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Evaluating the impact of economic and social factors on the willingness of people to apply for life insurance in Iran

Number of pages: 93 File Format: word File Code: 29679
Year: 2013 University Degree: Master's degree Category: Insurance
Tags/Keywords: Business management - Economic factors - Expansion of insurance - Insurance industry - life insurance - life insurance - life insurance - Life insurance premium - Management - Social factors
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  • Summary of Evaluating the impact of economic and social factors on the willingness of people to apply for life insurance in Iran

    Dissertation for Master's Degree (M.A)

    Field: Business Administration

    Treatment: Insurance

    Abstract

    Life insurance as a tool for investment and also to overcome the problems caused by the death of the head of the family and old age. In many countries, with life insurance, a huge financial resource in the whole society is obtained from the insurance premiums that can be used for the development of the insurance industry itself or other sectors and providing more services. Despite the all-round progress of this insurance in developed countries and even in many developing countries, life insurance products, which are an urgent need of today's life, have not gained a secure place in the consumption basket of Iranian families. In this regard, according to the Morgan table and the sampling of questionnaire data designed by the author, SPSS software was used to test the hypotheses and analyze the data. The findings of the research show that the hypotheses were confirmed, which means that social and economic factors affect the demand for life insurance.

    Key words: social factors, economic factors, life insurance

    Chapter 1

    Research overview

    Introduction

    Today, insurance is considered as one of the manifestations of progress and in many countries of the world it has an impact on people's lives. People benefit from life insurance as a tool for investment, overcoming the problems caused by the death of the head of the family, old age and old age, so they allocate a significant share of their income to it. The vast amount of capital of insurance companies, especially life insurance companies in the world, has forced these companies, which are part of the global financial system, to carry out commercial and economic activities. These companies give a part of the profit to the insurers, and they operate extensively to increase demand and market and supply better products.

    One of the methods that intelligent people have provided to face risks and provide for their economic, social and psychological conditions is the phenomenon of "insurance"; Because insurance is a tool that, in addition to compensating for economic losses caused by accidents, provides for the future, improves people's living standards, and creates a safe platform for economic growth and development, it brings peace of mind to the members of the society, which in turn, causes the dynamics of social life, the growth and flourishing of talents, and increases the efficiency and productivity of the family, when the main source of income is lost due to risks such as premature death, disability, unemployment, or the arrival of old age and retirement; If it does not have other resources to replace it, it will be in a very bad situation. In such a situation, such adverse consequences can be dealt with by the mechanism of life insurance.

    In the last two decades, about 60 percent of the premiums collected in the world insurance industry have been allocated to life insurance, while in Iran, over the years since the beginning of its activity, there has not been much growth in this industry, and the share of life insurance in the Iranian economy is about 6 percent of the total premiums in the insurance industry. Sigma[1], 2008).

    The insurance industry was developed with the assumption that people are risk averse. So why don't most people insure themselves against accidents? Perhaps the answer is that these people consider the probability of accidents to be low and believe that they will never have an accident (Chow [2], 2000).

    1-2) Statement of the problem

    Since the beginning of human societies, humans have been searching instinctively for physical, economic, social and political security. In view of this need, insurance companies have come up with different and innovative plans in accordance with the needs of human societies in order to provide and facilitate this instinct of financial and economic stability, so that when an unfortunate accident occurs, the economy of the family does not fall apart, and the dependents of the deceased or injured person can benefit from this provision. be economically beneficial. The needs of the family in most human societies with any degree of progress and evolution can be subclassified as follows: Providing a certain and specific income for the members of a family after the death of the breadwinner of the family.The needs of the family in most human societies with any degree of progress and evolution can be classified as follows: Provision of a certain and certain income for the members of a family after the death of the breadwinner of the family. Provision of a certain and certain income for the days of disability, old age and retirement.                                     Personal insurance (life, accident, medical) is one of the well-known indicators for measuring the level of provision and welfare of the people of the countries, and the countries whose people have this provision to meet their needs, participate in the development planning and expansion of their society with more confidence and trust.                 In its early stages, life insurance was not based on scientific and technical principles in relation to premium tables and how to choose risks, and in fact, the emergence of the mortality table is considered a turning point in the history of life insurance, and for this reason, today, when choosing insurers, insurers consider the following factors to accept or reject an offer. and determine the appropriate insurance premium considering the age and health status of the insured.

