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Expanding life insurance prevents class gaps and poverty. The expansion of life insurance is closely related to the level of economic and social well-being in each country. For the purpose, in this study, the combined method of data panel was used. The method of estimating the model is based on a combination of time series data (from 1397 to 1393) and cross-sectional data of all provinces of Iran. Since our focus is on finding the relationship between welfare variables and insurance demand, educational welfare variables have been used to measure educational welfare and the per capita income variable as a physical welfare variable and the income inequality variable as a social welfare variable. Findings showed that the coefficients of variables of physical level and educational level of welfare were both positive and significant, but the coefficients of social level of welfare were negative and non-significant. There is also a significant and negative relationship between insurance rates and demand for life insurance. Management and policy recommendations of this research emphasize on controlling interest and insurance rates due to their effective relationship with life insurance demand. Since the results of the research confirm the existence of an effective relationship between interest and insurance rates with the life insurance demand, so controlling these rates while maintaining their favorable effects can lead to supporting life insurance and thus increase social welfare in society. The government can also increase the level of education and training of people in the community by supporting the public and university education sectors. This measure, according to the results of the research will increase the life insurance demand and increase social welfare. Therefore, paying attention to education and policies to control interest and life insurance rates can lead to an overall improvement in the welfare of society.

Life insurance in the Western Balkan Countries is underdeveloped, but it has huge potential for development in the future. The scope of this article is to examine whether and how economic, socio- demographic, and institutional factors determine the demand for life insurance in the Western Balkans, using life insurance density and life insurance penetration as indicators of life insurance demand during 2006-2019. In order to conduct a crosscountry analysis we use panel data regression models and a feasible generalised least squares regression model. The analysis reveals that the most significant factors are income per capita and changes in the urban population. The article contributes to the existing literature by identifying the variables that affect demand for life insurance in the Western Balkans and by providing evidence for insurance operators, authorities, and governments of the respective countries to find ways to further develop the insurance market.

The life insurance industry has experienced phenomenal growth over the years. The broad aim of this study was to establish the variables that influence the demand for life insurance in the BRICS countries (Brazil, Russia, India, China and South Africa). Although many studies have investigated the determinants of life insurance demand, little research has considered the supply-side factors such as financial regulation. Therefore, this study also contemplated the effect of the financial regulation variable on life insurance demand. The inquiry employed a panel of the BRICS bloc of countries as a unit of analysis for 1999–2020 and applied panel data econometric techniques. The study found that the life insurance demand variable (proxied by life insurance density and alternatively by life insurance penetration) was negatively affected by income, unemployment, interest rates and inflation variables. Furthermore, the study documented a positive relationship between life insurance demand and the economic growth and financial freedom variables. This study implies that regulatory authorities should deregulate the life insurance sector to foster financial freedom.