Regional Differences In Influencing Factors Of Personal Insurance Demand In China

Personal insurance is a kind of insurance whose target is people's life and body.When people suffer unfortunate accidents or suffer from illness,old age,incapacity,disability,death or retirement,the insurer pays the premium or annuity according to the insurance contract to solve the economic difficulties caused by illness,disability,old age and death.After centuries of development,in the western developed countries,the scope of personal insurance coverage has become wider and wider.Personal insurance has become a kind of insurance that can cover many kinds of people's risk such as health,old age,illness,death,and disability.Nowadays,personal insurance is an important supplement to social relief and social insurance,and is one of the best ways to pass on risks.In 1949,China began to explore the modern personal life insurance.In the 40 years after the comprehensive resumption of business in 1979,it experienced the process of recovery,growth and development.From scratch,it has achieved great progress.In recent years,with the continuous development of artificial intelligence,big data,cloud computing and other advanced technologies,the development of personal insurance has reached a new level.At present,the imbalance of regional economic development in China is becoming more and more prominent.The operation of personal insurance receives the influence of the regional social and economic level,coupled with the congenital differences in the regional natural environment,human environment and resource endowment,and the development naturally has regional differences.In addition to the products and services provided by insurance companies,personal insurance also shoulders the responsibility of consolidating the cornerstone of national risk protection,improving the social security system,and helping the society of government public service to transform itself.If we neglect the development of personal danger areas and let them develop freely,we may eventually develop a serious imbalance in the development of adult-risk areas.Once the personal insurance development is seriously unbalanced,it is not conducive to the optimization of the insurance company's business structure,the long-term development of the insurance industry,and is not conducive to the improvement of the social security system.At present,China's market economy has shifted from a high-speed growth stage to a high-quality development stage,and personal risks will also usher in a critical period of structural adjustment.Therefore,systematic and in-depth research on the personal insurance demand is beneficial.At the micro level,the research can help insurance company to adjust its business strategy and promote its sustainable development.At the macro level,the research is conducive to discovering the development of personal insurance and providing relevant policies for government departments in order to smoothly realize the optimization and adjustment of the structure of personal insurance,and promote the sustainable development of personal insurance.The development experience of the personal insurance market provides a sufficient sample for the research of this article,which helps to better understand the development of personal insurance.This paper first introduces the research background and significance of the article,the research content and methods,the innovation points and the possible deficiencies.By combing the research and theoretical analysis in the related fields of scholars in the past,it is found that Chinese scholars' research on personal insurance is mainly carried out from a nationwide perspective.The national data is used as a sample for research,and there is a lack of research on the regional differences of personal insurance.However,the difference of social development in different regions in China is obvious,and the cultural environment is also very different.It is necessary to consider regional differences in research.Therefore,it is necessary to study the regional differences in the factors affecting personal risk demand.Secondly,the article introduces the current development of personal insurance in China,and finds that the development of China's personal insurance has shifted from high-speed growth to steady growth,and the level of loss ratio is relatively stable.The popularity of personal insurance in China has increased significantly from 10 years ago,but it is still insufficient compared with the international average.Next,this paper estimates the inter-provincial differences in the development of personal insurance in 31 provinces,municipalities and autonomous regions in China from 2006 to 2017 by constructing the personal risk development index,and finds that the imbalance in the development of personal insurance in China has intensified.Then this paper devides 31 provinces and municipalities of China into 3 groups,in order to lay the foundation for the following empirical research.Finally,in order to provide further support for model construction and empirical testing,this paper analyzes and studies the regional differences in the factors affecting personal risk demand from theperspective of regional development difference theory and related theoretical factors affecting personal risk demand.Totally,8 variables including economic,demographic and social categories are identified.According to the research above,this paper uses the panel data with fixed effect model to study the factors affecting the personal insurance demand in different areas.This paper first conducts empirical tests on a nationwide macro perspective,and thenconducts empirical tests on the 3 parts mentioned above.The results of the study show the following results.The economic variables have a greater impact in areas with low economic levels.The positive effects of demographic variables are greater in economically developed regions.The influence of social variables has large regional differences.Based on the research results,the paper puts forward some countermeasures and suggestions from the perspectives of relevant government departments,regulatory authorities,insurance and related industries.