Measuring the Effectiveness of Cooperative Insurance on Economic Growth in theKingdom of Saudi Arabia-An Analytical Econometric Study for the Period Q1 2015–Q4 2023

Povzetek

This study attempted to identify the relationship between cooperative insurance andeconomic growth in the Kingdom of Saudi Arabia, using quarterly time series for theperiod 2015–2023. Cooperative insurance was adopted as an independent variableexpressed by written insurance premiums, gross fixed capital formation as a controlvariable, and economic growth as a dependent variable expressed by gross domesticproduct. To achieve the objective of the study, a set of econometric approaches andmeasurement tools based on numerical and graphical representation were employed,such as the unit root test for time series and the cointegration test. Using theAutoregressive Distributed Lag (ARDL) model and the EViews 12 software, the resultsrevealed the existence of a long-run equilibrium relationship between the independentvariables and the dependent variable. The study also found the existence of a long-runeffect between cooperative insurance and economic growth expressed by gross domesticproduct in the Kingdom of Saudi Arabia.