Current Situation, Problems and Countermeasures of China’s Insurance Industry

Abstract

Insurance is a contractual economic relationship, an effective way to plan for risk and an important pillar of the financial system and the social security system. This article introduces the basic overview of Chinese insurance industry: the scale of insurance premium and the number of market players, insurance depth and insurance density, loss ratio and expense rate, claim timeliness and payout rates. And point out the difficulties meet by the insurance industry at this stage of development: difficulty to make new customers, Employees slumped, Industry losses public trust, the quality of employees is low. Then analyze the reason behind these problems. About four problems mentioned earlier, this article proposes countermeasures to solve the dilemma of Chinese insurance industry from many aspects such as employment mechanism, laws and regulations, and mass public.