保险工作要强化承保质量管理

保险工作要强化承保质量管理李海军不可讳言，十几年来，人保公司业务发展一直存在着“速度过热”因素，特别是在承保标的上往往追求的是数量，追求的是速度，而忽视了承保质量，忽视了承保以后保险企业经济效益。鉴于此，在保险展业时，应坚持承保条件，要求规范承保。企...     

社会资本对企业资本结构周期性变动幅度的影响——基于中国上市公司的实证检验

以2005—2014年中国沪深两市A股全行业上市公司为样本,实证检验了企业资本结构的周期性变动特征,以及社会资本对不同所有权性质企业的资本结构周期性变动幅度的影响。结果表明:企业的负债水平总体上呈顺周期变动特征,但国有所有权会减小企业资本结构的顺周期变动幅度;高水平社会资本降低了高负债水平民营企业资本结构的顺周期变动幅度,提高了低负债水平国有企业资本结构的顺周期变动幅度;民营企业资本结构的顺周期变动幅度过大且高于最优变动幅度;国有企业资本结构的顺周期变动幅度过小且低于最优变动幅度;社会资本起到降低民营企业资本结构顺周期变动幅度、提高国有企业资本结构顺周期变动幅度的作用,从而促使各类企业的资本结构向其最优水平回归,即高水平社会资本具有优化企业资本结构的作用。     

中国国际资本流入:周期变动、冲击因素及负面影响

笔者利用VEC模型,对1982年～2008年间中国资本流入与国内经济增长存在的变动趋势进行了实证检验,研究表明:中国资本流入与经济增长存在显著的同周期变动;国内经济增长率、人民币实际汇率指数、美国联邦基准利率、国内股票收益率与房地产价格变动对中国资本流入的规模和速度会产生较强冲击;国际资本流入的周期变动能引发人民币出现新一轮内外价值偏离,能延缓经济结构调整的步伐,还能放大外汇储备贬值风险,甚至增强宏观经济出现滞胀的可能性。     

机动车辆保险中的问题及改进建议

恢复同内保险收务15年来．找门保险收得到］”迅速、健康的发展，其中机动车辆保险已成为保险业务中的主要险种、随着机动车辆保险业务的发展．机动车辆的赔款金额、赔付率逐年急剧上升，使人保公司的整体实力受到很大的削弱。经过一段时间的调查、实践，我认为当前汽车保险中存在的主要问题是：一、业务人员素质不高由于保险业务发展速度快、工作量增大．补充的新平逐年增多，其收务能力与工作要求不相适应。具体表现在：1．有的理赔干部，不懂机动车辆的基本构造、性能等有关基础知识邪道路交通规则，盲目进行车辆事故的现场查勘、定损乃…     

新形势下的保险资金运用

保险在社会经济中的基本功能是提供风险补偿，而保险公司的资金运用是对其履行这种经济职能的保障，同时，也是保险企业实现自身发展的重要途径。从发达国家的经验看，保险公司承保业务利润空间很小，甚至长期亏损，主要靠资金运用收益来弥补承保业务的亏损，保险投资业务是国外保险公司最主要的利润来源。然而，由于种种问题的存在，我国保险投资业务无法获得快速、健康的发展，因此迫切需要加以解决。     

保险风险证券化在我国的可行性探讨

保险通过集合风险和分摊风险来达到有效管理风险的目的，但保险公司作为风险管理的机构，本身也存在着一定的经营风险。对于可能产生巨大损失的保险风险，保险公司应该如何进行管理呢?传统的思路是不全额承保或购买再保险，另一条思路是对承保的风险进行证券化，将其风险有效的转移到证券市场上，这即是“保险风险证券化”的思路。     

呼唤我国保险业的信用机制

随着中国加入WTO，中国的保险业更大范围地融入了世界保险业的经营格局中。如何在控制承保风险的同时，通过个性化、差异化的服务来树立专业、规范的企业经营品牌，是国内各家保险企业经营关注的核心问题。     

浅议我国机动车辆保险变化及走势

一、我国车辆保险的现状分析 (一)机动车辆保险概念。 机动车辆保险是运输工具保险中的主要业务,它以各种以机器为动力的陆上运输工具为保险标的,包括各种汽车、摩托车、拖拉机等。由于机动车辆本身所具有的特点,机动车辆保险亦具有陆上运行、流动性大、行程不固定、业务量大、     

