An Empirical Study Of The Chinese Population Aging On The Development Of The Life Insurance Industry

According to the definition of the aging society, China has entered the agingsociety in1999. It is the sixth census results, now the population over the age of60is177.6million, accounting for13.26%; the population over of age65years is118.8million, accounting for8.87%. The basis of this pace continues, in2020the peopleaged over60will reach234million, the proportion will rose to16.0%;the peopleaged over65will reach164million, the proportion will rose to11.2%. The agingpopulation in China has three features: a large number of elder population, agingfastly, old age was evident.To China’s social pension insurance, the aging of the population brought moreand more obvious funding gap, while increasing the pressure on family support forthe elderly, which also bring greater development space to the life insurance industryas one of the three-pillar pension insurance. Scholars in the study recognized thepotential impact of an aging population on the Chinese life insurance market, butmost of them only stop in the theoretical analysis and qualitative research phase, thelack of in-depth empirical analysis. We should have a deeper understanding of thecountry’s aging population on the life insurance industry, in order to effectively guideand stimulate the country’s aging individual life insurance market start, thuseffectively expand the life development, play an important role on the commercialinsurance. The article attempts to explore this issue.In the first part the introductory describes the research background and significance of the article,summarizes a large number of domestic and internationalliterature on population aging and life insurance needs. The part also proposed thesisideas and innovation and insufficient.The second part is the theory of the aging of the population and life insuranceneeds. Theoretical of the aging of the population is mainly from the definition and thestatus quo, the characteristics of China’s aging population. Theoretical of the lifeinsurance needs is mainly about the features, functions, the concept of life insuranceneeds.The second laid a theoretical foundation.The third part is the empirical research.We selected data from1985to2010, thetotal income of the life insurance, China’s annual population of more than65years,and per capita gross domestic product (GDP) to discuss the impact of populationaging on the development of the life insurance industry. We choose the life insuranceneeds of the regression model, we test the model and analysis of the empirical results.The regression results show that aging ratio and life insurance needs have asignificant positive correlation.The forth part we proposed the suggestions of the elderly life insurance market.