Study On China’s Life Insurance Product Structure Under The Background Of Marketization Of Life Insurance Rate

The China Insurance Regulatory Commission has begun to advocate the life insurance business structure adjustment since the world financial crisis in 2008, and they have never stopped adjusting the life insurance business structure. In terms of life insurance product, the product structure has a serious imbalance at present. And it exerts adverse effect on the development of China’s life insurance. Even more the structural adjustment of life insurance is facing more complex background. Especially the advancement of the life insurance rate marketization has exerted extremely profound influence on the development of life insurance. What’s more, the economic and social development in each region is unbalanced. So it’s of great importance and practical significance to study the life insurance product structure optimization problem which is based on the regional difference in the current economic situation.This paper has summarized the theoretical basis for product structure design and the life insurance rate marketization on the basis of combing the existing literature research, and analyzed the internal and external influencing factors in detail that may affect the life insurance product structure. We have briefly reviewed the history of life insurance rate marketization and its influence on the development of the life insurance, and summarized the present situation and problems of the development of life insurance product structure in detail. We have chosen the external influencing factors of the life insurance product structure as the explaining variables of the empirical research in this paper according to the needs of the article structure arrangement and innovation. The factors are disposable income, interest rate, inflation rate, the education level, the level of social security and the number of aging. Apart from the former research, this paper uses the panel data model to carry on the empirical research separately according to national, eastern, central and western. The results of study show that the residents’ disposable income level, the rate of inflation, the number of aging and the level of social security is negatively related to the life insurance product structure, interest rate has remarkable influence for the central region only, the level of education isn’t significantly affected the life insurance product structure. On the basis of qualitative and quantitative analysis, some suggestions are given under the background of marketization life insurance rate. Namely, adjusting the life insurance products development strategy according to the regional difference, developing a variety of safeguard life insurance products and promote the development of new life insurance products healthily.