個人年金保険の銀行窓販に関する一視点

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  • An Essay on the OTC Sales of Individual Annuity at Banks
  • コジン ネンキン ホケン ノ ギンコウ マドハン ニ カンスル イチ シテン

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This paper reports the effects of income, assets, bequest motives, and new distribution channels on individual annuity sales in the 47 prefectures of Japan in the 2000s. Both the number and value of new contracts grew rapidly until FY 2006. The ban on over-the-counter sales of individual annuity at banks was removed in October 2002. Thus, our empirical analysis investigates relationships between the per capita number of new contracts for individual annuity provided by domestic insurance companies and several explanatory variables, including the prefectural income per capita, the labor force participation rate of the elderly, the percentage of the homeowners, the amount of outstanding bank deposits per capita, the number of individual life insurance in force per capita, the "relative number of bank branches" in a region, the average life expectancy, and the Herfindahl Index calculated for the value of individual annuity contracts in force. The relative number of bank branches in a region is defined as the products of the logarithm of the bank branch density and the logarithm of the population per bank branch. The results from the OLS regression show that the relative number of bank branches positively affected the number of new contracts after FY 2003. The bank deposits and the number of life insurance in force also had the same effects.

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