The Empirical Study Of Factors Affecting Investment Life Insurance Products Demands

Since1980s, the insurance industry came back to business, China’s lifeinsurance industry has achieved a rapid development. After2000, with thedevelopment of new investment-oriented life insurance products, life insuranceproducts continuously improving,and the life insurance industry has become animportant sector of the national economy.When the insurance industry continues toexpand its scale,life insurance products also go on expanding the volume of businessas a modern new investment-oriented life insurance. Since China Ping’an InsuranceCompany launched the first investment-linked insurance——Ping An-centuryfinancial investment-linked insurance which kicked off the rapid development ofinvestment-oriented life insurance products. What else,with the development ofdividends、investment-linked、universal life insurance and other investment productscoming into the market, they contributed much to the realization of high-speedpersonal insurance growth.Admittedly,the rapid development of investment-oriented life insurance productscontributes much to prevent and mitigate the spread risk、meet the insurance needs ofcustomers at different levels、optimize the structure of insurance products、insurancecompanies improve operational level to promote and expand the impact on theinsurance industry. So the research of factors which affect the demands ofinvestment-oriented life insurance has becoming a very important and practicalproblem. Since the1980s, foreign scholars upgraded to the study of ordinary lifeinsurance investment life insurance needs, and the introduction of continuous-timemodel for discussion. In contrast, Chinese scholars started in the late1990s, researchon this proposition. For example, researchers found that the larger the incomeelasticity of demand for life insurance residents, and the needs affected by socialsecurity and expected inflation is not significant. In2010,Bi Sifeng advanced the methods to propose continuous-time financial models for the first time which will hasdecomposed into a combination of investment-oriented life insurance term lifeinsurance,and it will improve the research of the demand for investment-oriented lifeinsurance rose to a higher level.As investment products based on life insurance have become a very importantfactor in China’s insurance market,and modern life insurance industry occupies a verylarge share,what else, investment-oriented life insurance coverage finance andinsurance therefore exploring the demands of our investment-oriented life insurance isvery necessary. The article first summarizes the literature on insurance demandfactors, and thus leads to describe the investment-oriented life insurance needs,through a combination of foreign investment-oriented life insurance theory of demandfor products, respectively from macro and micro aspects of qualitative analysis of theimpact from investment-oriented life insurance products demand factors, includingthe level of economic development, national disposable income, the Engelcoefficient, interest rates, inflation rates, then this paper construct regressionequations of these factors, and multiple regression analysis test, as financialinvestment-oriented life insurance products works as a financial product, so weintroduce the replacement rate of other financial products as a parameter correction，at last draw a relevant conclusion and the development of investment-oriented lifeinsurance industry put forward relevant proposals.