Research On Contribution Of Insurance Development To Regional Economic Growth In Jiangsu Province

Since the birth of insurance,it has made important contribution to the economic development and stability of economic society.On the one hand,insurance has the general function of finance,including circulates funds and allocates social resources;On the other hand,insurance has the characteristics of risk management and economic compensation,which is conducive to social stability and increasing consumption,by this way it has a positive effect on economic growth.With the quick development of society,the economic operating environment is becoming increasingly complex,so risk control and prevention is particularly important.Therefore,It is of great practical significance to study the contribution of the insurance industry to the economic growth of Jiangsu Province,which is of great significance both economy and insurance development.Under the guidance of regional economic theory,in this paper,we use insurance industry of Jiangsu Province as the research object.Firstly,introducing the aspects of how the insurance development promotes the economic growth and the role of the insurance in the economic growth;Secondly,Analyzing the current situation of insurance industry and economic development in Jiangsu Province from two aspects: the whole and regional aspects;Thirdly,Based on the data from 2005 to 2015,using the panel data model to do empirical analysis,this part focuses on the contribution of property insurance and life insurance to economic growth,and then introduces the bank variables to analyze their interaction effect with bank on the economic growth,in addition,comparing the contribution of the insurance to economic growth in southern Jiangsu,central Jiangsu and northern Jiangsu;Finally,from the perspective of developing insurance and economic growth,put forward some recommendations about insurance development.It is found that the direct contribution of insurance industry to economic growth is prominent in Jiangsu Province,which showing the gradient distribution of southern Jiangsu,central Jiangsu and northern Jiangsu;From the overall perspective of Jiangsu Province,the development of property insurance has made great contribution to economic growth,and the contribution of life insurance is not obvious;From the regional point of view,the contribution of property insurance to economic growth has strong performance in northern Jiangsu,while central Jiangsu is weak,Life insurance has a restrictive effect on economic growth in northern Jiangsu,there is no significant relationship in southern Jiangsu and central Jiangsu;The relationship between the insurance industry and the banking industry is mainly competitive,but the cooperation is poor.Finally,in order to promote the development of the insurance industry and economic growth,putting forward some advice: optimize the proportion of property insurance and life insurance;property insurance implements different strategy in regional development;broaden the investment channels of life insurance;strengthen cooperation between insurance industry and banking;Strengthen the construction of insurance personnel;Regulatory work should more scientific and effective.