Study On The Influence Of Chinese Insurance Market Development To Economic Growth

Since 1980 the resume of China's insurance industry has maintained a momentum of rapid growth. As one of the most rapid development of national economy sectors, the influence of the insurance industry to economic growth is more significantly. However, due to the development of China's insurance industry started later, the market is not perfect, compared to other financial the status of the industry is lower compared to other financial status of the industry, it can not give full play of the role to economic growth. Thus, in the period of China's economic transformation, it is necessary to assess the scientific function of insurance comprehensively, clear the channels of the insurance industry to promote economic growth, to make its risk management function, economic compensation, financial intermediation function and social management capabilities function role the four aspects can be elaborated more effectively, and thus which can service to the society better and more comprehensive.In this paper, we are based on the starting point for the study of economic growth and the theory of the financial development stimulates economic growth, recognizing that the insurance is not only dependent on itself have an impact on the economy and it will be through the combined effects with other financial sectors impact on the economy. In order to study the differences between these two effects at different economic development levels and financial development levels, the impact of the insurance to economic growth has what different impact and the impact what level to height. Taking into account the features of the role of economic casualty and life insurance, this paper innovative a way to build a new model to weigh the relationship between on property insurance, life insurance and the overall insurance and economic growth, a new model to weigh the relationship between on property insurance, life insurance and the overall insurance and economic growth and banks, securities synergies. Through the model test results the existence of insurance development structure and economic development structure, financial development structure exists inappropriate conclusions and conduct a study to analyze and make policy recommendations. The main contents include:1. Through sorting out the theory of the development of the financial impact on the economic growth, this paper introduced the theory of the history of the development of economic growth, as well as how the insurance industry plays on the economy role in promoting growth through its risk management function, economic compensation, financial intermediation function and social management function. And this paper make an analysis in the frame of two-sector model and the AK model,then point out the role of the insurance industry channels to economic growth.2.Set the data in 1999-2012 of 30 provinces as sample, using dynamic panel model to test and using quartile method divide the region of economic development and the region of financial development, under the different levels of economic development and the level of financial development to empirical analysis of the life insurance market, financial insurance market and the entire insurance industry impact on regional economic growth alone; and joint action among the three factors,banking and securities are actively supplement or vicious competition, and thus, if there are different impacts in the direction and extent of regional economic growth, and make analysis the reasons for the test results.Through having theory and empirical analysis of the insurance development and economic growth, it provide theoretical support for the adjustment of China's insurance market structure products data support for restructuring and adjusting the structure of the entire financial system and insurance,then we can understand the development trend of China's insurance industry more clearly.