Social Interaction,Social Trust And Commercial Insurance Participation

Commercial insurance is not only an important supplement to social insurance,but also an important component of a sound insurance security system.Commercial insurance can help families transfer risks and effectively improve their ability to prevent risks.As a product of socialization,commercial insurance is essentially a commercial product that collects many homogeneous risks and compensates for the economic losses caused by the risk to a few members.Significant social characteristics provide a new perspective for the study of insurance participation.Especially in China,as a typical"relational" society,social factors may exert more direct and significant influence on the behavioral decisions of families and individuals.On the one hand,the interaction between the established social network of families and individuals is the objective embodiment of sociality;on the other hand,the attitude and evaluation of family and individual towards social network is the subjective embodiment of sociality.Starting from the two angles of social subjective and objective analysis,this paper will analyze the influence of social factors on the family business insurance participation.Using 2018 CFPS data,this paper constructs Logit and Tobit models to focus on the impact of social interaction and social trust on family commercial insurance participation decisions.The results show that:(1)Social interaction and social trust have significant effects on whether households participate in commercial insurance and the proportion of premium expenditure.(2)Social interaction will influence family insurance participation behavior through endogenous interaction mechanism and correlation effect mechanism,and the specific influence will vary with the individual characteristics of family members and the regional insurance environment the family lives in.(3)The influence of social trust on the decision of commercial insurance participation varies with family wealth and family education level.(4)Social interaction and social trust have a certain substitutability in inducing commercial insurance participation.From the conclusion of this paper,it can be seen that the social characteristics of families will have a significant impact on their participation in commercial insurance decision-making,which not only provides a different perspective for analyzing the influencing factors of commercial insurance demand from the social level,but also may provide a new means to promote family participation in commercial insurance in practice.