Abstract:
We analyze three supplying factors affecting the life insurance's consumption that are the quality (surrender ratio, portion of traditional life insurance), momentum (portion of new business), and efficiency (DEA efficiency). The empirical evidence suggests that improving the quality and efficiency of life insurance supply significantly increases the consumption of life insurance. Moreover, the momentum on the supply front creates additional consumptions. This paper is original in the sense that we design an empirical framework to quantitatively assess the supplying effectiveness and supplying factors' impact on consumption. In addition, we improve and innovatively apply the spatial autocorrelation model on the insurance consumption studies.
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