Study On The Competition Of Insurance Business Of Chinese And Foreign Insurance Institutions Under The Re-opening Pattern

With the gradual opening up of the domestic insurance industry,foreign insurance institutions have gradually entered China,and the foreign insurance industry has developed for a long time.It has more experience in the management and operation of insurance companies,and foreign insurance companies can enter China through joint ventures.The development of insurance companies brings advanced technology and management experience to promote the development of the domestic insurance industry,and the pattern of the domestic insurance industry will also change.With the reopening of China's financial industry,Chinese and foreign insurance institutions will inevitably launch fierce competition.Chinese-funded insurance companies have developed in China for a long time,have a broader customer base,and have a better understanding of the specific situation in China;foreign insurance companies The time to enter the country is short,and the company's management experience and financial strength are even stronger.In 2021,foreign-invested insurance companies will not be restricted by joint ventures.In the context of re-opening financial institutions,the competition between Chinese and foreign insurance institutions will become more intense,and Chinese and foreign insurance institutions should develop together to give play to their own advantages and make up for their disadvantages.Together to promote the healthy development of the domestic insurance industry.This paper mainly introduces the development status of Chinese and foreign insurance companies under the financial reopening pattern.Based on the evaluation index system of scholars' competition for insurance business,they select 10 insurance companies from Chinese and foreign insurance companies,from the operating capacity and scale of insurance companies.The growth ability and solvency are four to compare and analyze Chinese and foreign insurance companies,and then summarize the competitive disadvantages of Chinese and foreign insurance companies,based on which to make recommendations for Chinese and foreign insurance companies.Chinese-funded insurance companies should strengthen their business innovation capabilities,strengthen capital allocation capabilities,enhance the company's solvency,pay attention to corporate personnel training,and enhance the company's growth capabilities;foreign-invested insurance companies should focus on localized operations and improve the development of insurance companies' operational capabilities;Strengthen the development of the company's insurance business and enhance the scale of business development.At the same time,with the external development of the domestic insurance industry,foreign-invested insurance companies should also make changes to wholly-owned enterprises.