The insurance sector can play a critical role in financial and economic development. By reducing uncertainty and the impact of large losses the sector can encourage new investments, innovation, and competition. As financial intermediaries with long investment horizons, insurance companies can...

This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database (available at www.worldbank.org/financialdevelopment) provides information on financial systems in 205 economies over the period from...