This paper constructsa theoretical model of enterprise operation under the constraints of industry regulatory policies, and studies the influence mechanism of human capital investment on enterprise operation efficiency in China’s property insurance industry. At the same time,the paper is based on the sample of data from human capital investment and enterprise operation of various enterprises in the property and casualty insurance industry. The simultaneous equation model was used to obtain empirical results. The main conclusions obtained in this paper are: due to the existence of the minimum price limit, improving human capital will not expand the scale of enterprises but will increase the cost of enterprises, resulting in a decline in enterprise operating efficiency, and the industry’s human capital investment is negatively correlated with enterprise operating efficiency. Further, the relationship changes with the change of regional market saturation, and thisphenomenon is more serious when the market saturation is high. Finally, this paper givescountermeasures and suggestions from the aspects of talent strategy development and insurance industry supervision of property insurance companies.