Research On The Impact Of Insurance Industry On Economic Growth Of Hebei Province

As a famous resource province of our country,Hebei is rich in resources.Under the circumstances of many favorable conditions for social development,the economy is in an important period of urgent transformation and upgrading.At present,the adjustment direction of Hebei province has slowed down the speed of economic development.The development of the financial industry and the insurance industry can play its own role in the situation that the resources advantage is no longer obvious.In the economic transformation of Hebei Province,it provides a new direction and impetus for the social and economic development.In terms of insurance industry,this paper first analyzes the specific role of industry impact on economic growth from three aspects.Then,based on this,the paper elaborates the specific mechanism of the impact from five perspectives: risk transfer and compensation,technological progress,investment,consumption and export.Secondly,the author focuses on the integration of a lot of data,describes the actual situation of the insurance industry and economic growth in Hebei Province,and shows the relationship between the two,and provides support for the subsequent empirical analysis.In the part of the empirical research,the insurance industry and economic data of 11 cities are collected and the panel data model is constructed.Based on the previous research,the model and index are set,which is in line with the main research direction of this paper.Finally,the paper draws the conclusion: first the overall operation and development of Hebei insurance industry really promoted the economic.Property insurance plays a stimulating role in the growth process but the effect of life insurance is not significant.Then the compensation of the insurance industry in Hebei has not had a positive impact on the economic growth.Moreover,the regional fixed impact coefficients of 11 cities in Hebei are quite different.It indicates that the development of Hebei insurance market is uneven.Based on the empirical,considering the actual situation,this paper summed up the policy suggestions on the impact of the insurance industry on economic growth,reflecting the research value of this article.