With the development of the financial industry market, China’s attention has been drawn to the role of insurance and economic development in the insurance industry. The aim of the paper is to determine the impact and development of the insurance industry of the regional economy; formulate an appropriate policy for the insurance industry. The tasks of the study are to analyze the contribution of the insurance industry to the economic development of China and the impact of property and life insurance on economic growth in the region. The author applies methods such as literature analysis and empirical research. Reference samples selected for the study form a theoretical basis. The paper defines the study model, study variables, and statistics. Based on the research on the economic growth theory, the author uses the endogenous economic growth model to conduct empirical research and test the data of various regions in China from 2013 to 2019. The author uses statistics to conduct empirical analysis and report research findings and interprets empirical results using comparison methods and graphs. The study reveals that life insurance and property insurance are conducive to the steady growth of China’s economy, reduce economic risks, promote the development of investment and exports, and promote economic growth. The development of the insurance industry has realized the collection of funds and supported the development of regional industries, and has improved the efficiency of the use of funds. The author concludes that the development of policies of the insurance industry in different regions and the development of the adaptive insurance business are more conducive to economic stability and growth. The findings of the study can be applied to countries with different economic development by region, such as Russia.
This article aims at the impact of changes in the economic environment on China’s property insurance industry, using comprehensive literature analysis and empirical analysis, selecting variables, and using the National Bureau of Statistics of China and Wind database 2013–2019 data to conduct a principal factor analysis. It proves the role of such factors as promoting the development of China’s property insurance, economic system reform, demographic changes, and technological progress. The research was funded by the CSC Committee. The article provides a theoretical reference for the analysis of China’s property insurance development policies and measures, and explains the role of selected variables in the development of the property insurance industry. The specific role of external economic factors in the development of China’s property insurance is the future Research direction. The research results can provide references for developing countries and regions to formulate property insurance industry policies.
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