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A Reflection on Issues regarding the Reform and Development of the Insurance Industry in China
Pages: 3-12
Year: Issue:  8
Journal: Insurance Studies

Keyword:  insurancereformdevelopmentmarketizationinnovationinsurance supervision;
Abstract: The domestic and international economic situations are quite complicated at the moment and the insurance industry is facing with new risks and challenges. For the purpose of establishing China as an important insurance power in the world and promoting reform and development of the insurance industry,the paper comprehensively analyzed the current situation faced by China’s insurance industry. Then it proposed on the market- oriented reform directions characterized by a market- driven pricing mechanism,a market- driven insurance fund investment mechanism and a market- driven entry and exit mechanism; and offered some thoughts on business model innovation which mainly included product innovation,channel innovation and management innovation. It also elaborated on how to deepen fields of services under the guidance of "capturing the right problem". Finally,on the issue of regulation reform,the paper stated that the regulator would accelerate the establishment of the solvency adequacy system,promote differentiated supervision,accurately locate the "four driving forces",and continue with specific stringent supervision measures.
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