Empirical Analysis On The Effect Of Household Demographic Structure To The Demand Of Personal Insurance

Commercial personal insurance is a quite special kind of financial product which can transfer risks,make savings and manage financial assets simultaneously,it also plays an important role in maintaining social stability as a supplement of social insurance.Although our country’s personal insurance industry has made significant progress after nearly 40-year development,there are still many households in our country who have insufficient knowledge about commercial personal insurance and the proportion of households holding commercial personal insurance in our country is still very low compared with other developed countries.In recent years,the demographic structure’s changes at many aspects in our country,such as the miniaturization of family size,the increasing of aging phenomenon,the decline of fertility rate,and the continuous improvement of academic level,have increased the demand of family risk protection.Therefore,exploring the demand for commercial personal insurance from the perspective of family demographic structure show important practical significance for insurance companies provide more reasonable risk protection to more families and promote the sustainable development of personal insurance industry.This thesis uses the 2017 CHFS survey data and constructs Probit and Tobit models to conduct an empirical analysis of the relationship between family demographic structure and commercial personal insurance needs: on the one hand,the Probit model is used to analyze the impact of family demographic structure on whether to hold personal insurance;on the other hand,the Tobit model is used to analyze the impact of family demographic structure on commercial personal insurance premiums.Through empirical analysis,the conclusions that drawn in this thesis include: the size of households shows a significant negative marginal effect to the demand of commercial personal insurance,education level has a significant role in promoting the demand of commercial personal insurance and the role of age to the demand of commercial personal insurance is an "inverted U";the three factors that family members getting married,family members holding non-agricultural household registration,and high proportion of household employed persons will have a significant boosting effect on the expenditure of household commercial personal insurance premiums;many variables that promote the demand of commercial personal insurance are more sensitive in economically developed regions;the demand of commercial personal insurance is less affected by such factors in economically underdeveloped regions.