Research On The Impact Of Clan Culture On Household Private Insurance Participation

With the improvement of China’s socialist market economic system and the increasing requirements of social subjects for risk management,insurance,as one of the three pillars of the financial industry,plays a more and more important role in economic compensation and financing.Existing studies have shown that many factors could affect household commercial insurance take-up.Culture is the inexhaustible driving force supporting the development of a country and a nation,changing people’s values and acting on people’s behavior decisions.As an important part of traditional Chinese culture,does clan culture affect the household insurance market decision making? This paper attempts to make an in-depth study of the household’s participation in the commercial insurance market in China from a cultural perspective,represented by clan culture.Based on theoretical research and empirical analysis,this paper discusses the influence of clan culture on household commercial insurance participation and its internal mechanism.The results show that clan culture has a significant positive impact on household commercial insurance participation.Based on the robustness checks such as changing variables,adding control variables and propensity score matching,it is found that this conclusion is robust.The path study finds that clan culture increases the household’s access to commercial insurance information by promoting social interaction among clansmen,and then promotes the household’s participation in the commercial insurance market.Further study shows that there is heterogeneity in the influence of clan culture on household commercial insurance participation.Clan culture has a positive effect on household commercial insurance participation in rural,low-income and high cognitive ability households,but has no significant effect on urban,high income and low cognitive ability households.This paper analyzes the participation of household commercial insurance from a cultural perspective,which enriches the research on household commercial insurance,and also provides some references for the service innovation of insurance industry and the formulation of national macro policies.