The insurance industry has its unique functions of risk management and protection and promoting social harmony and stability. It has been put to a historic test by COVID-19. However, “crisis” can be thought as hazardous “opportunity”, and only by actively coping with the crisis and turning it into opportunity can the industry be better. This paper deeply discusses the impact of this major epidemic on China's insurance industry and its future transformation and development from both short-term and long-term perspectives, so as to provide useful reference for the high-quality development of China's insurance industry.In the short term, the epidemic has both positive and negative effects on the development of the insurance industry. And the negative effects are obviously greater. In the long run, the epidemic has gradually changed the characteristics of the insurance market, and the improvement of public health conscious and insurance awareness has expanded the space for the future development of the insurance industry.Insurance industry, as an important part of economic system, plays the role of "stabilizer" and " cornerstone" in economic and social development. There’s more need for reflection and planning in the outbreak of the epidemic, and we should take this opportunity to solve the problem of the deep contradictions accumulated by the rapid development of the industry in the early stage, so as to accelerate the the process of transformation and upgrading to high-quality development. First of all, the rise of short-term social risk management and insurance awareness should be long-term, and we should gradually enhance the awareness level of the whole society to actively carry out risk management. Second, we should unswervingly promote supply-side structural reform. Moreover, we should deeply understand and grasp the development trend of science and technology enabling industry and promote the reform of operation mode.
