Navigating Challenges and Opportunities: A Comparative Study of Insurance Practitioners in China and Beyond

Abstract

Since China’s reform and opening up in 1978, the Chinese economy has grown rapidly and has now become the world’s second-largest economy. With the transition from a planned economy to a market economy, Chinese households are facing greater market risks. This development has led to a continuous increase in the demand for financial security among Chinese residents, as well as the rapid growth of the insurance industry. However, although China has become the second largest insurance market since 2017, it still faces major challenges, including the lack of public trust and preparation in managing crises such as COVID-19. This study aims to identify the key factors affecting the development of insurance professionals in China by comparing the differences between insurance industries in different countries. From an international perspective, emphasize the existing gap in labor force in China’s insurance industry, and propose the best practices and innovative paths suitable for China’s national conditions. I hope these findings provide valuable insights for strengthening China’s insurance industry and enhancing its international competitiveness.