Our Country's Comprehensive Two-child Policy,Population Structure Changes And Life Insurance Demand Changes

In recent years,my country's insurance industry has achieved rapid development.From the original insurance premium income of RMB 145.2 billion in 2010 to the original insurance premium income of 426.5 billion in 2018,the original premium income of the insurance industry has nearly tripled in nine years.In the course of the great development of the insurance industry,the life insurance industry,as one of the most important types of insurance,has also made great progress.In 2018,the original premium income of life insurance was 2,275.4 billion yuan.In 2010,the original premium income of life insurance was 968 billion yuan,an increase of 2.35 times in 2018 compared with 2010.Judging from the current research literature,there are many factors that affect the demand for life insurance.Summarized mainly include economic factors and demographic factors.Among them,economic factors are always influential factors.With the population aging and the declining birthrate in recent years,the population factor has gradually shown a prominent impact on the demand for life insurance.In addition,with the implementation of a series of fertility policies in my country,especially the comprehensive two-child policy that is currently being implemented to alleviate the aging trend of our population,the implementation of the comprehensive two-child policy will have a long-term impact on my country's demographic changes,and will also have a greater impact on my country's life insurance demand.Therefore,it is of great significance for the development of my country's life insurance industry to study the comprehensive two-child policy,population structure changes and life insurance demand changes.This thesis discusses the changes in the demand for life insurance mainly from the two perspectives of comprehensive two-child policy and demographic changes.Select panel data of 30 provinces,municipalities and autonomous regions in China from 2010 to 2018,use three static panel models of mixed effect model,fixed effect model and random effect model and GMM dynamic panel model to build a benchmark model and reflect the comprehensive two-child policy effect Policy effect model,through stata data analysis software to process 30 provinces in 2010-2018 inter-provincial panel data,and regression analysis.Through empirical analysis,it is found that:(1)the dependency ratio of children in China's population structure has a significant negative effect on the demand for life insurance,that is,as the dependency ratio of children increases,the demand for life insurance will gradually weaken;(2)The old-age dependency ratio has a significant positive effect on the demand for life insurance.With the gradual increase of the old-age dependency ratio,the demand for life insurance also gradually increases.;(3)The effect of per capita GDP on the demand for life insurance shows a significant positive effect,which is the same as expected;(4)The improvement of the per capita social pension insurance level will weaken people's demand for life insurance;(5)The empirical results of the interaction term show that the comprehensive two-child policy has weakened the negative effect of the dependency ratio of children on the demand for life insurance,but it has not enhanced the promotion effect of the dependency ratio of the elderly on the demand for life insurance;(6)The lag period of the explained variable is introduced into the dynamic panel model.From the regression analysis of the dynamic GMM model,it can be concluded that the life insurance density is easily affected by the life insurance density of the previous year,namely The life insurance density of the previous year showed a significant positive effect on the life insurance density of this year.The overall empirical results show that the implementation of the comprehensive two-child policy does have a positive promotion effect on my country's life insurance demand.This promotion effect is mainly through the comprehensive two-child policy on the child dependency ratio,and then on the life insurance demand.Whether from the existing domestic and foreign research literature or the empirical analysis of this thesis,we can see that there is a close relationship between my country's comprehensive two-child policy,population structure changes and life insurance needs.Under the current economic conditions,in order to further promote the development of my country's life insurance industry,it is particularly important to study their relationship.This thesis explores the relationship between my country's comprehensive two-child policy,demographic change,and life insurance demand changes,and enriches the research on comprehensive two-child policy and life insurance demand.This thesis makes feasibility suggestions for life insurance consumers,business entities and the government,so it is of great significance.