Research On The Impact Of Urban Family Population Structure On The Demand For Commercial Life Insurance In China

With the rapid development of China's economy and society,China's population structure is aging,declining,and the size of the family is small.The family security function is weakened,and the role of commercial life insurance is prominent.But compared with western countries,China's commercial life insurance industry is still at a relatively low level of development,and people's acceptance of insurance is not high.Taking into account the fact that China's rural households have a generally low insurance rate and very little annual premium expenditure,this article uses the 2015 China Household Financial Survey(CHFS)data to study the impact of urban household population structure on the demand for commercial life insurance at a micro level At the same time,subdivide life insurance into life insurance and health insurance for analysis.In addition,considering the heterogeneity of families,this article also groups families by education,income,and region,and discusses how the population structure of families in different types of urban households affects the demand for commercial life insurance.The empirical results of the Probit and Tobit models show that the proportion of the elderly population in urban households has a significant negative impact on the demand for life insurance and different types of life insurance(life and health insurance),indicating that the aging population will have a suppressive effect on the demand for life insurance.Increasing the proportion of children in urban households will significantly promote households' purchase of life insurance,and it will have a significantly greater effect on the eastern region than in the central and western regions.In addition,the expansion of the family size will help increase the demand for commercial life insurance,but from the perspective of different types of life insurance,the family size has a significant role in promoting the demand for health insurance and has no significant impact on the demand for life insurance.Finally,this article puts forward the corresponding policy recommendations based on the conclusions of the analysis.