    Life insurance can play an essential role in activating the capital market due to its special features. Mathematical reserves accumulated in life insurance companies can cause profitable economic activities. Since in life insurance, there is usually a significant time gap between the time of receipt of insurance premiums by life insurance companies and the time of payment of claims, significant mathematical reserves are formed in relation to each contract, which the insurance company can activate the capital market and play a newer role in investment activities, which in turn increases employment and economic growth. The effect of the growth of life insurance in the economy is such that many applied researches have found a one-to-one relationship between it and economic development and growth with high significant coefficients. (Mahdavi, 2008)

    Despite the very important work done by this industry in our country, like most developing countries, it remains unknown and its role in the country's economy and the lives of families is insignificant. We will realize its backwardness in the country. This applies to most developing countries. In its eighth meeting in December 1982, the Committee on Invisible and Financial Affairs related to trade, by issuing a resolution on "life insurance in developing countries", asked the office of the "United Nations Conference on Development and Trade" (UNCTAD) to conduct research on the various financial aspects of the issue, and also recommended the actions that the developing member countries of UNCTAD should take in the form of competitiveness of life insurance compared to other deposits (Karimabadi, 1366)

    One of the indicators of the development of the insurance industry in the world is the share of life insurance activities in the insurance market. The share of life insurance in the insurance market in Iran has never been around 10% in the past years due to the high level of inflation, low per capita income and low activity of institutions. The movement of the insurance industry based on this trend will make a share of about 10% of the total insurance premiums in the market by 1392 and with an optimistic assumption it will reach about 155% by 1404. The share of life insurance in the insurance market in Iran has never been around 10% due to the high level of inflation, low per capita income and the low activity of institutions in the past years. The movement of the insurance industry based on this trend will make a share of around 10% of the total premiums in the market by 2013, and with an optimistic assumption, it will increase to around 15% by 2014.

    Per capita life insurance premiums in Iran are significantly different from the global level, such as Its global level in 2000 was equal to $252.1 and in Iran it was only $1.2, which means that in that year, the per capita insurance premium in the world was about 211 times that of Iran in 2008, although the per capita life insurance premium in Iran experienced a 158% growth compared to 2000 and reached $3.1, but it was very small compared to the global situation, because in that year as well The per capita life insurance premium in the world was about 120 times that of Iran. In the analysis of the life insurance situation in relation to the whole economy, the penetration rate of life insurance is a well-known standard. This index was around 49 times that of Iran in 2000, and this ratio reached 59 times in 2008.

  • Contents & References of Evaluating the impact of economic and social factors on the willingness of people to apply for life insurance in Iran

    List:

