Financial inclusion and life insurance demand: Evidence from Italian households
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1 Financial inclusion and life insurance demand: Evidence from Italian households Discussion Hazel Bateman UNSW Business School UNSW, Sydney, Australia
2 Outline Paper Summary Comments Discussion
3 Paper Summary -1 Investigates demand for life insurance in Italy using panel data from Survey on Household Income and Wealth Focus Role of traditional determinants of insurance demand (income, wealth, demographics) and financial inclusion -proxiedby stock holdings, home ownership and financial literacy.
4 Paper Summary -2 Estimate Probability of owning a life insurance product and Life insurance premiums paid as f(demographics, location, risk aversion; proxies for financial inclusion) Uses a variety of models (OLS, FE, Tobit), including IV (instrumenting financial literacy with DVs indicating whether parents had managerial skill at the same age) Estimate Prob of life insurance + pension fund as f(same variables)
5 Paper Summary -3 Role of demographics confirmed Proxies for financial inclusion have the largest effect Financial Literacy, stock & home ownership strongly associated with participation in life insurance and premium amount Stock ownership associated with participation in life insurance and/or private pensions, but homeownership has negative association
6 Conclusion: strong association between demand for life insurance and financial inclusion Demand for life insurance Financial inclusion
7 Suggests: role for financial education to improve financial inclusion and increase insurance participation Financial Education Demand for life insurance Financial inclusion
8 Comments -1 Include background of Italian Life Insurance market, life insurance products Role of life insurance in the household portfolio Definition of dependent variable life insurance but product has mixed characteristics (savings paid as annuity/lump sum + death benefit) Is it demand for life insurance or annuities or insurance based savings?
9 Comments -2 Financial inclusion or financial sophistication? Owning a home and stocks far more than required for financial inclusion Are the policy implications too strong? Do we really understand the relationship between financial education financial literacy financial sophistication (holding stocks, homeownership) other financial market participation
10 Concludes: role for financial education to improve financial inclusion and increase life insurance participation Financial Education Demand for life insurance Financial inclusion
11 Discussion - 1 Participation in, and understanding of, life insurance IS under researched Life Insurance is difficult concept particularly the mixed policies in the paper which can combine savings/annuity/lump sum/death benefits Recent report by life insurer TAL very poor understanding and under insurance in Australian life insurance market (death benefits) Australian study in progress identified life insurance least understood of 3 key financial decisions loans, insurance & investments
12 Discussion - 2 Many published studies show poor understanding of annuities Very likely that people are not making optimal decisions not insured, under/over insured Possibly need more targeted intervention to improve understanding of, and participation in, complex products such as life insurance (and annuities) (eg Just in time financial education as proposed in Fernandes et al. (2014), Financial Literacy, Financial Education, and Downstream Financial Behaviors, Management Science).
13 Discussion - 3 In Italy life insurance savings products as a % of household savings increased from 6% in 2000 to 12% in 2010 Why long term saving via insurance products?
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