Pricing Of Joint Long-term Care Insurance

China has entered an aging society,and the degree of aging has been deepening.According to statistics,by the end of 2018,the population over 60 years old has reached 249.49 million,accounting for 17.88% of the total population.The population over 65 has reached 1.6658 billion,accounting for the total.11.94% of the population.And from the Old Blue Book: China Urban and Rural Elderly Living Situation Survey Report(2018),the number of elderly people is increasing,the scale of care services is expanding,the number of disabled elderly is more than 40 million,and the proportion of elderly people needing nursing services is 15.3.%,the issues related to the care of the elderly need to be resolved.Long-term care insurance is a type of health insurance that provides care expenses compensation or service guarantee for insured persons who are in need of care services,and it is also a long-term care problem for disabled elderly people.One of the important ways.However,long-term insurance is a relatively new insurance product in China,and the relevant experience is insufficient.Because of the high risk of operating long-term care insurance,many insurance companies are reluctant to carry out such insurance,and the long-term care insurance in the market is more homogenized.Can not match the needs of market development very well.Therefore,this paper uses the data of the China Health and Pension Tracking Survey(CHARLS)to empirically study the pricing of joint long-term care insurance,hoping to provide reference for the development of commercial long-term insurance and enrich the types of long-term insurance.The article first introduces the background and significance of researching joint long-term care insurance,and reviews domestic and international literature on long-term care insurance,Copula function application and joint insurance,and these theories are the basis for joint long-term care insurance pricing research;The article is based on international and domestic industry practice and domestic and international research on the disability level judgment.According to ADLs,the health status is divided into three states: health,disability nursing and death.There are 3 or more of the six indicators of ADLs.Indicators cannot be completed independently or have mental cognitive dysfunction as long-term care status.Then,this paper describes the joint long-term insurance pricing model.This part first introduces the Markov multi-state model and the Semi-Markov multi-state,Copula function model,and then builds a joint long-term care insurance rate determination model based on the Markov multi-state model and the Copula model.Finally,an empirical analysis of the pricing of joint long-term care insurance.According to the CHARLS data,based on the multi-state Markon model,the transfer force and transition probability of the spouse are measured,and the Copula function is used as the connection function to determine the combined life force joint transfer force and joint transfer probability of the spouses,thereby calculating the joint long-term.Nursing insurance premiums,and because of the correlation,there are spouse female premiums + spouse male premiums > joint premiums,hope to build a joint long-term care insurance pricing model to provide reference for the development of commercial long-term care insurance.