Research On Regional Differences Of Life Insurance Demand In Henan Province

Life insurance in Henan Province has developed rapidly in the past decade,but it still faces the problem of low insurance density,especially the negative growth of life insurance income in 2020 and 2021,which also reflects the huge potential of life insurance in Henan Province to be tapped.As a populous province in China,Henan Province has significant advantages in developing life insurance with the deepening of aging and the improvement of life expectancy.Under this background,the research on the regional differences of life insurance demand in Henan Province will help to deeply tap the potential of life insurance in Henan Province and help the development of life insurance in Henan Province.Based on the research of theories and concepts related to life insurance demand and regional imbalanced development,this paper analyzes the current situation of life insurance demand in Henan Province and cities,and uses factor analysis and cluster analysis to divide 18 cities in Henan Province into three different life insurance demand regions.Based on the divided I,II and III regions,the regional regression analysis was conducted using the data of Henan Province and cities from 2011 to 2021.Overall,variables such as per capita disposable income of residents,urban-rural dual structure index,proportion of health expenditure to local fiscal expenditure,medical and health institutions,total dependency ratio and educational fund have a significant impact on the demand for life insurance in Henan Province.From the perspective of sub-regions,the demand for life insurance in each region is affected by different variables.Among them,the significant influencing variables in Region I are per capita disposable income of residents,urban-rural dual structure index,proportion of health expenditure to local fiscal expenditure,total dependency ratio,and educational fund;The significant influencing variables in Region II include per capita disposable income of residents,urban-rural dual structure index,and educational fund;The significant influencing variables in Region III include per capita disposable income of residents,urban-rural dual structure index,and medical and health institutions.Based on the empirical conclusion,this paper puts forward some suggestions on the development of life insurance demand in various cities in Henan Province from the perspective of the government and insurance companies.On the one hand,the government should give full play to the supporting role of commercial life insurance in support,strengthen the role of guidance and publicity,enhance public awareness of insurance,and promote the healthy development of life insurance in Henan Province;On the other hand,insurance companies should,according to the current situation of regional differences in various cities in Henan Province,make a reasonable layout,promote differentiated management,take multiple measures at the same time,stimulate potential life insurance demand,and give full play to the strength of life insurance in various cities.Among them,the focus of Region I is to make a reasonable layout of insurance companies,take multiple measures to innovate products,and formulate regulatory policies according to local conditions to play a leading role;II and III regions focus on measures such as raising public awareness of insurance,increasing residents’ income and improving relevant policies.