Study On The Insurance Status And Influencing Factors Of Resident Commercial Endowment Insurance In China

At present,the aging degree of China’s population is becoming more and more serious.Up to the "Seven general data",there are about 190 million elderly people aged65 or above,accounting for 13.5% of the total population,and showing the characteristics of getting old before getting rich and accelerating the aging speed.Although China has established the "three pillars" social old-age security system,the sustainability of old-age security still faces many challenges,which is manifested as the prominent contradiction between supply and demand of basic endowment insurance funds as the first pillar,and the coverage of enterprise annuity as the second pillar is low.Therefore,as the third pillar,the commercial endowment insurance will play an important role in ensuring the basic level of residents in the future and reducing the pressure of social pension.However,at present,there are some problems in the development of commercial endowment insurance in China,such as residents’ lack of understanding,low participation rate,and few types of commercial endowment insurance products and slow renewal.In order to promote the rapid development of commercial endowment insurance and improve the participation of residents,it is urgent to understand the status of commercial endowment insurance in China and understand the specific influencing factors.Based on this,this paper will focus on the analysis of the current situation of residential commercial endowment insurance and the influencing factors of residential commercial endowment insurance demand,which is of great significance to further promote the development of the third pillar commercial endowment insurance and improve China’s pension security system.This paper combined with the macro statistical data and 2018 China comprehensive social survey micro data,first of all,the commercial endowment insurance development status and the preliminary statistical analysis,and then based on the welfare pluralism theory,maslow demand hierarchy theory and life cycle theory,from three aspects of individual,family,society,put forward the commercial endowment insurance to participate in related research hypothesis,and further build the binary Logistics regression model empirical test the residents commercial endowment insurance participation factors.Firstly,at the individual level,the probability of children is significantly increased,and the probability of children is lower at the same time.In addition,the higher the density and depth level of regional social insurance,the higher the probability of residents to participate in commercial endowment insurance.Second,the relative importance analysis shows that income,education level and physical health are the top three main factors affecting residents ’participation in commercial endowment insurance;third,the heterogeneity analysis shows that there are regional differences in factors affecting Chinese residents’ demand for commercial endowment insurance.Finally,this paper proposes that the paper should optimize the construction of old-age security system,strengthen supervision and publicity,improve the service level of commercial endowment insurance institutions,and improve residents’ policy cognition and risk awareness,so as to improve the demand of residents to participate in commercial endowment insurance and promote the rapid development of commercial endowment insurance.