关键词: 数字金融发展, 商业保险参与, 保险深度

Abstract: Given the rapid development of digital finance in China, few studies discuss the impact of digital finance development on household commercial insurance participation. By using the China Household Finance Survey data in 2015, 2017, and 2019, this paper empirically analyzes the effect of digital finance on household commercial insurance participation in China. The results show that digital finance development has significantly promoted the breadth and depth of household commercial insurance participation. Mechanism analysis shows that on one hand, digital finance has reduced transaction costs and increased the availability of commercial insurance services; on the other hand, digital finance has promoted household commercial insurance participation through the improvement of financial literacy and social interaction. Finally, heterogeneity analysis shows that the impact of digital finance on commercial insurance participation is much larger among young, higher educated households and households with better financial literacy and worse social security. Our finding suggests that digital finance improves households’ welfare by promoting commercial insurance participation, and more attention should be paid to potential policies to promote socially disadvantaged groups’ use of digital financial services in order to achieve greater inclusive financial effects.

Key words: Digital Finance Development, Commercial Insurance Participation, Insurance Depth