Analysis On The International Competitiveness Of China's Insurance Industry

The insurance industry is a key component of the current economic growth and is an effective way to carry out risk prevention.It is also reflect the enhancement of economic strength and improvement of living standard of a country(or region).The insurance industry can not only provide risk compensation for residents and enterprises,escort the lives of residents,but also the financing of the funds and maintain social stability.Due to the continuous development and progress of society,the awareness of urban and rural residents through the purchase of insurance to transfer their own risk are growing.Since the reform and openingup,with the promise of entering WTO,China's insurance industry gradually fulfilled and fully open,China's insurance industry has achieved rapid development achievements,the scale of premiums continue to expand,the insurance market continues to increase,the increasing ability of insurance services,China's premium income in 2016 overtaking Japan,ranked second in the world.However,China's insurance industry started late,whether it is insurance density or insurance depth,China and developed countries have a big gap.In the day,China's financial market opening to the outside world in an all-round way,the insurance industry has been in the international competition environment,the analysis of the insurance industry competitiveness,not only conducive to better supervision of the insurance regulatory authorities,but also conducive to the insurance industry to solve their own targeted insufficient,it is of great significance to further improve China's insurance industry.This paper adopts theoretical and empirical methods to study the development status and the level of competitiveness of insurance industry in China.First of all,it introduces the relevant theories,and then analyzes the current situation of China's insurance industry,using different analysis indicators to compare the competitiveness of China's insurance industry with other countries,through comparison can be concluded that China's insurance industry competitive advantage in the international market does not have significant advantages,by contrast,the international competitiveness of insurance industry in China has long been at a disadvantage.Secondly,the comparison of the competitive advantages of the 56 life insurance enterprises selected from the domestic market.It is concluded that the insurance enterprises in China have certain strength in the scale of development.However,there is still a certain gap in comprehensive competitiveness compared with the developed countries,and remains to be further improved.Thirdly,the comparison of the competitive advantages of the 43 property insurance enterprises selected from the domestic market.It is concluded that the insurance enterprises in China have certain strength in the scale of development.And foreign companies have a greater advantage in solvency.Then,combined with the porter's "diamond model" analysis method,summed up and related to the level of competitiveness of China's insurance industry are closely related factors,and regression analysis to understand the impact of different factors.Finally,in order to promote the scientific development of China's insurance industry,and improve the level of competitiveness,according to the conclusions of the analysis,to find the corresponding solution to the problem.