This paper constructs individual and integral models reflecting the volatility of insurance stocks and analyzes the different roles of the operating performance and market mood in price volatility of insurance stocks. Empirical study shows that the prices of insurance stocks have autoregression character and do not largely deviate in short time, that the prices of insurance stocks and insurance performance change in reverse direction, which reflect the cycle character of insurance business, that the prices of insurance stocks change in the same direction of Shanghai Index and in the reverse direction of Shenzhen Index, which reflect the character of largecapital insurance stocks, and that prices of insurance stocks are easily shocked by financial policies and are sensitive to systematic risks. Serious stock prices volatility affects the development of listed insurance companies, the regulators should guide the insurers in time to disclose the information, and the insurers should maintain the stock prices on time.