School of Insurance, Central University of Finance and Economics, Beijing, 102206, China
As the problem of population aging in China exacerbates, the impact of population aging on commercial insurance purchase behavior has become an increasingly important issue. Based on CHFS data in 2017 and the Probit model, this paper empirically explores how population aging will affect commercial insurance purchasing behavior. It is found that with the increase of the proportion of the elderly aged 65 and above in the household, the possibility of the household purchasing commercial insurance is significantly reduced, which may further hinder the development of China's insurance market. Besides, the age of the head of household and whether the household is located in rural areas have a significant negative impact on the purchasing of commercial insurance. The marriage status of the head, education level of the head, family size, total assets, and financial market participation of the household have a significant positive impact on the purchasing of commercial insurance. Finally, based on the analysis and judgment of the regression results, this paper puts forward corresponding suggestions from the government, insurance companies, and households.
Population Aging, Commercial Insurance, Probit Model, CHFS Data
Shuqin Lan. The Impact of Population Aging on Commercial Insurance Purchasing Behavior: Evidence from China. Academic Journal of Business & Management (2021) Vol. 3, Issue 4: 55-62. https://doi.org/10.25236/AJBM.2021.030412.
 Ding R. (2019) Study on the Influence of Population Aging on the Purchase of Commercial Insurance for Urban and Rural Household. Shanghai International Studies University.
 Jin X. (2019) Research on Influence of China’s Population Structure on Life Insurance Demand——An Empirical Research Based on provincial panel data. Hefei University of Technology.
 Kehang L. (2019) Study on the influencing factors of premium income of commercial health insurance in China. China Market. 01, 71-72.
 Lin S. (2019) Residents' Happiness, Subjective Attitude and Commercial Insurance Market Participation. Economy and Management. 33(02), 45-53.
 Luman X., Siting L., Jianbo T. (2014) The influence of aging population on commercial medical insurance. Knowledge Economy. 24, 45-46.
 Mark J. Browne, Kihong Kim. (1993) An International Analysis of Life Insurance Demand. Journal of Risk & Insurance.4.
 Minghua Z. (2014) Development opportunities and Countermeasures of commercial insurance in China under the background of aging. Inner Mongolia Statistics. 5, 29-31.
 Vince E. Showers, Joyce A. Shotick. (1994) The Effects of Household Characteristics on Demand for Insurance: A Tobit Analysis. Journal of Risk and Insurance. 3.
 Ya G. (2019) Financial Knowledge, Liquidity Constraints and Household Demand for Commercial Insurance——An Empirical Research Based on CHFS2013 Survey Data. Nanjing University.