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The Impacts of Insurance Market Structure and Nonlife-Life Insurance Structure on the“Insurance-Economic Growth”System
Pages: 3-20
Year: Issue:  12
Journal: Insurance Studies

Keyword:  insurance market structurenonlife-life insurance structureeconomic growthinsurance developmentnonlinear dynamic system;
Abstract: This paper built the economic growth and insurance development’s nonlinear dynamic system model based on 2004- 2014 quarterly data. We used the insurance market structure and nonlife-life insurance structure as control variables to comprehensively and systematically study and compare different control variables’ impacts on the economic system. The results revealed that there was a long-term nonlinear relation between economic growth and insurance development in China,the decrease of life insurance market concentration would promote economic growth,and the effect of life / nonlife structure to economic growth was different. Therefore,when seeking the optimal control over the economic system,we should decide on the control preference and choose suitable control time,welfare loss and control intensity. The result of optimal control experiments required that the insurance market concentration should be decreased and the relative scale of life insurance to nonlife insurance should be increased.
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