Main Article Content
Abstract
Purpose – This study examines the influence of macroeconomics and population demographics on demand for Islamic life insurance in Indonesia.
Methodology – This study uses time-series data analysis using the autoregressive distributed lag (ARDL)method. The study period is from January 2015 to December 2022.
Findings – According to the ARDL model, inflation and education levels have a positive effect on the demand for Islamic life insurance in the long run, while the Muslim population has a negative effect. In the short term, gross domestic product (GDP) per capita has a positive effect, while inflation and the Muslim population have a negative effect on the demand for Islamic life insurance in Indonesia.
Implications – This study provides valuable insights for the Islamic life insurance industry and policymakers. The industry should develop inclusive and affordable products tailored to diverse financial capacities and preferences, including those of the younger generations. Policymakers should promote public awareness and collaboration with financial institutions in order to expand access. These findings can guide strategies to enhance market penetration and financial inclusion.
Originality – This study fills the research gap by analyzing the relationship between Islamic life insurance demand, macroeconomics, and population demographics, where Muslim population has never been discussed by previous studies.
Keywords
Article Details
Copyright (c) 2025 Tari Yulia Tilova, Ranti Wiliasih, Tita Nursyamsiah
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References
- Agniasari, S. N., Jaenal, E., & Hasanah, Q. (2022). Strategi asuransi Syariah di Indonesia selama pandemi Covid-19. PT Penerbit IPB Press. http://repository.ipb.ac.id/handle/123456789/116223
- Akhter, W., Pappas, V., & Khan, S. U. (2017). A comparison of Islamic and conventional insurance demand: Worldwide evidence during the global financial crisis. Research in International Business and Finance, 42, 1401-1412. https://doi.org/10.1016/j.ribaf.2017.07.079
- Anditta. (2017). Pengaruh indikator makroekonomi terhadap permintaan asuransi Syariah di Indonesia. [Skripsi Sarjana, Bogor Agricultural University]. http://repository.ipb.ac.id/handle/123456789/88848
- Arifin, A. M., Jusoh, A. A., & Zaghlol, A. K. (2023). A cointegration study of life insurance demand in Malaysia. Information Management and Business Review, 15(1), 210-215. https://doi.org/10.22610/imbr.v15i1(I)SI.3398
- Ayyubi, S.E., & Widyastutik. (2019). The impact of macroeconomic indicators on Islamic insurance demand in Indonesia. Al-Iqtishad: Journal of Islamic Economics, 11(2), 1–20. https://dx.doi.org/10.15408/aiq.v11i2.7690
- Balcilar, M., Olasehinde-Williams, G. O., & Shahbaz, M. (2019). Asymmetric dynamics of insurance premium: the impact of monetary policy uncertainty on insurance premiums in Japan. International Journal of Monetary Economics and Finance, 12(3), 233-247. https://doi.org/10.1504/IJMEF.2019.100625
- Cahayati, S., Darwanto, D., & Ardani, M. (2022). Determinan permintaan asuransi Syariah di Indonesia: Analisis variabel makroekonomi. Syar'Insurance: Jurnal Asuransi Syariah, 8(1), 14-26. https://doi.org/10.32678/sijas.v8i1.6150
- Firdaus, M. (2020). Aplikasi ekonometrika dengan e-views, Stata dan R. PT Penerbit IPB Press.
- Hemrit, W., & Nakhli, M. S. (2021). Insurance and geopolitical risk: Fresh empirical evidence. The Quarterly Review of Economics and Finance, 82, 320-334. https://doi.org/10.1016/j.qref.2021.10.001
- Jeris, S. S., Frances, S., Akter, M. T., & Alharthi, M. (2023). Does economic policy uncertainty affect insurance premiums? Fresh empirical evidence. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e16122
- Mathew, B., & Sivaraman, S. (2017). Cointegration and causality between macroeconomic variables and life insurance demand in India. International Journal of Emerging Markets, 12(4), 727-741. https://doi.org/10.1108/IJoEM-01-2016-0019
- Meko, M., Lemie, K., & Worku, A. (2019). Determinants of life insurance demand in Ethiopia. Journal of Economics, Business & Accountancy Ventura, 21(3), 293-302. https://doi.org/10.14414/jebav.v21i3.1474
- Nasution, S. A., & Aslami, N. (2022). Analisa peningkatan minat terhadap produk asuransi Syariah. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 3(2), 254-262. https://doi.org/10.47467/elmal.v5i2.768
- Noor, N. N. M., Zain, Z. M., Ma’in, M., & Atory, N. A. A. (2020). A cointegration analysis of the demand of life insurance in Malaysia. International Journal of Advanced Research in Economics and Finance, 2(1), 48-60. http://myjms.moe.gov.my/index.php/ijaref
- Nurdiana, A. (2019). Analisis faktor-faktor yang memengaruhi permintaan asuransi jiwa Syariah di Indonesia. [Skripsi Sarjana, Bogor Agricultural University]. http://repository.ipb.ac.id/handle/123456789/101052
- Pradhan, R. P., Arvin, B. M., Norman, N. R., Nair, M., & Hall, J. H. (2016). Insurance penetration and economic growth nexus: Cross-country evidence from ASEAN. Research in International Business and Finance, 36, 447-458. https://doi.org/10.1016/j.ribaf.2015.09.036
- Rahmawati, F. N., Asmarani, H., Asriningtyas, I., & Sujianto, A. E. (2023). Penguatan Pertumbuhan Ekonomi Melalui Asuransi Syariah Di Indonesia. Jurnal Bintang Manajemen, 1(2), 240-247.
