How Insurance Industry of China Responds to The Crisis of COVID-19

Abstract

In the context of the normalization of the COVID-19 epidemic, the insurance industry, as an important part of the financial market, has been affected positively or negatively, and its functions such as risk management and social stability have been widely valued. The transformation of the insurance industry is already in progress. In addition to the stimulation of the epidemic, the development of China's insurance industry faces many inevitable challenges in the fight against COVID-19; For example, insurance consumers are not rational, insurance claims are under pressure, offline business is blocked, and other challenges also usher in opportunities such as stimulated insurance demand, marketing upgrading, business transformation, and rapid development of life insurance, health insurance, Internet insurance, and credit insurance. In order to effectively cope with the crisis faced by the insurance industry, insurance companies can learn from international experience, establish emergency response function organizations, open online marketing models, innovate  insurance types related to the epidemic, and actively build insurance smart enterprises by using science and technology to do a good job in the prevention and control of COVID-19 epidemic, so as to achieve the sustainable and healthy development of the insurance industry.