Econometrics

Income protection insurance

Economics

Market economy

Archaeology

Infectious disease (medical specialty)

Property insurance

Business

Disease

Coronavirus disease 2019 (COVID-19)

Pandemic

China

Geography

Social security

Social insurance

General insurance

Pathology

Actuarial science

Casualty insurance

Adverse selection

Panel data

Insurance policy

Medicine

Emerging Markets Finance and Trade

The insurance market has been greatly impacted by the outbreak of the COVID-19 pandemic. We employ monthly provincial panel data and fixed-effects models to study how COVID-19 has impacted China's insurance market. The study finds that the commercial insurance premium income, the monthly year-on-year growth rate of premium, insurance density, and insurance depth have all decreased due to COVID-19. The negative impacts on property and personal insurances are both statistically significant. Raising the level of social security and digital insurance can alleviate the adverse impact of the pandemic on the insurance market.

How Does COVID-19 Affect China’s Insurance Market?