    Abstract

    Chapter One: General Research

    1-1) Introduction. 2

    1-2) statement of the problem. 3

    1-3) The importance and necessity of research. 4

    1-4) research objectives. 5

    1-4-1) The main objectives of the research. 5

    1-4-2) Sub-objectives of the research. 5

    1-5) Theoretical framework 5

    1-6) Research questions 6

    1-6-1) Main research questions 6

    1-6-2) Research sub-questions 7

    1-7) Research hypotheses 7

    1-7-1) Main research hypotheses 7

    1-7-2) Research sub-hypotheses 7

    1-8) Theoretical and operational definitions of research variables 8

    1-8-1) Income level and life insurance. 8

    1-8-2) Comparing life insurance and other investment methods 8

    1-8-3) Promoting and introducing life insurance along with government support 9

    1-9) Research area 11

    1-9-1) Thematic area. 11

    1-9-2) spatial territory. 11

    1-9-3) Time realm. 11

    Chapter Two: Literature and Research Background

    Part One: Theoretical Foundations

    2) Introduction. 13

    2-1-1) Definition of insurance. 15

    2-1-2) The lexical root of insurance 19

    2-1-3) Types of insurance 20

    2-1-4) The concept of life insurance. 20

    2-1-5) History of life insurance. 21

    2-1-6) A history of the insurance industry in Iran and the world 23

    2-1-7) History of commercial insurance in Iran 26

    2-1-8) A look at the history of life insurance in Iran. 27

    2-1-9) Factors affecting life insurance 27

    2-1-10) Obstacles to the development of life insurance in Iran 28

    2-1-10-1) Economic factors: 28

    2-1-10-2) Structural factors 28

    2-1-10-3) Social factors 29

    2-1-10-4) Cultural factors 29

    2-1-11) The position of life insurance in the country's economy 29

    2-1-12) Analysis of the impact of inflation and demand for life insurance 30

    2-1-12-1) Common solutions to neutralize the effect of inflation in life insurance policies: 30

    2-1-13) Analysis of the impact of the burden of takaful and demand for life insurance 33

    2-1-14) Analysis of the impact of income level and life insurance 34

    2-1-15) Analysis of the impact of other investment methods and life insurance demand 36

    2-1-16) Promotional activities of life insurance. 38

    Part Two: Research background

    2-2-1) Internal research 41

    2-2-2) External research. 44

    Chapter 3: Research implementation method

    3-1) Introduction. 48

    3-2) Research implementation process. 48

    3-3) research method. 49

    3-4) Statistical community. 49

    3-5) sample size and its estimation. 50

    3-6) Information gathering method. 50

    3-7) Measuring tools. 51

    3-7-1) Questionnaire to measure economic and social factors (independent variable) 51

    3-7-2) Questionnaire to measure willingness to apply for life insurance (dependent variable) 51

    3-8 Determining the validity of the questionnaire. 52

    3-9) Validity and reliability (reliability) of the questionnaire. 52

    3-7) Data and information analysis methods 53

    Chapter four: Data and information analysis

    4-1) Introduction. 56

    4-2) Description of demographic variables of the respondents: 56

    4-3) Description of research variables 59

    4-4) Test of research hypotheses: 66

    4-4-1) Main hypotheses 66

    4-4-2) Sub-hypotheses 67

    Chapter Five: Conclusion and Suggestions

    5-1) Introduction. 71

    5-2) Results of descriptive statistics. 71

    3-5) The results of the research hypothesis test. 72

    4-5) Suggestions based on the results of research hypothesis testing 74

    5-5) Suggestions for future researchers 75

    6-5) Research limitations. 75

    Sources and reference 77

    Appendices 81.

    Source:

    - Al-Ahmadi Ebtisam, Soltani Hamed, Ali Reza Dakhiki, Momeni and Wasalian Hoshang (1391), analysis of the impact of inflation on life insurance demand, the fifth conference and festival of insurance business

    2- Uber, Jean Luc (1378), life insurance and Other personal insurances, translated by Jan Ali Mahmood Salehi, Central Insurance Publications of Iran, Tehran, pp. 27-

    3- Irannejad Barizi Mehdi, 1388, research methods in social sciences, Tehran, Maidan Publishing

    4- Baratpour Mustafa, Imam Dari Qadratullah, Alireza’s original accuracy, Bijan Basri (2013), factors affecting life insurance, Insurance Research Journal, pp. 29-1-2

    Bikaei Mohammad Reza (1387), a look at the history of insurance in Iran, World of Economics, No. 1538, page

    Source:

    -Al-Ahmadi, Ibtasam, Soltani Hamed, Ali Reza Dakhi, Momeni Wasalian Hoshang (2013), Analysis of the impact of inflation on life insurance demand, the fifth insurance business conference and festival. Iran, Tehran, pp. 27-

    3-Irannejad Barizi Mehdi, 2008, Research Methodology in Social Sciences, Tehran, Maidan Publication

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    Bikaei Mohammad Reza (2007), a look at the history of insurance in Iran, the world Economy, No. 1538, page 12 (banking and insurance)

    5- Baker, Terez, L., 1381, How to conduct social research, translated by Hoshang Naibi, Tehran: Rosh Publications, 2nd edition.

