Analysis Of The Impact Of Demographic Characteristics On Chinese Residents’ Participating In Commercial Life Insurance

With the development of China’s economy and society,China’s population structure is undergoing profound adjustment.The aging of the population and fewer children bring great challenges to the current old-age security system,which relies too much on the first pillar.However,the improvement of average life expectancy and the progress of medical technology also bring heavy financial burden to the current absolutely dominant basic medical security system.As a part of the multi-level social security system,commercial personal insurance can effectively deal with the "longevity risk","chronic disease" and other issues,and help to promote the transformation of the multi-level insurance security from "whether or not" to "good or bad" in China.At present,the total number of commercial insurance in China has jumped to the second in the world,but the depth and density of insurance are significantly lower than those of developed countries,and the low participation rate of commercial personal insurance is one of the important reasons.In order to further promote the development of China’s commercial life insurance market,at the same time,to explore the factors affecting the participation of commercial life insurance for Chinese residents,especially in the context of profound adjustment of population structure and sustainable development of economic and social environment,the influence of the demographic characteristics of Chinese residents on their participation in commercial life insurance,this paper first summarizes the research achievements of domestic and foreign scholars in related fields,on this basis,the direction of deepening the research is further proposed;next,Analyze the development status of Chinese commercial life insurance market and the practical factors affecting the development of Chinese commercial life insurance market;once more,to analyze the relevant theories affecting the demand of commercial life insurance,And put forward the research hypothesis of this paper;last,Using data from the China Family Finance Survey(CHFS),through both the Probit and the Tobit model,an empirical study on the impact of demographic characteristics on Chinese residents’ participation in commercial life insurance,the effects of other factors were also examined,combined with the research conclusions,the government,commercial insurance companies and residents respectively put forward relevant suggestions.The research results show that,first,in terms of the independent variables,the age,education level and occupation type of the residents will all affect their participation in commercial life insurance.The older the residents are,the lower the possibility and degree of participating in commercial life insurance,the higher the education level,the more likely they are to participate in commercial life insurance,and the more likely to participate in commercial life insurance than the residents working in government institutions,state-owned or collective units.Second,residents’ awareness of fitness and health care,the use of the Internet,the ownership of financial advisers,and the degree of attention to economic and financial information are all positively related to their participation in commercial personal insurance.These factors are also the perspectives that pay less attention to in domestic research.Third,residents holding enterprise annuity or occupational annuity will also promote their participation in commercial life insurance.