Analysis Of Factors Influencing Life Insurance Demand Under Different Levels Of Economic Development

At present,the average GDP growth rate of developed countries in the world is about 2%and gross domestic product per person is over 30,000 dollars,most of them are in a stage of large scale but with low growth rate.However,China has experienced reform and opening up for more than 30 years,and now it has achieved rapid economic growth to a leap.GDP has achieved an average annual growth rate of 9.7%,but the per capita GDP is still far below the developed countries.At the same time,with the economic growth in our country,the insurance industry in China also has made substantial and steady progress.With the increasing aging of the population in China,the demand of residents for insurance products,especially life insurance products,is increasing,which is also conducive to the development of Chinses life insurance industry.According to the development of life insurance industry in the world,the life insurance industry plays a vital role in the influence of economic development and the problem of population aging in our country.Nowadays,there are various problems in the development of life insurance in our country.and the imbalance of regional development is an important issue.In order to promote the healthy development of Chinese life insurance market,we need to make an in-depth study of the influencing factors of life insurance demand.Under the background of different economic development,what are the factors that affect life insurance demand?To verifies the conclusion through the analysis of the theoretical derivation and the empirical analysis of the factors affecting the life insurance demand in different regions of China.In the empirical study,this study divides China into four major economic regions:Eastern,central,Western and northeastern regions,and selects the panel data from 2000 to 2016.In the western region where the economic development level is relatively low,the demand for life insurance is mainly influenced by education level,economic factor,income level and social security factor.In the central and northeast areas where the economic development level is in the middle stage,the factors affecting the life insurance demand are influenced by the enterprise factors and interest rate factors besides of the educational level,the economic factors,the income level and the social security factors.In the eastern region where the level of economic development is relatively high,life insurance demand is mainly affected by population aging,interest rate level and education level.In the more developed areas of the economic and financial system,life insurance products are accepted by residents as a kind of financial investment in addition to the basic functions of their guarantee.Therefore,there are different impacts on the factors of life insurance demand in different regions of Chinese economic development level,and some suggestions are put forward for the development of life insurance in China according to the results of this study.