Interregional Population Flow and Open Growth of Insurance — Empirical Analysis Based on Provincial Panel Spatial Econometrics

With China being gradually transformed into an open society where population can flow freely, it deserves more attention that interregional population flow will bring about the interactive growth of insurance. Based on the traditional insurance growth theory, this paper focuses on the internal mechanism how interregional population flow can affect insurance growth, uses the provincial panel data from 2012 to 2015 to construct a flow spatial weighting matrix based on the interregional population flow scale, and sets up a spatial econometric model for empirical analysis. Results show that, if the population flow increases by 1 percentage point, the region's insurance industry will grow 0.0794 percentage points, and other regions' insurance will grow 0.184 percentage points, making the national insurance industry increase by 0.264 percentage points., which is to say, the indirect effects of spatial knowledge spillover on insurance growth account for more than two thirds of the overall effects. This conclusion provides the policy enlightenment for promoting the interregional population flow, adjusting the product structure and marketing strategy in time by insurance companies, and promoting the balanced and coordinative development of the insurance industry in China.