Research On The Influence Of Social Interaction On The Demand Of Family Business Life Insurance

As a kind of commercial insurance,life insurance takes into account the functions of passing on risk and saving.At the same time,as a supplement to the social security system,it also plays an active role in maintaining social stability.Since the recovery of China’s commercial life insurance market in 1982,it has gradually entered the right track and has developed rapidly.In August 014,the State Council promulgated "Several Opinions on Accelerating the Development of Modern Insurance Services",which proposed to encourage the diversified development of commercial life insurance products..At the same time,the Chinese government is steadily advancing the implementation of the "Healthy China" strategy.In the face of the fact that the life expectancy of the population continues to increase,the irreversible aging and social and economic progress,people pay attention to health issues and the need for business security It is also getting higher and higher.As a special financial product,commercial life insurance differs from other investment products in that it has great advantages in providing protection for passing on risks.However,many families and individuals in China do not have a correct understanding of life insurance products,and overall the family holdings are not very high.Scholars at domestic and abroad have conducted in-depth discussions and research on the influencing factors of personal insurance demand,but from the current research results,most of them are concentrated on the two perspectives of economic factors and demographic factors,and it seems that they have not paid much attention to Social interaction is a non-economic social factor.The focus of this paper’s research is the impact of social interaction on family business life insurance needs.First of all,I have compiled relevant literature on the impact factors of commercial life insurance demand and the impact of social interaction on insurance participation,and made a literature review;Put forward the researchhypothesis of this article;again,use macro data and micro data to analyze the development status of China’s commercial life insurance;finally,use the data of China Household Financial Survey(CHFS)2017to divide social interaction into online Social interaction and offline social interaction,and take the family business life insurance participation as an explanatory variable to build a model,empirically analyze the impact of social interaction on family business life insurance demand.Further,based on the endogenous interaction theory in the theory of social interaction,the intermediate variable of financial knowledge is selected,and an empirical analysis of social interaction will increase the level of financial knowledge and thus increase the family’s demand for life insurance.The main conclusions of this paper are:(1)The scale of my country’s commercial life insurance is constantly expanding.In terms of internal structure,commercial life insurance has a high demand,and its proportion is still large,but commercial health insurance is growing faster,and the proportion of accidental injury insurance is relatively low.(2)Online social interaction and offline social interaction promote the family’s demand for commercial personal insurance,which has a significant positive impact on both the holding of personal insurance and premium expenditure,and the effect of online social interaction is more obvious than that of offline social interaction.In the process of further analyzing the structure of commercial life insurance,it is found that online social interaction has a greater role in promoting commercial life insurance,while offline social interaction has a greater role in promoting commercial health insurance.(3)Online and offline social interaction promote the demand of commercial personal insurance by improving the level of financial knowledge,and the effect of financial knowledge as an intermediary variable is remarkable.It may be that social interaction promotes the need for personal insurance bylearning more about finance and reducing the cost of personal insurance participation through observational learning.(4)Women are more likely than men to take out personal insurance;the influence of age on the demand for personal insurance has u negative characteristics;the higher the level of education,the more risk attitude towards risk preference will promote the demand for commercial personal insurance in families(5)The impact of the children’s population ratio on the demand for life insurance is positive,while the impact of the elderly’s population ratio on the demand for life insurance is negative;from the perspective of family resource endowment,the increase in total household income and total family assets will promote Demand,which shows that life insurance products are attractive to high-end net worth customers;social security also promotes the demand for life insurance,indicating that families with social security will still choose to insure life insurance.However,it seems that the size of the family has no significant effect on whether to choose to hold commercial life insurance.