Research On The Impact Of Population Aging On Residents’ Demand For Commercial Endowment Insurance

According to the United Nations definition of an aging society,the population aged 60 and above accounts for 10% of the total population,and the population aged 65 and above accounts for 7% of the total population,then the region will enter the "aging society".At present,China’s elderly population over 60 years old has reached 254 million,accounting for18.1% of the national population;the population over 65 years old has reached 176 million,accounting for 12.6% of the national population,and China is about to enter the stage of moderate aging.In addition,compared with developed countries,China’s aging presents the following characteristics: large scale,fast speed,getting old before getting rich,getting old before getting ready,significant aging and unbalanced regional distribution.Obviously,coping with the aging problem has become an important issue in China’s economic and social development.In 2020,Central Economic Conference pointed out that it is necessary to standardize the development of the third pillar commercial endowment insurance,establish and improve the "three pillar" pension security system,so as to solve the increasingly serious problem of population aging in China.This thesis first expounds the relevant concepts and theoretical basis of commercial endowment insurance,and then analyzes the current situation of population aging and the development of commercial endowment insurance in China.Then,based on the survey data of China General Social Survey（CGSS）in 2017,three indicators to measure the degree of population aging are selected: whether there is an elderly population in the family,the number of elderly population in the family and the proportion of elderly population in the family as explanatory variables.Probit and logit models are used to analyze the impact of population aging on Residents’ demand for commercial endowment insurance.The conclusions are as follows: on the whole,population aging has a significant positive impact on Residents’ purchase of commercial endowment insurance;from the perspective of urban and rural areas,population aging has a significant difference between urban and rural residents’ purchase of commercial endowment insurance,and urban residents’ demand for commercial endowment insurance is more significant than rural residents;from the perspective of different income levels,there are significant differences in the purchase of commercial endowment insurance among residents with different income levels,and the population aging has a significant positive impact on the demand of commercial endowment insurance among residents with high family income level.Finally,according to the conclusion of the empirical study,this thesis puts forward some suggestions from the government,insurance companies and individuals to promote the development of China’s commercial pension insurance.