Research Oh Demand Of Life Insurance In Jiangsu Province Under The Background Of The Population Aging

Jiangsu Province entered into an aging population in the late 1980 s,with a low natural population growth rate and a fast aging growth rate.Jiangsu Province has entered a deep aging since 2018.Population aging has an important impact on all aspects of society,and life insurance market is no exception.It is predicted that the population over 65 years old in Jiangsu Province will exceed 20% in the next ten years.The aging of Jiangsu Province is getting more and more serious,and the development of Jiangsu life insurance market will face great opportunities and challenges.This paper analyzes the current situation of life insurance demand in Jiangsu Province and empirical research,so that life insurance companies can better understand the aging of Jiangsu Province.Life insurance companies can formulate countermeasures to better meet the market demand of Jiangsu Province through the aging of the population and related factors affecting the level of life insurance demand and the process.This paper first analyses the characteristics of Jiangsu Province's aging and life insurance demand market.There are three main characteristics of Jiangsu Province's aging: rapid growth of aging,aging of population and the great regional differences.In the life insurance market,there are more and more business entities,and the competition among them is fierce.In recent years,life insurance premium income has increased significantly,and the level of people's demand has been rising.Then,according to the theory of life insurance demand and the research of previous papers,this paper chooses the density of life insurance to measure life insurance demand,child-age dependency rate,elderly dependency rate,inflation,one-year deposit benchmark interest rate,per capita GDP and mortality rate of Jiangsu Province from 1990 to 2017 as index data.Eviews was used to carry out ADF unit root test,VAR model test,Cointegration test and impulse response analysis.Through the results of the empirical test in this paper,the empirical conclusion is drawn that there is a stable long-term co-integration relationship among the variables.Child-age dependency rate,elderly dependency rate,one-year benchmark interest rate,per capita GDP and mortality have a positive effect on the life insurance density,while inflation has a negative effect on the life insurance density.Among them,child-age dependency rate,elderly dependency rate and the one-year benchmark interest rate have greatly effects on the life insurance density.It can be seen from the results of the impulse response that the demand for life insurance in Jiangsu Province is strongly impacted by itself in the early stage,and the impact of child dependency rate is rapid and significant,but the impact of old-age dependency rate on life insurance demand is more lasting.The variance decomposition shows that the change of life insurance demand in Jiangsu Province is mainly caused by itself.The per capita demand for life insurance increases by one percentage point,and the demand for life insurance will increase by 0.3 percentage points in the first year.In addition,the contribution of oneyear benchmark interest rate and mortality rate to life insurance demand is smaller and stable,the contribution of child dependency rate to life insurance demand decreases with the increase of time,and the contribution of old dependency rate and inflation to life insurance demand increases with the passage of time.Finally,some relevant recommendations are made based on the analysis of the status quo and the conclusions of the empirical results.