, which we thoroughly describe. The authors discuss common issues in the empirical literature on insurance development, presenting the sub-regional perspective as a partial solution; at the same time, they elaborate on the peculiar issues arising from the use of sub-regional data: spatial heterogeneity and spatial correlation. They describe the evolution of provincial heterogeneity and of the spatial features of the data over the observation period. In order to control for both unobserved heterogeneity and spatial correlation, they specify a spatial panel model with random provincial effects and macroregional fixed effects, which is estimated by maximum likelihood. The chapter carefully assesses the properties of model residuals, concluding that the specification allows for reliable inference on the drivers of insurance consumption. It concludes describing the empirical findings and giving some suggestions for future research.

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