Study On The Development Of Life Insurance Industry And Its Influencing Factors In Hunan Province Based On Panel Data

China is the largest developing country in the world.The continuous rapid economic development,the acceleration of industrialization and urbanization,the huge population base and the deepening of aging,and the long existence of the urban-rural dual structure have brought enormous pressure to China’s social security system.In the process of social development in recent years,commercial insurance plays an increasingly prominent role in the construction of social security system.Developing commercial life insurance and giving full play to its supporting role in the social security system are of great significance to promoting economic restructuring,deepening reform and maintaining social stability.In recent years,China’s commercial life insurance has developed rapidly.In 2010,the original premium income of China’s life insurance industry was less than 1 trillion yuan,and the asset scale of life insurance companies was only 4264.2666 billion yuan.In 2018,the original premium income of life insurance business nationwide has reached 2072.286 billion yuan,and the total assets of life insurance companies have reached 14.61 trillion yuan,up by 10.55% from the beginning of the year.With the rapid development of life insurance,the function and role of life insurance industry are also continuously enhanced and its status is greatly enhanced.Under this new situation,it is particularly important to deeply study the relationship between life insurance development and its influencing factors.However,the development of life insurance in different regions of China is not balanced.Based on the research on the influencing factors of life insurance development,this paper takes the data of 14 regions in hunan province from 2000 to 2017 as the sample,and uses panel data analysis method to conduct an empirical study on the influence degree of various influencing factors on life insurance development,The data of life insurance development influencing factors in 30 provinces and autonomous prefectures,as well as the data of various regions in hubei province and the development of life insurance industry in hunan province were used for comparative analysis from 2000 to 2017.The empirical results show that the life insurance industry in hunan province has achieved good results on the whole in recent years,but there is still a certain gap between it and the national average level and the life insurance developed areas.