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@article{ART002623748},
author={Lee Kyonghee and Jang Hoon Choi},
title={Analysis of Factors Affecting Variable Annuities Consumption in Korea},
journal={Journal of Insurance and Finance},
issn={2384-3209},
year={2020},
volume={31},
number={3},
pages={103-139},
doi={10.23842/jif.2020.31.3.004}

TY - JOUR
AU - Lee Kyonghee
AU - Jang Hoon Choi
TI - Analysis of Factors Affecting Variable Annuities Consumption in Korea
JO - Journal of Insurance and Finance
PY - 2020
VL - 31
IS - 3
PB - Korea Insurance Research Institute
SP - 103
EP - 139
SN - 2384-3209
AB - There are few research results dealing with consumption of variable annuities, empirically using micro data. We analyse the characteristics of variable annuity policyholders and the determinant factors that affect consumption of variable annuities, using insurance consumer survey data (2017-2019) of the Korea Insurance Research Institute. The results of this study are as follows. The rate of variable annuity holders was 2.9% in average but it was declining from 2017 to 2019. Regression analysis shows that the propensity for consuming variable annuities is statistically significant in highly educated and high income consumer, which is a consistent result with prior research papers of the United States. Moreover, there is an inverted U-shaped relationship between age and the propensity. Though the propensity is higher for female in average, it is higher for male when income levels are higher. The propensity to hold variable annuities is higher for single females with older ages than younger ones. The results provide useful information for life insurance companies to understand the characteristics of the consumers for variable annuities.
KW - Individual Annuity;Variable Annuity;Determinant Factors
DO - 10.23842/jif.2020.31.3.004
ER -

Lee Kyonghee and Jang Hoon Choi. (2020). Analysis of Factors Affecting Variable Annuities Consumption in Korea. Journal of Insurance and Finance, 31(3), 103-139.

Lee Kyonghee and Jang Hoon Choi. 2020, "Analysis of Factors Affecting Variable Annuities Consumption in Korea", Journal of Insurance and Finance, vol.31, no.3 pp.103-139. Available from: doi:10.23842/jif.2020.31.3.004

Lee Kyonghee, Jang Hoon Choi "Analysis of Factors Affecting Variable Annuities Consumption in Korea" Journal of Insurance and Finance 31.3 pp.103-139 (2020) : 103.

Lee Kyonghee, Jang Hoon Choi. Analysis of Factors Affecting Variable Annuities Consumption in Korea. 2020; 31(3), 103-139. Available from: doi:10.23842/jif.2020.31.3.004

Lee Kyonghee and Jang Hoon Choi. "Analysis of Factors Affecting Variable Annuities Consumption in Korea" Journal of Insurance and Finance 31, no.3 (2020) : 103-139.doi: 10.23842/jif.2020.31.3.004

Lee Kyonghee; Jang Hoon Choi. Analysis of Factors Affecting Variable Annuities Consumption in Korea. Journal of Insurance and Finance, 31(3), 103-139. doi: 10.23842/jif.2020.31.3.004

Lee Kyonghee; Jang Hoon Choi. Analysis of Factors Affecting Variable Annuities Consumption in Korea. Journal of Insurance and Finance. 2020; 31(3) 103-139. doi: 10.23842/jif.2020.31.3.004

Lee Kyonghee, Jang Hoon Choi. Analysis of Factors Affecting Variable Annuities Consumption in Korea. 2020; 31(3), 103-139. Available from: doi:10.23842/jif.2020.31.3.004

Lee Kyonghee and Jang Hoon Choi. "Analysis of Factors Affecting Variable Annuities Consumption in Korea" Journal of Insurance and Finance 31, no.3 (2020) : 103-139.doi: 10.23842/jif.2020.31.3.004