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This paper examines the effects of intra-bloc trade on the earnings and operating expenses of insurance companies. The share of exports (imports) to other countries that are members of the trade agreement in the country’s exports (imports) of direct insurance services are used as relative measures of intra-bloc trade. We use data on insurance companies located in North America (Canada and the United States of America) from 2005 to 2018. The production function is assumed to be transcendental logarithmic. Results show that a higher share of other member countries in the exports of direct insurance services has a small impact on profits, yet it is only weakly statistically significant. It does, however, lead to lower operating expenses for non-life firms. A relatively higher import share is associated with increasing operating expenses of life insurance companies with an elasticity of 0.08% without significantly reducing profits.

Does intra-bloc trade affect insurance companies’ performance? Evidence from North America