Research On The Impact Of China’s Population Policy Change On Life Insurance Demand Under The Background Of Three Children

In recent years,China’s insurance industry has achieved rapid development,and the life insurance industry,as an important part of the original premium of more than half of the insurance industry,has considerable development prospects.However,there is still a big gap between the density and depth of life insurance and developed countries The phenomenon of the aging and low birthrate of China’s population and the adjustment of a series of birth policies have made the impact of population factors on the demand for life insurance more and more obvious.Therefore,studying the impact of Population Policy Changes on Life Insurance Demand in the current context is conducive to the future development of China’s life insurance industry.Based on the above considerations,this paper explores the impact of population policy changes on life insurance demand.First of all,this paper clarifies the research background and significance,and then collects and integrates the previous domestic and foreign literature research,and comprehensively reviews the domestic and foreign literature.After that,the changes of China’s population policy are sorted out,and the life cycle hypothesis,Maslow’s demand hierarchy principle and life insurance demand theory are used to clarify the impact mechanism of China’s population policy on life insurance demand,analyze its impact on population structure,and select the main demographic variables in this paper for empirical analysis.The data used in the empirical analysis are the inter-provincial panel data of 30 provinces,municipalities directly under the central government and autonomous regions（except Tibet）in China from 2011 to 2019.After the variables passed the test,the GMM regression system was formally implemented in two stages before and after the implementation of the "two-child" policy,and the fitting degree test and exogenousity test were carried out in this empirical part to analyze the impact of each variable on the demand for life insurance,and then the degree of influence of each variable on the life insurance density was analyzed by the regression coefficient before and after the policy implementation;then the virtual variable of the policy implementation was added to analyze and test the total sample for two-stage regression（TSLS）;and then the "second child" was analyzed and implemented.The impact of the policy on the demand for life insurance.Finally,the main conclusions of this study are summarized based on the empirical results,and targeted suggestions are put forward from three aspects: insurance consumers,insurance business institutions and population authorities.The results of the study show that the child support ratio is negatively correlated with the life insurance density in China,and the negative impact gradually weakens after the implementation of the two-child policy;the improvement of the elderly dependency ratio will promote the increase of life insurance demand in China,but the positive impact after the implementation of the two-child policy gradually weakens;the average household size,per capita GDP and life insurance density are positively correlated.According to the analysis of the regression results,encouraging fertility through changes in population policy can not only adjust the demographic structure,but also promote the demand for life insurance in general,which is conducive to the development of the life insurance industry,which is a good start for the three-child policy and has certain reference value.