Factors Influencing the Consumption Behavior of Commercial Personal Insurance in One-Child Families

Abstract

: Based on the Stimulus-Organism-Response (SOR) theory, this study empirically analyzes the influencing factors of commercial personal insurance consumption behavior in one-child families in China, utilizing the 2015 China Household Finance Survey (CHFS) data. The study findings reveal that expenses related to interpersonal interactions, household assets, and the health condition of the household head significantly promote the adoption of commercial personal insurance in families. However, families within the institutional system and households with female heads are less inclined to purchase commercial personal insurance. Heterogeneity analysis, on the other hand, revealed that single-daughter families and urban households have a greater demand for commercial personal insurance. In comparison to single-daughter families, expenses related to interpersonal interactions do not significantly promote insurance adoption in single-son families. Compared to urban households, financial education significantly stimulates insurance adoption in rural households. This study provides valuable insights on the consumption patterns of one-child families and contributes to the development and innovation of the commercial personal insurance market. It also offers empirical evidence for the formulation of differentiated policies tailored to different family types.