Bycollecting the bidding data of 106 water conservancy and hydro-power insurance service projects, the behavior characteristics of the insurers, applicants and insurance brokers are analyzed based on the stakeholder theory. The methods for calculating the insurance rates for water conservancy and hydro-power projectsas well as the characteristics of bidding rates are investigated. Finally, the relevant policy suggestionsare put forward for the sustainable and healthy development of the insurance industryof water conservancy and hydro-power projects.