我国寿险风险证券化的运行模式研究

【作者】 王秀瑜；

【导师】 刘喜华；

【作者基本信息】 青岛大学 ， 金融学， 2009， 硕士

【摘要】 寿险风险证券化是具有融资和风险转移功能的金融创新工具,它不仅可以提高寿险公司资本的流动性,降低资本成本,而且还可以提高其抵御风险的能力,有助于寿险公司预期利润的实现。随着寿险风险证券化产品在国际市场上取得成功,资本市场与寿险市场必然会趋向一体化。对我国寿险公司来说,依靠传统的规避风险的手段已不足以应对所面临的风险,与资本市场共同发展不仅是我国金融体系发展的客观要求,而且也是我国加入WTO以后保险业发展的必然选择,所以,我国寿险业也应当尝试进行寿险风险证券化的实践。在深入剖析寿险公司承保风险的基础上,从产品研发的精算技术出发,对寿险风险证券化产品定价的相关原理进行研究,分析寿险公司在经营过程中所面临的风险因素。通过对准备金和保单价格制定原理的分析,发现寿险公司面临的核心风险因素是死亡率、利率和费用率。在对国外寿险风险证券化运作模式进行评述的基础上,结合我国寿险市场和资本市场目前的发展现状,分析和探讨了在我国寿险业引入证券化技术的可行性,在此基础上,提出了我国寿险业实行寿险风险证券化的运行模式。研究表明,我国寿险公司实行寿险风险证券化可采取以下三种模式:一是以融资为主要目的的寿险风险证券化;二是以风险转移为主要目的的寿险风险证券化;三是以险种选择去留为主要目的的寿险风险证券化。更多还原

【Abstract】 The life accepting insurance risk securitization is the kind of instruments, with which Life Insurance Company tries to transfer operation risk to capital market, and then the company evades risk by trading between each other in finance market. As a new instrument with the function of financing and evading risk, it can not only improve liquidity of life insurance Company’s capital and lower the cost of its capital, but also enlarge the ability of resisting risk, then conducive to life insurance Company’s development, therefore, in an extent replace the traditional instruments. With the success of products in the international market, the tendency of integration between capital market and life insurance markets will become necessary. At present, the traditional evading risk tools can’t evade the risk, therefore, the development of capital market and life insurance markets together would be the requirement of financial system, and also the necessary choose after our country entrance’s to WTO. We should learn the successful experience, and try to practice the life accepting insurance risk securitization on the basis of present condition.On the basis of deep analysis of underwriting risk, the thesis does some research on insurance risk securitization and product pricing in the aspect of actuarial techniques of product R&D, then analyzes the confronted risks and the influential factors in the operation of Life Insurance Company. The thesis gives an analysis on the feasibility of bringing the securities technology into the life insurance industry throughout the research on the operation pattern of insurance risk securitization of foreign life industry, and the combination of the life insurance market and the present situation of the capital market, puts forwards the operation pattern of insurance risk securitization in the life industry of our country. The research shows that there are three operation patterns in the insurance risk securitization of life insurance Company, the kind of insurance risk securitization for financing, the kind for risk transferring and the kind for product choosing.更多还原