سرمایه گذاری بین المللی در خدمات بیمه در ایالات متحده

The purpose of this study is to analyze and discuss the determinants of foreign direct investment (FDI) in insurance services in the US. This study demonstrates that solid economic fundamentals in the host countries are the major factors which attract FDI in insurance services, while the uncertainty of the international exchange market increases the investment risk and reduces foreign investors’ willingness to invest. The empirical results of this study indicate that national income (NI), the source countries’ insurance market size and financial development (FD) of the host countries contribute to the expansion of FDI in insurance services, while the relatively higher wages and higher cost of capital in the host countries discourage FDI in insurance services. The empirical results also suggest that FDI in insurance services complement FDI in banking as well as total trade in insurance services.

Multinational corporations based on FDI have been regarded as an important complement to local industry and may stimulate development in the host countries. The purpose of this study is to identify the factors that may have an impact on the host country’s attractiveness for FDI in insurance services. The following eight factors have been used to measure the determinants of FDI in insurance services: national income; relative cost of capital; relative wage rate; total trade in insurance services; exchange rate variability; FDI in banking; source counties’ insurance market size; and US financial development. The empirical results support the relevance of all these eight variables in determining the flow of FDI in insurance services in the US.