| Over the past two decades,with rapid development of the economy and the adjustment of population policies,the demographic structure of Chinese families has undergone tremendous changes,highlighted by the aging of the population,low fertility rate,declining working population,increasing education level and rising rates of nonmarriage.The changes in family demographics have seriously affected the protection function of families,for example,the decrease in the working population and the increase in the number of elderly and young children have reduced family income sources and weakened the family’s ability to resist risks,so commercial insurance can play a useful role in helping families to resist risks due to the current lack of social security in China.In recent years,China’s life insurance industry has been developing rapidly.The original premium income has been growing,and the systems have been gradually improved,but due to the late start,China’s life insurance market has not yet matured,so there is a big disadvantage in the supply.An in-depth analysis of the factors affecting the demand for life insurance is beneficial for insurance companies to design more targeted products according to the characteristics of family,thus promoting further development of China’s life insurance industry,which has profound theoretical value and practical significance for the establishment of a multi-level protection system in China.In this paper,when exploring the influence of family demographic structure on the demand for commercial life insurance,we firstly sort out the existing research results at home and abroad,and introduce current characteristics of family demographic structure and the development status of life insurance industry in China.In addition,this paper provides a theoretical analysis of the demand for life insurance,on the basis of which the influencing factors of the demand for life insurance are further discussed.In the empirical part,this paper uses the 2019 China Household Financial Survey(CHFS)data,uses the Probit model to study the effect of household demographics on the demand for commercial life insurance,and uses the Tobit model to study the effect of household demographics on commercial life insurance premium expenditure.What’s more,this paper performs robustness tests on the empirical results by replacing variables and replacing models.In addition,this paper analyzes the heterogeneity of different households with respect to regional differences,differences in household income,differences in marital status,and differences in household composition.The findings obtained from the empirical study are as follows:The proportion of elderly people in households has a significant inhibiting effect on the demand for commercial life insurance and premium spending,and the inhibiting effect is stronger in urban,middle and high-income,unmarried and childless households.The proportion of children in households has a significant promoting effect on the demand for commercial life insurance and premium spending,and the promoting effect is more obvious in urban,central and eastern regions,high-income and non-elderly households.The proportion of working people in households also has a significant boosting effect on the demand for commercial life insurance and premium spending,and the effect is stronger in urban,central and eastern regions,middle-income,married,non-elderly and child-bearing households.Education and marital status also have a significant positive effect on the demand for commercial life insurance and premium spending,with the former having a stronger positive effect among high-income,non-elderly,and childbearing households and the latter having a more significant elevating effect among high-income,non-elderly,and child-bearing households.There is also a significant positive effect of annual household income on the demand for commercial life insurance and premium spending,with the effect being more pronounced among eastern region,middle-income,married,non-elderly,and child-bearing households.Finally,according to the empirical results,considering the characteristics of China’s family demographic structure and current development of commercial life insurance industry,suggestions are made to government administrations to improve support system for fertility policy,increase education inputs,accelerate economic construction,improve social security level,strengthen insurance publicity and improve the social environment.Suggestions are made to insurance companies to innovate insurance products and improve service quality,and suggestions are made to consumers to improve risk management awareness and allocate insurance products rationally. |
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