中国海洋经济周期波动分析

在 “一带一路” 倡议下,中国海洋经济对外开放程度和对外依赖程度日益增长。同时,由于受不同层面的冲击影响,海洋经济的发展产生了不确定性进而引致了潜在的经济周期性增长风险。因此,对海洋经济运行的周期波动以及发展态势进行监测与预判,有利于海洋经济保持于稳健的增长路径之上。基于增长率指标构建的中国海洋经济扩散指数和合成指数的实证,研究结论表明: ①所构造的海洋经济扩散指数和合成指数具有较高的预测预判效果,先行指数、同步指数、滞后指数之间的变动存在合理的时差关系;②中国海洋经济存在显著的短周期性波动。进一步的研究发现,由于宏观政策调控和外部经济环境的显著性影响,海洋经济周期与中国宏观经济周期呈现出协动性特征。     

大病保险共保管理方式主要成效、问题及对策建议

在中国大病保险探索和实践中,出现大病保险承保的共保管理方式,这种方式取得了良好的经济社会成效,但也存在定价机制还不健全、医疗费用难以控制、合作需进一步加强等问题。为解决这些问题,应进一步加强共保合作,整合提升专业服务能力;建立大病保险管理信息平台,合理确定大病保险价格;进一步加强审核管理,控制不合理医疗费用;加强对共保商业保险机构监管。     

Implications for unisex statutes and risk-pooling: The costs of gender and underwriting attributes in the automobile insurance market

In this paper, we explore the effects of gender and other demographic features and benefit provisions on insurance premiums using individual data from a property and liability insurer domiciled in Georgia for three types of automobile insurance coverages: collision insurance, comprehensive insurance, and liability insurance. We report the implicit prices of individual and automobile underwriting attributes and find that the effect of gender on the insurance premium for each of our coverage types is significant but has a lower absolute effect than other underwriting attributes, raising questions about the regulatory impact of unisex statutes. Finally, we examine three alternatives open to the regulator who must mandate and monitor insurance pricing under a unisex statute.     

Do insurance activities enhance the performance of financial services holding companies?

Stiroh and Rumble (2006) and Yeager et al. (2007) have argued that extension of banks into nonbanking activities produces no diversification benefits for financial services holding companies (FSHCs) eligible to consolidate banking and insurance products. We investigate the effect of aggregate nonbank activities, as well as two main areas of insurance business, namely agency and underwriting enterprise, on the risk-adjusted performance of FSHCs. Our sample includes a quarterly panel data of FSHCs over the period 2003–2011. We find that the effect of FSHCs’ entry into agency insurance activities on their risk-adjusted returns is dependent on their size; it is positive for FSHCs in the top quartile of our sample (assets greater than $4.495 billions), but negative for smaller and mid-size FSHCs. The effect of underwriting insurance activities on risk-adjusted returns is generally negative or statistically insignificant, except for some of the largest-size firms.     

中国居民医疗保险购买行为研究-基于商业健康保险的角度

本文通过健康保险市场供需双方行为分析,构建居民医疗保险购买行为模型,利用中国健康与营养调查数据(2000—2006),运用部分观测的二元Probit估计方法(Bivariate Probit with partial observability),从实证的角度分析商业健康保险市场中供需双方各自的风险选择行为,以及城乡地区居民对商业健康保险的潜在需求行为及其宏微观影响因素。本文发现:(1)城乡居民都存在显著的逆向选择行为;(2)城乡社会医疗保障对居民商业健康保险需求行为有显著的促进作用;(3)影响居民商业健康保险行为的其他因素还包括,个人的风险偏好和经济购买力。     

Private Information in Life Insurance,Annuity, and Health Insurance Markets

Economic theory predicts that private information on risks in insurance markets leads to adverse selection. To counterbalance private information, insurers collect and use information on applicants to assess their risk and to calculate premiums in an underwriting process. Using data from the English Longitudinal Study of Ageing (ELSA), this paper documents that differences in the information used in underwriting across life insurance, annuity, and health insurance markets attenuate private information to different extents. The results are in line with – and might help to reconcile – the mixed empirical evidence on adverse selection across these markets.     

