Impact Of Annuity on The Economic Development of Nigeria
Impacto de la Renta Vitalicia en el Desarrollo Económico de Nigeria
Resumen (es)
Una renta vitalicia es una manera de transferir el riesgo de la longevidad de una persona a una aseguradora, la cual puede agrupar el riesgo de muchas personas y darle una mayor diversificación. Por una parte, las primas de las rentas vitalicias generan capital para las aseguradoras y fomentan la innovación y el progreso técnicos. Por otra, los beneficios pagados a los pensionados son favorables para ellos, ayudan a las economías de producción a gran escala y aumentan la especialización, lo que acelera la productividad laboral e incrementa el PIB. En este artículo se analiza el impacto de las rentas vitalicias en el desarrollo económico de Nigeria, puesto que brindan tanto protección contra el riesgo de longevidad como seguridad a los ingresos de jubilación. El estudio tiene como objetivo determinar el impacto de las primas que pagan los trabajadores y los beneficios de las rentas vitalicias pagadas a los jubilados en el desarrollo económico de Nigeria, el cual se mide con el PIB real. Para esto, se adopta un diseño de investigación ex post facto con datos secundarios del período 2014-2020 y se prueban dos hipótesis mediante análisis de regresión.
La primera postula que las primas no tienen un impacto significativo en el desarrollo económico, mientras que la segunda plantea que no existe un efecto significativo de los beneficios de las rentas vitalicias sobre el desarrollo económico. Los resultados rechazan ambas hipótesis nulas a un nivel de significancia del 5 %. Las primas de rentas vitalicias afectan de forma positiva y significativa (p = 0,013) el desarrollo económico, lo cual se presenta cuando las primas forman capital para que las aseguradoras hagan inversiones que mejoran la productividad. No obstante, los beneficios de las rentas vitalicias afectan de forma negativa y significativa (p = 0,0027) el desarrollo, lo que probablemente indica el retiro de fondos de la economía.
Se recomienda el establecimiento de estructuras para desarrollar productos y mercados de rentas vitalicias a fin de abordar los problemas de la fase de desacumulación. Además, es aconsejable aumentar la inversión en primas de rentas vitalicias y controlar su índice de pago. El análisis empírico ofrece información útil, pero es importante que las investigaciones futuras exploren los efectos macroeconómicos a largo plazo.
Resumen (en)
An annuity is a way of transferring longevity risk from an individual to an insurance company, which can pool risk among many individuals and achieve greater diversification of risk than can be accomplished by any individual. Annuity premiums build capital for insurance companies and encourage technical innovation and progress, while the benefits paid to annuitants are beneficial to them in the and, in turn, helps with the economies of large-scale production and increases specialization, which helps to accelerate labour profuctivity and increase GDP. This paper examines the impact of annuities on economic development in Nigeria. Annuities provide longevity risk protection and retirement income security. The study aims to determine the impact of annuity premiums paid by workers and annuity benefits paid to retirees on Nigeria's economic development, as measured by real GDP. An ex-post facto research design is adopted using secondary data from 2014-2020. Two hypotheses are tested using regression analysis.
The first hypothesis postulates that annuity premiums do not have significant impact on economic development. The second hypothesis postulates that there is no significant effect of annuity benefits on economic development. The results reject both null hypotheses at the 5 % significance level. Annuity premiums positively and significantly (p = 0.013) affect economic development. This occurs as premiums create capital formation for insurance firms to make productivity-enhancing investments. However, annuity benefits negatively and significantly (p = 0.0027) affect development, likely indicating funds withdrawn from the economy. Recommendations include the establishing structures to develop annuity products and markets to address the problems of the decumulation phase.
In addition, it is advisable to increase investment in annuity premiums and to monitor the payout ratio of annuities. The empirical analysis provides useful insights, but future research should explore long-term macroeconomic effects.
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