- Redzuan, H. (2014). Analysis of the demand for life insurance and family takaful. Proceedings of the Australian Academy of Business and Social Sciences Conference (Vol. 5, No. 4, pp. 1-16). https://core.ac.uk/outputs/357369544
- Rizqi, A. A. (2021). Analisis pengaruh faktor-faktor makroekonomi dan demografi terhadap permintaan asuransi jiwa Syariah di Indonesia. Jurnal Ilmiah Mahasiswa FEB, 9(2). https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/7705
- Safira, M. H., Nasrullah, M. G., & Aulia, Y. F. (2022). Potensi perkembangan asuransi Syariah di Indonesia. Diponegoro Journal of Islamic Economics and Business, 1(3), 195-207. https://doi.org/10.14710/djieb.16758
- Safitri, K. A. (2020). Determinants of sharia life insurance density in Indonesia. International Journal of Psychosocial Rehabilitation, 24(3), 675-687. https://doi.org/10.37200/IJPR/V24I3/PR200824
- Seltina, I., & Sah, I. (2024). Pengaruh literasi keuangan dan inklusi keuangan pada sektor asuransi Syariah. Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, 5(9), 148-158. https://doi.org/10.8734/musytari.v5i9.3607
- Sherif, M., & Shaairi, N. A. (2013). Determinants of demand on family Takaful in Malaysia. Journal of Islamic Accounting and Business Research, 4(1), 26-50. https://doi.org/10.1108/17590811311314276
- Sherif, M., & Hussnain, S. (2017). Family Takaful in developing countries: the case of Middle East and North Africa (MENA). International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 371-399. https://doi.org/10.1108/IMEFM-01-2016-0016
- Xiang, F., Chang, T., & Jiang, S. J. (2023). Economic and climate policy uncertainty, geopolitical risk and life insurance premiums in China: A quantile ARDL approach. Finance Research Letters, 57, 104211. https://doi.org/10.1016/j.frl.2023.104211
References
Agniasari, S. N., Jaenal, E., & Hasanah, Q. (2022). Strategi asuransi Syariah di Indonesia selama pandemi Covid-19. PT Penerbit IPB Press. http://repository.ipb.ac.id/handle/123456789/116223
Akhter, W., Pappas, V., & Khan, S. U. (2017). A comparison of Islamic and conventional insurance demand: Worldwide evidence during the global financial crisis. Research in International Business and Finance, 42, 1401-1412. https://doi.org/10.1016/j.ribaf.2017.07.079
Anditta. (2017). Pengaruh indikator makroekonomi terhadap permintaan asuransi Syariah di Indonesia. [Skripsi Sarjana, Bogor Agricultural University]. http://repository.ipb.ac.id/handle/123456789/88848
Arifin, A. M., Jusoh, A. A., & Zaghlol, A. K. (2023). A cointegration study of life insurance demand in Malaysia. Information Management and Business Review, 15(1), 210-215. https://doi.org/10.22610/imbr.v15i1(I)SI.3398
Ayyubi, S.E., & Widyastutik. (2019). The impact of macroeconomic indicators on Islamic insurance demand in Indonesia. Al-Iqtishad: Journal of Islamic Economics, 11(2), 1–20. https://dx.doi.org/10.15408/aiq.v11i2.7690
Balcilar, M., Olasehinde-Williams, G. O., & Shahbaz, M. (2019). Asymmetric dynamics of insurance premium: the impact of monetary policy uncertainty on insurance premiums in Japan. International Journal of Monetary Economics and Finance, 12(3), 233-247. https://doi.org/10.1504/IJMEF.2019.100625
Cahayati, S., Darwanto, D., & Ardani, M. (2022). Determinan permintaan asuransi Syariah di Indonesia: Analisis variabel makroekonomi. Syar'Insurance: Jurnal Asuransi Syariah, 8(1), 14-26. https://doi.org/10.32678/sijas.v8i1.6150
Firdaus, M. (2020). Aplikasi ekonometrika dengan e-views, Stata dan R. PT Penerbit IPB Press.
