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This study applies the Sequential Panel Selection Method to investigate  whether the growth rate of total insurance premium is independent of their  size, as postulated by Robert Gibrat’s (1931) Law of Proportionate Effects.  Time-series data for the total insurance premium of 35 insurance companies in  China during the December 2005 to May 2011 period are used. Since other  panel-based unit root tests are joint tests of a unit root for all members of  a panel and are incapable of determining the mix of I(0) and I(1) series in a  panel setting, the SPSM, proposed by Georgios Chortareas and George  Kapetanios (2009), classifies a whole panel into a group of stationary series  and a group of non-stationary series. In doing so, we can clearly identify  how many and which series in the panel are stationary processes. The  empirical results from the SPSM tests unequivocally indicate that Gibrat’s  Law is only valid for one of these 35 companies studied here. Our study has  important policy implications for insurance regulation, insurance market  construction, and policyholder protection

Does Gibrat’s law hold in the insurance industry of china? A test with sequential panel selection method