| Summary: | 碩士 === 國立陽明大學 === 醫務管理研究所 === 104 === Purchasing behavior and of insured characteristics of long-term care insurance in Taiwan
Abstract
Background Information:
Taiwan is stepping into an Aging society due to rising life expectancy and declining birth rate. The need for long term care is imminent. Private LTC (long-term care) insurances become an important issue among our societies.
Research Purpose:
The aim of our study is to analyze the purchasing behavior of LTC insurance in a single insurance company database. We explore the characteristics of the insured and its association with the annualized premium level.
Research Method:
The research is conducted based on 74,637 in-force policies of one company with the effective dates from November 2008 to March 2015. Those policies are divided into two product types, account-based LTC (25,358 policies) and non-account based LTC, which is further divided into two types, LTC with surviving benefit (45,450 policies) and without surviving benefit (3,830 policies.) Descriptive statistics analysis is used to study account-based LTC and non-account based LTC. Regression analysis is used to identify the factors influencing the premium.
Research Results:
1.The purchase of account-based LTC Insurance is concentrated in age 44-53, and non-account based LTC in 18-30 & 44-52.
2.Average applying age (39.01 year-old) of account-based LTC insurance is higher than that of non-account based age (36.05 year-old).。
3.The LTC insured sharing is higher in females (53.2%) than that in males (46.8%).
4.Metropolitical LTC insured sharing (72.3%) is higher than non-metropolitical (27.7%) one.
5.The distribution of LTC underwriting decision: non-medical 81.1%, medical-standard 14.3%, and medical-substandard (4.6%).
6.Average LTC non-account based insurance premium is NT$49,612.41, and account based, NT$31,438.40.
7.The applying age distribution of the LTC insured is notably different from the age distribution of Taiwan population (significance at 0.01 level).
8.After controlling the factors of applying age (significance at 0.01 level), gender (significance at 0.01 level), sum assured (significance at 0.01 level), and underwriting decision (significance at 0.01 level), we found location (significance at 0.01 level) is associated with LTC premium. The average LTC premium of metropolis is higher than its counterpart.
Conclusion:
1.People who buy account-based LTC Insurance are mainly aged 44-53, and non-account based LTC, 18-30 & 44-52. Women purchase LTC more than men do, and people in metropolis are more willing to buy than those in non-metropolis.
2.LTC insurance premium is associate with applying age, gender, location, underwriting decision, and sum assured. However, the incidence rate is the main factor to influence LTC insurance premium. Since the information of the local incidence rates has not been available, currently those life insurance companies issuing LTC polices in Taiwan are using foreign data. It is presumably possible that there are lots of differences in the information of disability and dementia between Taiwan and foreign countries where the premium is established. Therefore the insurance companies in Taiwan are not able to calculate the claim cost and reserve accurately.
Declaration.
This research follows the principles of confidentiality and it should not be used for other unauthorized business purposes.
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