The Research On The Relationship Between The Development Of Personal Insurance And The Growth Of Household Consumption In Changsha

The personal insurance industry is an important part of the modern financial industry.The diversification of the risk guarantee products and services is conducive to improving the overall level of the social security system,strengthening the residents'ability to resist risk and then smoothing the consumption ability of the residents.At the same time,it plays an important role in optimizing the structure of the financial market,supporting the development of the real economy,improving the income of the residents and eventually forming a long-term mechanism to promote the growth of the residents' final consumption.As one of the most important provincial capital cities in Central China,Changsha has its own unique development of personal insurance and the actual situation of residents' consumption behavior.Therefore,this paper chooses Changsha as the research object,and deeply analyzes the relationship between the development of personal insurance industry and the growth of residents' consumption in Changsha.Based on the existing research results,the research ideas of this paper are as follows:firstly,Combing traditional consumption theory and insurance function theory,this paper expounds the theoretical basis and function mechanism between personal insurance and household consumption.Secondly,This paper analyzes the current situation of the development of the personal insurance industry and the characteristics of residents' consumption behavior in Changsha,and makes a preliminary mathematical analysis of the relationship between them by means of descriptive statistics.Finally,The relationship between the development of personal insurance and the consumption of residents in Changsha is investigated by constructing a vector autoregressive model.Through the study,it is found that there is a mutual promotion between the development of personal insurance industry and the growth of residents'consumption in Changsha,and the degree of the impact of the development of personal insurance on the consumption of residents is more significant than that of the personal insurance.At the same time,the development of the personal insurance industry has a certain lag in promoting the consumption level of the residents.In the short term,the promotion of the consumption is not significant,and it will even inhibit the consumption expenditure.In the long run,it can significantly improve the consumption level of the residents.Based on the above analysis,this paper puts forward relevant countermeasures and suggestions from the aspects of policy support,market structure adjustment,product and service upgrading,perfect market supervision system and the improvement of publicity environment,in order to promote the development of Changsha's personal insurance industry,and then drive the growth of residents' consumption,a long-term mechanism of linkage between them is formed.