THE ECONOMIC SIGNIFICANCE OF INSURANCE MARKET. STATISCAL STUDY IN ROMANIA

The purpose of this paper is to establish the correlation between insurance and economic growth, based on conclusions of the first conference of UNCTAD in 1964, which considered that the "development of national insurance and reinsurance markets as essential aspects of economic growth "(Kugler, Ofoghi, 2005). The methodology of our research is based on dimension of insurance market which is revealed by some indicators: annual value of insurance premiums, the share of gross written premium to GDP, and the average value of insurance premium paid by an inhabitant across one year. For revealing the correlation between insurance and economic growth in Romania, we have tested several statistical methods concerning the analysis between the GDP and insurance indicators. The conclusion indicates that both life and non-life insurance have a positive and significant causal effect on economic growth.