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The Analysis of Inter-industrial Linkages of Insurance Industry

  • Journal of Insurance and Finance
  • 2013, 24(3), pp.27-53
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

JEONG KIHO 1

1경북대학교

Accredited

ABSTRACT

Using the annual input-output data for the 2005~2009 period, this study analysed the characteristics of the insurance industry in the national economy. We classified the insurance industry into life insurance and non-life insurance. Four linkage measures based on the input-output model were used for the analysis, including backward and forward measures of total and net linkages. The main results are as follows: First, depending on the linkage measures, the life insurance industry and nonlife insurance industry are shown to have strong production inducement effects. This result is in contrast to the existing literature which argues that the service industry generally has weak production inducement effects. Second, the life insurance industry has more backward net linkages than the industry median and furthermore is ranked first among service industries. This means that the insurance industry is one of the key industries in the national economy if we consider the backward production inducement effect. Non-life insurance has a greater forward linkage effect than the industry median in both total and net measurements, meaning that it has a strong forward production inducement effect.

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