| As an important supplement to the basic social security system,commercial insurance plays an important role in protecting the elderly from the risk of disease and disability loss,obtaining economic compensation and raising the income of the elderly.Life insurance funds have the characteristics of long cycle and relatively stable,which can meet the long-term financing needs of the endowment industry?At present,China has entered a stage of rapid aging of population,and the government is facing increasing pressure in pension expenditure,social welfare subsidies,infrastructure provision and social assistance.There are natural synergies between life insurance industry and old-age service system,which can alleviate the pressure of social pension.Therefore,this paper focuses on the implementation path and specific mode of life insurance industry participating in the construction of China's old-age service system?Firstly,this paper reviews the literatures related to the application of life insurance funds and the construction of old-age service system involving life insurance industry.Most previous studies focus on the investment of life insurance funds in old-age real estate and ignore the participation paths and modes.Secondly,starting from the concept definition,this paper introduces the new financial development theory,life insurance investment theory,life insurance industry's participation in the construction of old-age service system,etc.Thirdly,the paper analyzes the current situation of life insurance industry and the security needs of China's elderly population.Then it demonstrates the analysis of the specific mode and existing problems of the life insurance industry to provide risk security for the elderly and the life insurance industry to invest in the endowment industry.After that,we collect a panel data of 9 provinces and cities in China from 2012 to 2017.Life insurance premium income and life insurance compensation expenditure are used to measure the development of life insurance industry,and the number of beds in old-age service institutions represents the development degree of old-age service institutions.Then the promoting effect of the life insurance industry on the old-age service institutions is empirically tested.Finally,we conclude in optimizing suggestions of the life insurance industry participating in the ole-age service system.Based on current situation and cases,this paper finds that the overall supply of commercial life insurance products for the elderly is of insufficient security and innovation.The life insurance industry investing endowment industry has some problems such as slow profit and insufficient policy support.Through empirical analysis,we find that the life insurance industry has a significant role in promoting the development of old-age service institutions.Based on the research results,the following suggestions are given:firstly,the life insurance industry should make comprehensive use of the Internet,cloud computing and big data technology to develop precision featured insurance products for different elderly groups.Secondly,the life insurance industry should flexibly apply multiple investment modes in combination with asset scale and strategic planning to promote the integration of the pension industry and extend the industrial chain of the endowment industry.Thirdly,government departments should implement the policy support for the life insurance industry to participate in the construction of the old-age service system. |
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