Population Aging and the Demand for Private Health Insurance in China

Zheng Lili ()
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Zheng Lili: Central University of Finance and Economics, 39 South College Road, Haidian District, Beijing 100081, China

Asia-Pacific Journal of Risk and Insurance, 2022, vol. 16, issue 1, 47-80

Abstract: This study examines the potential impact of aging on the demand for private health insurance (PHI) in China. Using the provincial data for 2000–2018, we find that a 1-percent increase in each proportion of the elderly population and old-age dependency ratio increases the PHI demand by 4.8 and 5.2%, respectively. A one-percent increase in the child dependency ratio decreases the PHI demand by 1.5%. We employ an instrumental variable approach; the findings support that the proportion of the elderly individuals in the total population, old-age dependency ratio, child dependency ratio, and urban green area significantly affect the PHI demand. The rolling estimate indicates that aging has a significant positive effect on the PHI demand over a rolling window of a fixed sample size. Additionally, by controlling for province and year fixed effects, we find that aging is positively associated with the PHI demand in China.

Keywords: population aging; private health insurance; insurance; China (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1515/apjri-2019-0042

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