Empirical Analysis On The Development Of Insurance Industry In Northwest China

It’s more significant for Northwest China’s economic development to promote the development of Insurance Industry in the region. So, In order to research the development of the insurance industry in the areas better,this paper is to analyze the development of the insurance industry and the affecting factors in that region. Finally, It will put forward relevant suggestions.The current situation and problems of the development of the insurance industry in Northwest China are cited in this article. It is mainly to analyze economic factors, social and cultural factors, institutional factors (economic growth, income factors, fixed asset investment, savings deposits and inflation factors and the degree of market, the structure of the total population, the level of education, risk awareness, the development level of social security, the interest rate level, industrial policy and legal environment and so on),which affect the development of the insurance industry in Northwest China.In this paper,four methods were used in the article-----premium income, insurance density, insurance penetration and benchmark ratio of insurance penetration, And five northwestern provinces’data in2010-2010were selected and compared by the horizontal analysis and vertical analysis. Conclusions is following:By calculating premium income and insurance density,we can see, the level of insurance industry in eastern China’s superior than central China’s insurance industry development,and the level of the insurance industry in central China’s superior than the level of the insurance industry in Northwest China;By the method of insurance penetration,there are little difference in the three regions;By the benchmark ratio of insurance penetration, the level of insurance industry in eastern China’s weaker than the other two regions in China. On this basis,by pearson correlation coefficient and empirical analysis, coming to these conclusions:premium income, insurance penetration have a significant positive correlation with GNP, the level of income, the savings rate deposits and fixed-asset investment; Economic factors are the main factors which affect the insurance industry in Northwest China; Ethnic and religious factors negatively correlate with the insurance density, they all verify the qualitative analysis of the front.According to the results of qualitative and quantitative analysis, this paper presents the development of the insurance industry to promote the Northwest countermeasures:Taking "Western Development" as an opportunity,strengthen economic development in Northwest China; Develop strategies in line with the development of the insurance industry in Northwest specialties and further promote the development of the insurance industry in the region;Insurance companies in Northwest regions should continue to strengthen self-construction; Strengthen insurance regulation, create a favorable legal environment; Publicize the concept of insurance,train professional insurance personnel,and so on.