Research On The Spatial Spillover Effect Of Property Insurance Development On Economic Growth In Guangdong Hong Kong Macao Great Bay Area

With the changing Chinese economy and increasing urbanisation,insurance is becoming an increasingly integral part of China’s economic development,modernisation and industrial transformation.The insurance sector also plays an important role in the creation of a modern economic system and the prosperity it is promoting.The Greater Guangdong,Hong Kong and Macau region is not only a prime showcase for China’s economic development,but also one of the most open regions in China.The insurance industry also has the opportunity and the challenge to explore innovative models.On the other hand,it can also provide the insurance industry with some benchmarks and lessons that can help it better contribute to economic growth in the Gulf region.This article first presents the background of the study,discusses the relevance of the current stage of research on the spillover effect of insurance on economic growth in the Greater Bay Area,and summarizes and compares the literature on insurance and economic growth.Second,the mechanism of the spatial spillover effect of property insurance in the Greater Bay Area is analyzed in terms of the relevant theories of economic growth and spillover effect,as well as the impact path.Once again,the current situation of economic growth and property insurance development in Greater Bay Area cities is analyzed,using the entropy value method to establish a comprehensive index of property insurance development level and Arcgis mapping software.It is found that the economic level and property insurance level in the Greater Bay Area have achieved good growth,but the differences between cities are still large,and property insurance and economic growth have the same development trend.Then,using panel data of each city in the Greater Bay Area from 2005 to 2020,including a comprehensive index of property insurance development level,GDP per capita and other control variables,and introducing Durbin’s spatial model,the empirical analysis showed that: Firstly,the development of non-life insurance in Guangdong Bay Area,Hong Kong and Macao can greatly stimulate the development of the local economy,and there is a positive contagion effect on the surrounding cities.Secondly,the spillover effect of economic growth is significant,and the correlation of economic growth between different cities is strong.Finally,based on the empirical results and the synergistic relationship between property insurance and economic growth,policy recommendations are put forward from six perspectives,including strengthening regional financial cooperation,promoting cross-city cooperation among enterprises,focusing on innovation in property insurance,improving the regulatory system of insurance,focusing on the cultivation of talent teams and vigorously developing the real economy.