The Influence Of Household Population Age Structure On Household Personal Insurance Demand

Although the development of China's insurance industry started relatively late,in the past 40 years of reform and opening up,with the rapid recovery of the national economy,the insurance industry has experienced a long period of rapid development and has an important impact on the economy and society.At present,the scale of personal insurance business is the largest in the whole insurance market in China.Personal insurance has brought all-round and multi-level guarantee to more and more people.At the same time,due to the implementation of the household planning policy at the end of 1970 s and the change of people's fertility concept,China's population development model has gradually changed from "high birth rate and high death rate" to "low birth rate and low death rate",resulting in the situation that the proportion of the young population keeps decreasing and the proportion of the old population keeps rising steadily.In response to falling population of children and the rapid aging trend in our country,on November 15,2013,the third plenary session of the eighteenth decided to start alone two-child policy,after 2 years,in October 2015,the fifth plenary session of the eighteenth put forward two-child policy in an all-round way.Just a few decades,the population of our country has experienced great changes in population age structure.Personal insurance is insurance mark with the person's body and life,and population age structure is directly related to the subject matter of personal insurance.Therefore,population age structure will have a huge impact on China's personal insurance market.Previous studies on population structure and insurance industry are mostly limited to the impact of aging on the personal insurance market.This paper focuses on the impact of population age structure on the purchase of various types of personal insurance.It is of great significance for the personal insurance market to study how the personal insurance industry responds to the changing trend of population age structure.Before the empirical study,this paper first defines the relevant concepts ofhousehold population age structure and analysis the characteristics of China's population age structure and current situation of personal insurance market in China with statistical data.Secondly,analyzes how the age structure of population affects the demand for household personal insurance.In specific empirical study,using the micro level by Chinese Household Financial Survey data,build the Probit model analysis related to household population age structure of the core variables how to affect the household personal insurance needs.It is divided into two levels:(1)This paper analyzes the influence of household population age structure on household life insurance,health insurance and accident insurance demand.(2)This paper analyzes the influence of household population age structure on two different types of life insurance demand: guaranteed life insurance and investment-based insurance.In addition,this paper also makes a heterogeneity analysis on the differences of household personal insurance demand between urban and rural area.Finally,the core explanatory variables are replaced and the results show that the regression model constructed in this paper is robust.According to the above theory and empirical analysis,this article mainly the following conclusions:(1)The household proportion of young children has a positive impact on the demand for household life insurance,health insurance and accidental injury insurance,and then has a positive impact on the overall demand for personal insurance.The household proportion of the elderly population has a negative impact on the demand for household life insurance and health insurance.In general,the household proportion of the elderly population has a certain inhibitory effect on the personal insurance market.(2)There is no significant relationship between household population age structure and guaranteed life insurance demand.The household proportion of the young population has a positive effect on the demand for household investment life insurance,while the household proportion of the elderly population has a negative relationship with the demand for household investment life insurance.Finally,based on the main conclusions of this paper and taking into account the age structure of population and the current situation of the personal insurancemarket,the following suggestions are put forward:(1)Increase the design and development of personal insurance products to meet the insurance needs of children and the elderly.(2)We will improve the relevant laws and regulations concerning the two-child policy.(3)Effectively combine security and investment attributes to meet different levels of life insurance needs.The possible innovation in this paper: This paper attempts to analyze in detail the impact of various types of demand for personal insurance.It is divided into two levels: first,the demand for life insurance,health insurance,accident and injury insurance and overall personal insurance;second,the demand for two different types of life insurance.This paper is a good supplement to the previous research results.