Research On The Mechanism Of The Development Of Ningxia's Insurance Industry To Influence Economic Growth

As an important part of the financial industry,the insurance industry has a more and more obvious impact on the macro-economy,and it has fully played the role of "social stabilizer".Especially the insurance industry plays an important role in consumption,investment,export and technological progress by giving play to the functions of risk transfer and economic compensation,financing and social management.Starting from the current situation of Ningxia's insurance industry development and economic growth,this paper discusses the mechanism of Ningxia's insurance industry's impact on economic growth,mainly from the following levels.First of all,on the classification of insurance,insurance development connotation,measure insurance development index and its restricting factors,the insurance function aspects,while insurance has the function as the starting point,the theoretical analysis of insurance's impact on economic growth path--consumption,investment and export,technological progress and employment.Secondly,in the implementation of the Ningxia insurance industry development and economic growth in the real state,through the establishment of time series VAR model,the overall impact on economic growth,the development of the insurance industry's impact on economic growth path,personal insurance and property insurance two basic categories of economic growth effect is analyzed from empirical to development the insurance industry.At the same time,combined with the data from five provinces in Northwest China,we build a time series VAR model,and compare the overall impact of Ningxia's insurance industry development on economic growth,in order to explore the impact mechanism of Ningxia's Insurance Development on economic growth.In the part of the empirical study,this paper,on the one hand,combines the cointegration equation,Grainger causality test,impulse response function,variance decomposition and other measurement methods to find that there is a positive long-term equilibrium relationship between the development of Ningxia's insurance industry and economic growth,and the development of insurance industry in Ningxia promotes economic growth in one way.According to the specific types of insurance,Ningxia personal insurance promotes economic growth one by one,while Ningxia property insurance and economic growth have two-way promotion effect.The development of Ningxia's insurance industry,through consumption,investment,technological progress,export and other ways to affect economic growth,is also existing,and the impact of economic growth through investment and technological progress is relatively strong,and the impact of economic growth through export,consumption and other ways is relatively weak.On the other hand,the way of the development of Ningxia's insurance industry(consumption,investment,technological progress,exports,etc.)is found by further combining quantile regression:when they are at different points(at different levels),the development of the insurance industry is positive for consumption,investment,technological progress,export and so on.Through the further construction of the simultaneous equations,the same conclusion has been obtained,and it is found that the impact of the intersecting between Ningxia's insurance industry and other financial sectors on economic growth is still limited.Finally,based on the empirical analysis,this paper puts forward some suggestions:to further improve the function of insurance,to improve the people's insurance demand and insurance awareness,to balance the development level of personal insurance and property insurance,Strengthening interaction with other financial sectors.