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Will Marriage Promote Insurance Purchase? —— Empirical Evidence on the Effect of Marital Status on Family’s Demand for Commercial Personal Insurance in China

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  • Xiaoquan Wang
  • Haowen Jia
  • Yu Yan
  • Ruojin Zhang

Abstract

The risk-sharing function of marriage reduces demand for commercial personal insurance, but the increase in wealth, risk, and information sharing between spouses promotes it. Using data from the 2019 China Household Financial Survey, this study empirically found that compared with single households, married households were more likely to buy commercial personal insurance. We found that household income, social interaction, and household size were the main influencing mechanisms. Heterogeneity analyses showed that marriage significantly increased personal insurance demand if the household head was male, well educated, or middle-aged. Also, marriage had a heterogeneous influence on households with different demographics.

Suggested Citation

  • Xiaoquan Wang & Haowen Jia & Yu Yan & Ruojin Zhang, 2023. "Will Marriage Promote Insurance Purchase? —— Empirical Evidence on the Effect of Marital Status on Family’s Demand for Commercial Personal Insurance in China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(7), pages 2298-2312, May.
    • Handle: RePEc:mes:emfitr:v:59:y:2023:i:7:p:2298-2312
    DOI: 10.1080/1540496X.2023.2172318
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