Investigation of the Factors Influencing the Purchase of Personal Accident Insurance in Tier One Cities in China ()
ABSTRACT
Personal Accident Insurance (PAI) has played an
important role in the livelihood security of the residents in China, which is
unlike the situation in most developed countries. But in recent years, it has
been showing a significant reduction in the growth rate of the annual premium,
and it is even -0.16% in 2020 compared to 2019. To study the decisive factors
affecting the purchase of PAI, the willingness to purchase PAI and its
influencing factors have been investigated based on the data collected from the
residents of Shanghai, one of the most developed cities in China. A questionnaire
was conducted to collect the data and the chi-square test of independence and
histograms have been used to perform analysis. Our results indicate that PAI
coverage in Shanghai is about 33%. The unwillingness to purchase PAI has been
mainly ascribed to the residents’ weak awareness of the PAI, due to either
subjective reasons or objective reasons. Measures have been suggested to change
the declining situation.
Share and Cite:
Zhou, F. (2022) Investigation of the Factors Influencing the Purchase of Personal Accident Insurance in Tier One Cities in China.
Modern Economy,
13, 519-531. doi:
10.4236/me.2022.134027.