Financial Exclusion,Internet Use And Household Commercial Insurance Demand

With the improvement of people’s lives and the increase of household wealth,the savings rate of the household sector remains high,which can be attributed to the fact that Chinese residents are accustomed to saving for risk resistance and wealth management.Judging from the data in 2019,my country’s insurance density and insurance depth are lower than the global average,residents’ insurance participation is low,and the insurance industry’s development level is in its infancy.How to let more families understand and understand the use of insurance to prevent risks is the key to the implementation of commercial insurance.The accessibility of financial services has a certain impact on residents’ participation in the financial market.The existing literature rarely studies its impact on the purchase of household commercial insurance from the perspective of the accessibility of insurance services.This article chooses financial exclusion(that is,the unavailability of insurance services)as the cut point to discuss its impact on the demand for household commercial insurance.With the development of the Internet,residents can obtain insurance services online.The Internet provides residents with access to insurance knowledge and increases the coverage of insurance services.Whether the use of the Internet will affect household commercial insurance needs is another point of this article.To this end,this article uses the Probit model and the Tobit model to study the relationship between financial exclusion and household commercial insurance needs based on the 2017 China Household Financial Survey data.Then,the interaction term of financial exclusion and Internet use variables is introduced to analyze the moderating effects of Internet use variables;the interaction term of financial exclusion and social interaction is introduced to analyze the moderating effects of social interaction variables.Finally,an endogenous test was performed on the model,and the samples were classified according to the nature of household registration and education level to test the robustness of the regression.The empirical results show that financial exclusion inhibits household commercial insurance purchases and also reduces the degree of household commercial insurance participation.Internet use promotes household commercial insurance needs.At the same time,the use of the Internet has weakened the inhibitory effect of financial exclusion on household commercial insurance demand.Social interaction has increased the demand for household commercial insurance,weakened the inhibitory effect of financial exclusion on insurance participation in households that have purchased insurance,and increased household premium expenditures.From the above conclusions,the following enlightenment can be drawn:insurance companies and governments can conduct user education through the Internet to improve consumer insurance awareness.Insurance agents can provide more intensive insurance services to policyholders in rural areas,share insurance-related knowledge,and enhance interaction with policyholders.