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The development of the insurance business in ASEAN has an impressive growth in the course of recent years. Reverse statement from Ouedraogo et al., (2016) who explained the level of life insurance development in developing countries remains low comparatively to developed countries. The ASEAN insurance industry, with the increasing number of insurance companies and people using insurance services, can even play a greater role in supporting overall economic growth in that region. This study aimed at examining the contribution of life insurance sector which is measured by three parameters e.g insurance penetration, insurance density and premium volume to the economic growth in the sample of 6 developing countries on ASEAN religion during 2005-2015 period i.e. Singapore, Malaysia, Phillipine, Thailand, Vietnam and Indonesia. The analytical method is applied by using fixed effect model. The result of this study showed that the life insurance premium volume, penetration and density have positive effects on economic growth.

The Impact of the Life Insurance on Economic Growth in ASEAN