The Influence Of Commercial Insurance On China’s Old-age Service Supply

Since the 21 st century,China has been faced with an increasingly serious problem of aging population.China’s aging population shows a large base,rapid growth and other characteristics,pension has become an important issue related to the national economy and people’s livelihood.With the extension of life expectancy,changes in family structure and other reasons,the public’s demand for old-age services is gradually increasing and becoming more diversified.However,there are problems such as imbalance between supply and demand in China’s oldage services,increasing pressure on the supply of old-age services.The influence of commercial insurance on old-age service supply is gradually reflected.In order to cope with the pension situation,the state has introduced various measures to support the participation of commercial insurance in the old-age service industry.It is urgent for commercial insurance to participate in the construction of China’s elderly service system.Therefore,this thesis studies the impact of commercial insurance on China’s old-age service supply.This thesis combs the literature from the perspective of commercial insurance’s participation in old-age service supply and its influence,as well as the influencing factors of old-age service supply,so as to deepen the understanding of the research.The theoretical basis of this thesis is laid by related theories such as multi-pillar old-age security and welfare pluralism,and the theoretical mechanism of the impact of commercial insurance on the supply of old-age service is analyzed,that is,commercial insurance affects the supply of old-age service by investing in the old-age industry and providing insurance security,and the research hypothesis is proposed.Then it analyzes the current situation of the development of commercial insurance,China’s aging and the supply of old-age services,and finds that the overall development of commercial insurance and the supply of old-age services in China shows a rising trend.It also analyzes the current situation of commercial insurance’s participation in China’s old-age services and studies its influence.To test the previous analysis,panel data of 31 provinces(municipalities)and autonomous regions in China from 2012 to 2020 were selected as research samples,with insurance premium income and expenditure as core variables to measure commercial insurance development,endowment beds per thousand elderly population is as explained variable measure old-age service supply,The empirical test shows that commercial insurance has a significant positive effect on China’s old-age service supply,and the research hypothesis is verified.Through heterogeneity analysis,it is found that the positive effects of commercial insurance on China’s old-age service supply are significantly different in different regions.Finally,conclusions and suggestions are put forward based on the above: Firstly,commercial insurance companies should pay attention to the security function of insurance and effectively meet the needs of pension.Secondly,when investing in the pension industry,insurance companies should formulate development strategies,pay attention to risk control and appropriately extend the industrial chain.At the same time,improving the level of service to achieve accurate service.In light of the development situation of different regions,people should attach importance to regional differences and coordinate regional development.Finally,the author puts forward that relevant policies and laws should be improved to enhance public awareness.