Exploration of the impact of demographic changes on life insurance consumption: empirical analysis based on Shanghai Cooperation Organization

Based on the panel data of eight member states of Shanghai Cooperation Organization (SCO) from 1996 to 2019, this study explores the impact of demographic changes on life insurance consumption in SCO member countries under the framework of static panel model and dynamic panel model. And the study an...

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Bibliographic Details
Published in:Economic research - Ekonomska istraživanja 2023-07, Vol.36 (2)
Main Authors: Zhang, Zhifeng, Xu, Haodong, Shan, Shuangshuang, Lu, Yuqi, Duan, Hongyan, Lyu, Yipin
Format: Article
Language:English
Subjects:
Aging
Consumption
Cooperation
degrees of aging
demographic changes
Dependency
dependency ratio
Economic theory
Insurance companies
Islam
Life insurance
life insurance consumption
Longitudinal studies
Panel data
Religion
religious heterogeneity
Sales
Shanghai Cooperation Organization
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Summary:Based on the panel data of eight member states of Shanghai Cooperation Organization (SCO) from 1996 to 2019, this study explores the impact of demographic changes on life insurance consumption in SCO member countries under the framework of static panel model and dynamic panel model. And the study analyzes the heterogeneity of religious division and different aging degrees. The empirical results show that both old-age dependency ratio and teenager dependency ratio have positive impacts on life insurance consumption in the SCO countries. Besides, the current consumption of ordinary life insurance significantly stimulates the future consumption of ordinary life insurance. Furthermore, demographic changes have heterogeneous impacts on life insurance consumption in terms of different religions and different degrees of aging. Our findings provide managerial implications for insurance companies that carry out life insurance business in SCO member states. Insurance companies should consider the policyholders' life insurance consumption in accordance with demographic changes of both old-age dependency ratio and teenager dependency ratio, and also take differentiated life insurance sales strategies according to different degrees of aging and whether the residents believe in Islam.
ISSN:1331-677X
1848-9664
DOI:10.1080/1331677X.2022.2134905