A Study On The Long - Term Development Track Of China 's Insurance Industry

In 1980, China’s insurance industry that had disappeared more than twenty years started to recover. Recently, after 35 years of development, China’s insurance industry has achieved rapid growth from scratch, in terms of total premium income, insurance density, and insurance penetration and has reached unprecedented levels. August 10, 2014, the "ten new countries" promulgated by the State Council states that "in 2020, insurance penetration will reach(premiums/GDP) of 5%, the insurance density(premium income/total population) 3,500 yuan/person ". Under the new situation of China’s economic growth declining in recent years, it is still unknown that this target can be achieved. Therefore, it will enable us to make an objective understanding of the historical stage in which China’s insurance industry lies, to know the space of future development and to predict the future direction of development of the insurance industry as accurately as possible, if we have a comprehensive analysis of the current state of development of the insurance industry and an objective evaluation for the gap between China’s insurance industry and the international one. All of this will provide powerful data foundation and theoretical support for the future policy of China’s insurance industry, governance of company and adjustment of product structure.The innovation of this paper has two points: First, the direction of research transfers from the overall analysis into a classification analysis. In this paper, the countries are classified according to religious culture and the insurance regulatory system, more in-depth and detailed. The specific issues have respective analysis. The impact of these two classification criteria for the insurance industry is found, which never happened before the article. Second, the scope of the study is narrowed down to China from the world. Based on the S-curve model of Enz(2000) and Zheng(2007, 2010), this paper firstly depends on our provinces panel data and studies the long-term track of China’s insurance industry.The paper includes 6 chapters. The first chapter is an introduction, it describes the background, the significance, the idea and the innovation of this article. The second chapter describes the relationship between the development of international insurance and the economic growth through the theory of narrative and the scatter diagram qualitatively. The third chapter is also about the development of international insurance and the economic growth, but this part is using the model of Logistic and it is quantitative. On the basis of chapter 3, the fourth chapter researches the influence of system to the development of insurance. It tacks religious and regulation as the classification standard, and then calculate the benchmark ratio of insurance penetration. The main content of the fifth chapter is the development of insurance about provinces of China. This part is based on the international insurance industry law of development that we have known. The sixth chapter is the conclusion of this paper.