Abstract:

Insurance is an economic sector with high potential that needs to be capitalized effectively by the authorities responsible for quantifying this opportunity of economic growth, considered the engine of progress and development of a nation. As part of the financial system through the function they perform, they act as an agent that contributes to improving the economic growth. The insurance sector does not only help the development of the financial sector, but it indirectly promotes economic growth. Consequently, the role of insurance varies for different levels of economic development and largely depends on the indicators used to measure this type of activity. The goal of this paper was to focus on an extremely relevant topic for the specialized economic literature, namely, the influence of insurance on economic growth. The motivation for approaching this theme is a theoretical and methodological preamble for the analysis and identification of diverse aspects and effects of inflation on the insurance sector in the process of economic growth, approach that will be later continued in another study through an econometric model which will evaluate the intensity and direction of influence of this sector in Romanian economy.