Hemrit, W., & Nakhli, M. S. (2021). Insurance and geopolitical risk: Fresh empirical evidence. The Quarterly Review of Economics and Finance, 82, 320-334. https://doi.org/10.1016/j.qref.2021.10.001
Jeris, S. S., Frances, S., Akter, M. T., & Alharthi, M. (2023). Does economic policy uncertainty affect insurance premiums? Fresh empirical evidence. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e16122
Mathew, B., & Sivaraman, S. (2017). Cointegration and causality between macroeconomic variables and life insurance demand in India. International Journal of Emerging Markets, 12(4), 727-741. https://doi.org/10.1108/IJoEM-01-2016-0019
Meko, M., Lemie, K., & Worku, A. (2019). Determinants of life insurance demand in Ethiopia. Journal of Economics, Business & Accountancy Ventura, 21(3), 293-302. https://doi.org/10.14414/jebav.v21i3.1474
Nasution, S. A., & Aslami, N. (2022). Analisa peningkatan minat terhadap produk asuransi Syariah. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 3(2), 254-262. https://doi.org/10.47467/elmal.v5i2.768
Noor, N. N. M., Zain, Z. M., Ma’in, M., & Atory, N. A. A. (2020). A cointegration analysis of the demand of life insurance in Malaysia. International Journal of Advanced Research in Economics and Finance, 2(1), 48-60. http://myjms.moe.gov.my/index.php/ijaref
Nurdiana, A. (2019). Analisis faktor-faktor yang memengaruhi permintaan asuransi jiwa Syariah di Indonesia. [Skripsi Sarjana, Bogor Agricultural University]. http://repository.ipb.ac.id/handle/123456789/101052
Pradhan, R. P., Arvin, B. M., Norman, N. R., Nair, M., & Hall, J. H. (2016). Insurance penetration and economic growth nexus: Cross-country evidence from ASEAN. Research in International Business and Finance, 36, 447-458. https://doi.org/10.1016/j.ribaf.2015.09.036
Rahmawati, F. N., Asmarani, H., Asriningtyas, I., & Sujianto, A. E. (2023). Penguatan Pertumbuhan Ekonomi Melalui Asuransi Syariah Di Indonesia. Jurnal Bintang Manajemen, 1(2), 240-247.
Redzuan, H. (2014). Analysis of the demand for life insurance and family takaful. Proceedings of the Australian Academy of Business and Social Sciences Conference (Vol. 5, No. 4, pp. 1-16). https://core.ac.uk/outputs/357369544
Rizqi, A. A. (2021). Analisis pengaruh faktor-faktor makroekonomi dan demografi terhadap permintaan asuransi jiwa Syariah di Indonesia. Jurnal Ilmiah Mahasiswa FEB, 9(2). https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/7705
Safira, M. H., Nasrullah, M. G., & Aulia, Y. F. (2022). Potensi perkembangan asuransi Syariah di Indonesia. Diponegoro Journal of Islamic Economics and Business, 1(3), 195-207. https://doi.org/10.14710/djieb.16758
Safitri, K. A. (2020). Determinants of sharia life insurance density in Indonesia. International Journal of Psychosocial Rehabilitation, 24(3), 675-687. https://doi.org/10.37200/IJPR/V24I3/PR200824
Seltina, I., & Sah, I. (2024). Pengaruh literasi keuangan dan inklusi keuangan pada sektor asuransi Syariah. Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, 5(9), 148-158. https://doi.org/10.8734/musytari.v5i9.3607
Sherif, M., & Shaairi, N. A. (2013). Determinants of demand on family Takaful in Malaysia. Journal of Islamic Accounting and Business Research, 4(1), 26-50. https://doi.org/10.1108/17590811311314276
Sherif, M., & Hussnain, S. (2017). Family Takaful in developing countries: the case of Middle East and North Africa (MENA). International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 371-399. https://doi.org/10.1108/IMEFM-01-2016-0016
Xiang, F., Chang, T., & Jiang, S. J. (2023). Economic and climate policy uncertainty, geopolitical risk and life insurance premiums in China: A quantile ARDL approach. Finance Research Letters, 57, 104211. https://doi.org/10.1016/j.frl.2023.104211