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

Zhifeng Zhang, Haodong Xu, Shuangshuang Shan, Yuqi Lu, Hongyan Duan and Yipin Lyu

Economic Research-Ekonomska Istraživanja, 2023, vol. 36, issue 2, 2134905

Abstract: 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.

Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/1331677X.2022.2134905 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:reroxx:v:36:y:2023:i:2:p:2134905

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rero20

DOI: 10.1080/1331677X.2022.2134905

Access Statistics for this article

Economic Research-Ekonomska Istraživanja is currently edited by Marinko Skare

More articles in Economic Research-Ekonomska Istraživanja from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().