Abstract
With the development of the financial industry market, China’s attention has been drawn to the role of insurance and economic development in the insurance industry. The aim of the paper is to determine the impact and development of the insurance industry of the regional economy; formulate an appropriate policy for the insurance industry. The tasks of the study are to analyze the contribution of the insurance industry to the economic development of China and the impact of property and life insurance on economic growth in the region. The author applies methods such as literature analysis and empirical research. Reference samples selected for the study form a theoretical basis. The paper defines the study model, study variables, and statistics. Based on the research on the economic growth theory, the author uses the endogenous economic growth model to conduct empirical research and test the data of various regions in China from 2013 to 2019. The author uses statistics to conduct empirical analysis and report research findings and interprets empirical results using comparison methods and graphs. The study reveals that life insurance and property insurance are conducive to the steady growth of China’s economy, reduce economic risks, promote the development of investment and exports, and promote economic growth. The development of the insurance industry has realized the collection of funds and supported the development of regional industries, and has improved the efficiency of the use of funds. The author concludes that the development of policies of the insurance industry in different regions and the development of the adaptive insurance business are more conducive to economic stability and growth. The findings of the study can be applied to countries with different economic development by region, such as Russia.
Highlights
With the development of the financial industry market, China’s attention has been drawn to the role of insurance and economic development in the insurance industry
The tasks of the study are to analyze the contribution of the insurance industry to the economic development of China and the impact of property and life insurance on economic growth in the region
The study reveals that life insurance and property insurance are conducive to the steady growth of China’s economy, reduce economic risks, promote the development of investment and exports, and promote economic growth
Summary
Insurance companies interact with other economic sectors through investment activities to ensure the sound development of the national economy [4]. The social management function in insurance coordinates social and economic life, guarantees social and economic order and increases the efficiency of social operations This reduces friction between people, enterprises and government and ensures the stability of the social environment for regional economic development within certain limits [8]. The development of insurance markets in both industrialized and developing countries has had a positive and significant causal effect on economic growth [14]. The life insurance industry in high-income countries plays a more important role in promoting economic growth [15]. Empirical analysis of the relationship between the development of the insurance industry and regional economic growth is mainly based on the model of endogenous economic growth. The insurance market is characterized by interconnection with other components of the country’s economy It has a significant impact on the development of the economy of the country and individual regions. What is the internal relationship between the rapid development of the insurance industry, sustainable and stable economic growth in various regions of China, and the gradual improvement in the quality of economic growth? How to play a role in the process of regional economic growth? When formulating economic or financial policies, how should we take into account the sustainable development of the insurance market and limit the volatility of the insurance market?
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