중국의 보험서비스 성장요인은 무엇인가: 생명보험부문을 대상으로 한 세부지역 단위 연구 = What Drive the Growth of Insurance Industry in China?: Focused on Life Insurance Sector in Sub-regions

다국어 초록 (Multilingual Abstract)

The purpose of this paper is to discuss the development of a financial service industry in China. In a financial service industry, we selected the life insurance sector as a research sample. Using the data collected from 31 cities and provinces in China, we present an empirical investigation of the determinants in China`s life insurance demand. The determinants were measured with the following aspects: premium volume, insurance density, and insurance penetration. As for the life insurance premium, the regressions were administered separately for the three sub-samples of the coastal, the central and the western provinces/cities. This helped us to examine the effect of the explanatory variables on the life insurance demand in different areas. Our econometric results revealed that variables, such as disposal income, urbanization, education, and saving, are found significantly, and are positively related to the life insurance premium, as we have predicted. In contrast, the social expenditure and inflation significantly decreased the demand for life insurance. The coefficients of independent variables in the regressions with insurance premium as a dependent variable in the sub-sample of three regions are generally significant and similar to that of the overall sample analysis.