Will Marriage Promote Insurance Purchase? —— Empirical Evidence on the Effect of Marital Status on Family’s Demand for Commercial Personal Insurance in China

Wang, Xiaoquan; Jia, Haowen; Yan, Yu; Zhang, Ruojin

doi:10.1080/1540496x.2023.2172318

Cited by 3 publications

(1 citation statement)

References 21 publications

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“…Married families facing increased social pressure, such as the birth of a baby, the requirement to support parents, the new housing needed by the new household and other new requirements, would lead to the purchase of commercial insurance. Study showed that marriage significantly increased personal insurance demand (Wang et al, 2023a(Wang et al, , 2023b). An individual's selection of commercial insurance is influenced by one's risk attitude (Xu et al, 2018).…”

Section: Control Variablesmentioning

confidence: 99%

Research on influences of education and financial literacy on commercial insurance purchase in China

Lou,

Wang,

Zeng

et al. 2024

PAR

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Purpose With the rapid development of the economy in China, the wealth of residents has continued to increase, and most families have gradually been aware of the importance of commercial insurance. The family purchase of insurance in China was still not optimistic. Many scholars focus on wealth allocation, but the attention to the commercial insurance market was still less. Based on previous research studies, this study aims to investigate the impact of education and financial literacy on the commercial insurance purchase in China. Design/methodology/approach China Household Finance Survey data was used to investigate the purchase of commercial insurance in Mainland Chinese families. Factor analysis was used to construct financial literacy, and the education data were combined to analyze the commercial insurance purchase using the Probit model and the Tobit model. Finally, the contributions of education and financial literacy to commercial insurance purchases were analyzed. Findings Both education and financial literacy exerted a positive impact on the purchase of commercial insurance in China. Individual characteristics such as gender, age, marital status, risk attitude, purchase of social insurance and consultation with a financial advisor possessed significant effects; household factors like household size and assets, macro factors such as the density of financial institutions and the density of financial industry staff, and regional factors as local unemployment rate excreted influences on the commercial insurance purchase. Originality/value Based on the current economic development in China, this study investigated and expressed opinions on the public and insurance companies regarding commercial insurance purchases. It accentuated financial literacy and education as factors that facilitated commercial insurance development.

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Section: Control Variablesmentioning

confidence: 99%