The Impact Of Population Structure On Life Insurance Demand In China

Compared with other countries,China’s life insurance industry started late,but China’s life insurance industry is growing rapidly,in 2020,China’s life insurance premium income has reached 2,398.2 billion yuan.However,from the perspective of density and depth of life insurance,the per capita premium income of life insurance industry in China and the proportion of total economic value are low.In terms of population,China’s population structure is in a period of transition,the aging of population is deepening,and China’s population policy is also changing from the early family planning policy to the universal two-child policy,which has a profound impact on the development of China’s life insurance industry.In the context of unbalanced regional development and demographic transformation of life insurance in China,this thesis focuses on the regional differentiation of life insurance demand,empirically analyzes the impact of China’s population structure on life insurance demand,and finally studies the heterogeneity of the impact of population structure on life insurance demand in regions with different life insurance development levels.This thesis focuses on the influence mechanism,cluster grouping and regression analysis.Firstly,the relevant indicators are selected from three aspects of population structure to study the influencing mechanism of life insurance demand.Then,with average density and depth of life insurance as indicators,the life insurance industry in China is divided into three types of regions through cluster analysis.Finally,panel data of 30 provinces and cities from 2006 to 2020 are used to study the impact of population structure on the demand for life insurance in China on the whole sample and the sub-region sample by regression analysis method,and the heterogeneity of the impact on the sub-region is emphatically analyzed.The empirical study shows that old-age dependency ratio has a significant positive effect on life insurance demand,but it is not significant in the developed and underdeveloped areas of life insurance.Child dependency ratio has a significant negative effect on life insurance demand,but it is not significant in the middle life insurance area.Average education level has a significant negative effect on the demand for life insurance,but it is not significant in the developed areas of life insurance.Population urbanization has a significant positive effect on life insurance demand,but only in developed areas.There is no significant relationship between average household size and life insurance demand on the whole and by region.Finally,according to the empirical results combined with the reality,put forward relevant policy suggestions.