| With the increase of population aging,China’s retirement problem is intensifying,and more and more people are taking life insurance as an important retirement planning,and the demand for life insurance is increasing.At the same time,the change of life insurance demand is not only reflected in the change of total life insurance demand,but also in the change of life insurance demand structure,especially after the former CIRC proposed "insurance is called insurance and supervision is called supervision" at the end of 2016,life insurance product functions and demand differences have become important research objects for scholars.The increase in the elderly population has led to a shift in the main consumer groups in the life insurance industry,and the tendency of society to demand life insurance products is constantly changing,making it an important development goal for insurance companies to provide life insurance products that can meet individual needs.Therefore,based on the current background of deepening population aging,it is of great practical and theoretical significance to study its impact on the demand structure of life insurance.This thesis classifies life insurance into protection life insurance and investment life insurance based on the classification criteria of life insurance product functions,analyzes the mechanism of the effect of population aging on the demand structure of life insurance based on the theory related to life insurance demand,and also conducts an empirical test on the correlation between the two based on specific data.The research content and arrangement are as follows.The first part is a theoretical analysis,which defines the concepts of population aging and life insurance demand structure,and qualitatively analyzes the mechanism of population aging affecting life insurance demand structure based on Maslow’s hierarchy of needs theory,family life cycle theory and precautionary savings theory.The thesis draws the expected conclusion that population aging increases the demand for protection life insurance by affecting macroeconomics,household risk-taking ability and individual risk awareness,but the impact on the demand for investment life insurance is uncertain.The second part is the reality analysis section,which mainly describes the current situation of population aging,life insurance market development and life insurance demand structure in China through icons,and analyzes the current situation of population aging affecting the demand structure of life insurance based on two aspects of population aging bringing about an oversupply of old-age security and national policies toward protectionoriented life insurance products.Through this part of the analysis,we can learn that China’s population aging is further deepening,the life insurance market is growing rapidly but there is a problem of regional development imbalance and the society’s demand for life insurance is gradually inclined to protection-oriented life insurance.The third is the empirical analysis part,which firstly,based on theoretical and current situation analysis,uses provincial panel data of 30 provinces and cities except Tibet from2010-2019,with elderly population dependency ratio as the core explanatory variable and two types of life insurance density and premium share as the explanatory variables,and uses individual fixed effects model to specifically analyze the correlation between population aging and life insurance demand structure.Secondly,the regression results are further analyzed according to different regions,aging levels and policy implementation and heterogeneity.Finally,the regression results are tested for robustness.The results of the empirical study show that the deepening of population aging brings about an increase in the demand for protection life insurance and significantly suppresses the demand for investment life insurance,and the effect of this effect varies across regions,aging levels and before and after the implementation of the "insurance as insurance" policy.Finally,based on the research findings,this thesis makes recommendations from both the insurance companies and the government.Insurance companies should improve the supply of life insurance products taking into account regional differences,while government departments should fully improve the external environment for life insurance development so as to fully stimulate the development potential of the life insurance market. |
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