中国国情下的保险费率监管模式选择及影响分析--来自车险市场的经验证据

我国保险监管朝着“放开前端、管住后端”的模式发展,保险费率市场化改革的呼声始终较高。文章以财险市场中市场份额最大的车险为研究对象,基于2001－2014年样本分析了费率市场化与费率水平合理性之间的关系。研究发现,我国车险市场的实际费率水平明显低于理论费率;费率监管的严格程度的确会影响费率水平的合理性,其中适度监管模式下的费率水平最为合理。文章进一步深入探究了费率水平合理性对偿付能力的影响机制,发现费率差异的波动性会通过净利润而间接影响偿付能力。费率差异的波动性越小,净利润越高,偿付能力越强,因此应慎重选择费率监管制度。文章建议我国保险市场应采用适度监管的费率制度,完全放开的费率市场化略显激进,不适合当前国情。这样不仅能使费率水平更加合理,还不会威胁保险公司的偿付能力,从而使保险市场更加健康稳步的发展。     

Broker monitoring of premium adequacy: the role of contingent commissions

Contingent commissions, which are payments made by an insurer to brokers based on the volume and profitability of insurance placed with the insurer, have been criticized as damaging to the relationship between the insured and its broker. The argument is made that contingent commission payments encourage brokers to select insurers for their clients based on the potential to earn contingent commissions, rather than on the needs of the insured. We argue that contingent commission payments, which while directly paid by the insurer are ultimately paid by the insured through higher premiums, are beneficial to insureds because they provide an incentive for the broker to place their coverage with an insurer that is charging an adequate premium. We contend that although inadequate premiums are perhaps good for the insured in the short term, in the longer term, inadequate premiums will result in price hikes or coverage restrictions that are harmful to the insureds. Our empirical analysis demonstrates that insurers who pay contingent commissions experience less price fluctuation over the underwriting cycle than insurers who do not pay contingent commissions in the US property and casualty insurance industry.     

Capital asset pricing models with default risk: Theory and application in insurance

The Capital Asset Pricing Model has been used frequently to derive a fair price of insurance. But the use of this model overestimates insurance premiums because it does not account for the insolvency risk of insurers. This paper examines how the insurance price should be fairly adjusted when insurers' default risk is considered. It develops a model which shows that fair insurance premiums are lower when insurance firms have a positive probability of being insolvent. Using data of property liability insurers during the period from 1943–99, the paper further estimates the effects of the insolvency risk on insurers' underwriting profit rate. It shows that the incorporation of the default risk of insurers in the model, by significantly reducing the required price for insurance, would lead to lower profit potentials. Some writers argue that including the insolvency risk when calculating insurance premiums is not so necessary because of the existence of states' guaranty insurance funds which protect consumers. However, as shown in the paper, these funds have provided inadequate protection to consumers. Therefore, because of the increase in the number of insolvencies in recent years, and because of the limited coverage provided by states' guaranty funds, it seems that considering the insolvency risk in insurance pricing has become very necessary.     

Exclusive vs. independent agents: a separating equilibrium approach

We provide a separating equilibrium explanation for the existence of the independent insurance agent system despite the potentially higher costs of this system compared to those of the exclusive agents system (or direct underwriting). A model is developed assuming asymmetric information between insurers and insureds; the former do not know the riskiness of the latter. We also assume that the claims service provided by the independent agent system to its clients is superior to that offered by direct underwriting system, that is, insureds using the independent agent system are more likely to receive reimbursement of their claims. Competition compels the insurers to provide within their own system the best contract to the insured. It is shown that in equilibrium the safer insureds choose direct underwriting, whereas the riskier ones choose independent agents. The predictions of the model agree with previous research demonstrating that the independent agent system is costlier than direct underwriting. The present model suggests that this does not result from inefficiency but rather from self-selection. The empirical implication of this analysis is that, ceteris paribus, the incidence of claims made by clients of the independent agents system is higher than that of clients of direct underwriting. Implications for the coexistence of different distribution systems due to unbundling of services in other industries such as brokerage houses and the health care industry are discussed.     

The effect of ceded reinsurance on solvency of primary insurers

Primary insurance companies diversify their underwriting risk and thus improve their financial stability through buying reinsurance contracts. However, excessive use of reinsurance by an insurance company may signal the presence of financial difficulties. In fact, as research shows, a less solvent insurer tends to use more reinsurance because of its inability to raise needed capital in the financial market. Thus, regulators need to pay extra attention to insurers that overly use reinsurance since such behavior could signal an insurer's disproportionately high risk and its eventual probability of insolvency.     

如何选择死亡保险的投保期限

当购买死亡保险时,投保人需要选择投保的期限。以平均收益与风险的和为目标函数,讨论了在给定年龄x和安全载荷p的条件下,如何选择投保期限才能使得目标函数达到最大值。同时,利用数值计算结果讨论了年龄对最优投保期限的影响。