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    9- Hassanzadeh, Ali Vahidari, Hassan (1386), Investigating the role of micro insurance in reducing poverty and the role of life insurance in it, Proceedings of the 14th Seminar on Insurance and Development, p. 61.

    10- Hafizi Mohammad Hassan , (1391) A history of the insurance industry in Iran and the world, Insurance Courier, No. 217

    11- Khorrami, Farhad. (1376). Factors affecting the growth of life insurance, insurance industry, number 47. 12- Khaki Gholamreza, 1390, research method in management, 6th edition, Tehran, Reklass Publications. , Majid, (2007) The role of life insurance in increasing welfare and social justice, News of Insurance World, Nos. 121 and 122,

    15- Sekaran Rial 2018, research method in management, Tarman, Mohammad Saebi and Mahmoud Shirazi, Tehran Institute of Education, Research and Planning Management

    16- Azizi, Firouzeh.(2015). The relationship between macroeconomic variables and the demand for life insurance in Iran (1383-1369), Modares Humanities, 10(4(49) special issue of management), pp. 135-150. 

    17- Reza Broker (1385), definition of investment and types of investors, Moj magazine, taken from Sabat www.aftabir.com

    18- Kaveh Firoz, Ali (1382), The impact of the insurance industry on Iran's economic indicators, Master's thesis in the field of economic sciences, Faculty of Humanities and Social Sciences, Mazandaran University, p. 5.

    19- Karimabadi, Khalil, Determining the tax policies of life insurance in developing countries Central Insurance Quarterly Summer 1366, page 3

    20- Karimi, Ait (1376), General Insurance, Central Insurance Publications of Iran,, Tehran, second edition, pp. 52-3.

    21- Mal Hatra, K. Naresh, 1378, Marketing Research, Mohammad Zanjani, Industrial Management Organization

    22- Mahmoud Salehi, Jan Ali (1372), Dictionary of Insurance and Business Terms, Iran Insurance Joint Stock Company, p. 52.

    23- Mahdavi Kilishmi, Ghadir; Majed, Vahid. (2013). Analysis of economic, social and psychological factors affecting life insurance demand in Iran, Economic Modeling Research Quarterly, Volume 2, Number 5, pp. 21-46.

    24- Mahdavi, Ghadir. (2018). Application of accidental life insurance demand from the economy under conditions of uncertainty, Economic Research, No. 88, pp. 221-242.

    25- Mahdavi, Ghadir; Farzin Vash, Asadullah; Hassanzadeh Moghimi, Arash. (2010). Analyzing the presence of selection bias in Iran's life insurance market, Insurance industry quarterly, 25th year, number 1, serial number 97, pp. 3-39.

    26- Mehrara, Mohsen; Azam Rajabian, Mohammad. (1385). Demand for life insurance in Iran and oil exporting countries, economic research, (74), pp. 57-81.

    27- Nakhai, Amir Hossein (1346), insurance and its role in economic development, Higher Institute of Accounting, p. 24.

    28- Hoshangi, Mohammad (1369), cargo transportation insurance, Iran Insurance Company Publications, p. 22.

    29-Babble,D.F.(1981).Inflation,indexation and life insurance sales in Brazil,journal of risk & insurance,48:15-135.

    30-Brown,M.J;Kim,K.(1993).an international analysis of life insurance demand,journal of risk 7 insurance,vol60,no 4,pp616-634.

    31-Campbell, R.A., 1980, The Demand for Life Insurance: An Application of the Economics of Uncertainty, Journal of Finance, 35: 5, pp.1155-72.

    32-Chow chua, Clare and Lim, Geraldine(2000), A demand audit of the insurance market in Singapore, managerial Auditing Journal 15.No.7 pp.372-382

    33-Challis, S. (1999). A revolution in insurance. Reactions.Vol.19 No.8 pp.5-8

    34-Cummins, J.D. (1973). An econometric model of the life insurance sector of the U.S. economy, journal of risk & insurance, 40:533-534.

    35-Fischer, S. (1973)

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