Research On The Impact Of Insurance On The Subjective Well-Being Of Chinese Residents

With the rapid development of economy and the improvement of residents’ living standards,people have different pursuits for life and pay more attention to the satisfaction of the spiritual world.Residents’ happiness is not only the pursuit of residents,but also the direction of government efforts.At present,the aging of population is serious,the unbalanced development of urban and rural and regional development,and the widening gap between rich and poor will affect the improvement of future residents’ happiness.As an important part of social security,commercial insurance provides risk diversification and wealth management for individuals and families.This can not only improve the ability of individuals and families to resist risks and enhance the stability of life,but also meet the needs of residents for investment and financial management.Based on the data of China Household Finance Survey(CHFS)in 2015,2017 and 2019,thesis empirically analyzed the relationship between commercial insurance participation and residents’ subjective well-being by using the two-way panel fixed effect model,and analyzed the impact of commercial endowment insurance participation and commercial health insurance participation on residents’ subjective well-being respectively.In addition,considering the heterogeneity of family samples,thesis analyzes the heterogeneity of residents in different regions,different family income levels and different age levels,and analyzes the impact of commercial insurance participation of residents in different regions,different family income levels and different age levels on subjective well-being.The empirical results are as follows:(1)The participation of commercial insurance has a significant positive impact on residents’ subjective well-being,and the impact of commercial endowment insurance on residents’ well-being is more significant in general;(2)The impact of commercial insurance participation on happiness of residents in different regions is different,and the impact on central and western areas and rural areas is greater than that on eastern and urban residents;(3)By grouping residents with different incomes,it is found that the impact of commercial insurance participation on the well-being of low-income groups is greater than that of middle and high income groups;(4)Commercial insurance participation has a significant positive impact on the subjective well-being of the elderly group,but has little impact on the young group.In a word,commercial insurance participation has a more significant impact on the well-being of economically underdeveloped areas,low-income groups and middle-aged and elderly groups.Based on the analysis results,thesis puts forward corresponding policy suggestions.