Study On The Influence Of Population Aging On The Demand Of Commercial Endowment Insurance For Households

With the increasing aging of the population,the development and reform of China's old-age insurance system is facing a bottleneck.In March 2019,Premier Li Keqiang of the State Council specifically mentioned China's old-age security in the government work report,and proposed to strengthen the risk protection function of the insurance industry.At present,China has initially established a "three-pillar" pension system:government-led social basic pension insurance,supplementary pension plan by enterprises and institutions,and commercial pension insurance in which individuals voluntarily participate.Due to certain restrictions on the support of the first and second pillars,the supplementation of the third pillar is essential.This paper uses the questionnaire of Chinese General Social Survey and selects whether households purchase commercial endowment insurance as the explanatory variables.The three types of indicators:the proportion of the elderly population in the family,the presence or absence of the elderly population,and the number of elderly population in the family are used as explanatory variables to measure population ageing.Family characteristics and personal characteristics are used as control variables.Then Probit and Logit models suitable for binary selection are established,focusing on the impact of population aging on household demand for commercial pension insurance.And the sub-sample regressions are used to study the differences between urban and rural families.The results of the study are as follows:First,the aging of the population will promote household demand for commercial endowment insurance.Second,there is a difference in the impact of population aging on the demand for commercial endowment insurance for urban and rural households.The population aging demand for urban households' commercial endowment insurance is significantly positively correlated,but not for rural households.In addition,the study also found that the individual's education level,whether to purchase social endowment insurance,and family income are significant factors affecting urban and rural households to purchase commercial endowment insurance;family size and household economic conditions will significantly affect the demand for commercial endowment insurance for rural households,The age of the head of household has only a significant positive effect on the demand for commercial endowment insurance for urban households.Finally,this paper combines the development status,theoretical and empirical analysis results of commercial endowment insurance,and proposes the following four suggestions:first,to innovate the types of commercial endowment insurance products to match different demands;second,to strengthen commercial endowment insurance management services to increase market demand Third,to increase the publicity of commercial endowment insurance to increase insurance awareness;fourth,to promote the implementation of preferential tax policies for insurance to increase disposable income.