The Impact of Insurance Market Structure and Property and Life Insurance Structure on the "Insurance Economic Growth" System
Shao Quanquan
(School of Finance, Nankai University, Tianjin 300071)
[Abstract] This paper uses the quarterly data from 2004 to 2014 to establish a nonlinear dynamic system model of economic growth and insurance industry development, introduces the insurance market structure and property and life insurance structure as control variables, and conducts a more comprehensive and systematic study and comparison of the impact of different control schemes on the economic system. The research finds that there is a long-term and balanced nonlinear relationship between China's economic growth and the development of the insurance industry; The reduction of insurance market concentration can promote economic growth, and the impact of property and life insurance structure on economic growth is different; In the optimal control of the economic system, it is necessary to determine the control preference according to the actual situation, and choose between the control time, social welfare loss and control cost; The result of optimal control requires reducing insurance market concentration and improving life insurance
Analysis of the Impact of Risk Governance Mechanism on Corporate Value
Wang Wen, Wang Dong, Xie Yuantao
(School of Insurance, University of International Business and Economics, Beijing 100029）
[Abstract] The enterprise risk governance mechanism is to reasonably regulate the arrangement and adjustment of residual claims and control rights through certain risk governance means or risk management strategies, so that different interest subjects in the enterprise, especially shareholders (principals) and management (agents), can form an effective self-restraint and incentive mechanism. The impact of risk governance mechanism with management incentives and risk management strategies as the core on corporate value is an important issue in the theory and practice of enterprise risk management. This paper takes China's financial listed companies from 2007 to 2011 as the research sample, and uses simultaneous equations to control the endogenous problem between the main variables
On the Substantive Criterion of "Insurance Business" -- Also on whether the operation of extended insurance and rescue services constitutes illegal operation of insurance business
Cao Shunming 1 Zhao Peng2
(1) China Reinsurance (Group) Co., Ltd., Beijing 100033； 2. Development and Reform Department of China Insurance Regulatory Commission, Beijing 100033)
[Abstract] The criterion for determining the essence of "insurance business" is an important legal issue that is rarely studied in China's insurance theory and often encountered in insurance practice. It has a great impact on the improvement of China's insurance basic theory, the reform and development of the insurance industry, the scientific supervision of the insurance industry and even the socio-economic development. "Insurance business" is different from "business that can be operated by insurance companies". The determination of the substantive criteria for "insurance business" should adhere to the principles of compliance with the rule of law, insurance principles, consumer protection, market order maintenance and innovation promotion. Allow
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Research on Discounted Pricing of Life Insurance Policies Based on China's Population Mortality
Deng Yinglu Burns Wang Qian Zhou Noah
(School of Economics and Management, Tsinghua University, Beijing 100084)
[Abstract] In the process of life insurance policy discounting, the policy holder sells the policy to a third party organization. In this paper, we first give a general introduction to the life insurance policy discount market and discuss the necessity of its existence in China. On the basis of Lee Carter model, the longevity risk and mortality jump are integrated through the double exponential jump diffusion model, which fits the mortality data of China well. This paper discusses the pricing of life insurance policy products with new medical information (such as the estimation of the remaining life expectancy of the policyholder). In order to integrate these medical information, we used the information theory in statistics to adjust the mortality table selected in advance, and on the premise of integrating all medical information, we tried to approach the original table as close as possible. The adjusted mortality table is used to discount the cash flow of life insurance policies. We selected several different mortality data, and finally found that the traditional deterministic pricing method would underestimate the value of the policy, so the probabilistic pricing method is more advantageous.
[Key words] Life insurance policy discount; Double exponential jump diffusion model; information theory
Life Settlement Pricing Based on Mortality Rate in China
DENG Yinglu,PENG Si,ZHOU Nuoya
（Tsing University S
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Contents and Abstract of Insurance Research 2014 Issue 4
The Economic Explanation of "Double Cold" in Supply and Demand of China's Environmental Pollution Insurance
Zhang Wei Ulmus miliaceus Luo Xiangming
(Insurance Institute of Guangdong University of Finance, Guangzhou 510521, Guangdong)
[Abstract] The demand for environmental pollution insurance comes from the need of pollutant discharge enterprises to shift the loss risk, and the potential loss risk of enterprises depends on the environmental regulation strength of the government. If the environmental protection laws and regulations issued by the government are not strict on the punishment of illegal pollution discharge, and the environmental law enforcement is too loose, the enterprises will face less fines and compensation in the event of environmental pollution accidents, and will not need to buy insurance to shift the risk of loss, resulting in insufficient demand for environmental pollution insurance. Under the restriction of economies of scale, the weak demand will lead to the lack of elasticity of supply, which will eventually lead to the "double cold" situation of supply and demand of environmental pollution insurance. The government should start with strengthening environmental regulation, and start the market demand of enterprises for environmental pollution insurance through economic incentives, so as to enhance the supply willingness of insurance companies, rather than implementing the development model of policy based insurance.
[Key words] Environmental pollution insurance; Environmental regulation; Supply elasticity; Cumulative environmental pollution
Related links: Research directions of Insurance Research (2014)
Contents and Abstract of Insurance Research 2014 Issue 1
Definition of solvency of insurance companies from the perspective of cash flow
Wang Kai Xie Zhigang
(School of Finance, Shanghai University of Finance and Economics, Shanghai 200433)
[Abstract] Solvency is an important concept in insurance business. Giving a scientific and rigorous definition of solvency is the basis for internal management and external supervision of insurance companies' solvency. Through the comparative analysis of four actual cases, this paper analyzes the four characteristics of this concept: uncertainty, prediction lag, causal complexity and diversity of control methods. Finally, we redefined "repayment" from the perspective of actual operation of insurance companies
Related links: Contents and Abstract of Insurance Research, Issue 10, 2013
Alliance Game and Mode Selection of Agricultural Catastrophe Insurance Cooperation
Chen Li Xie Jiazhi
(1. Chongqing Technology and Business University, Chongqing 400067; 2. Southwest University, Chongqing 400715)
[Abstract] Building an insurance mechanism on the basis of a highly decentralized small-scale peasant economy has increased the transaction costs and operational risks of agricultural catastrophe insurance. This paper introduces agricultural cooperative economic organizations, builds a cooperation mechanism involving the government, insurance companies, cooperative organizations and farmers, and uses Shapley Value method analyzes the alliance game of agricultural catastrophe insurance subjects. The research finds that the introduction of professional cooperative service organizations for agricultural catastrophe insurance to participate in the operation of agricultural catastrophe insurance can effectively improve the cooperation income and stability of insurance.
[Key words] Agricultural catastrophe insurance; Alliance game; Sharpley value; Cooperative organizations
Coalition Game and Mode Selection for Agricultural Catastrophe Insurance Cooperation
Chen Li,Xie Jia-zhi
(1.Chongqing Technol
Related links: Contents and Abstract of Insurance Research, Issue 5, 2013
Research on China's Agricultural Insurance Catastrophe Risk Decentralization System and the Scale of Catastrophe Risk Fund
Tuo Guozhu 1 Wang G 2 Zhang Kurtosis 2 Zhang Numerous 3
(1) Institute of Rural Insurance, Capital University of Economics and Business, Beijing 100070; 2) Institute of Agricultural Information, Chinese Academy of Agricultural Sciences, Beijing 100081； 3 PICC Asset Management Company, Beijing 100140)
［ Extract Yes] The establishment of catastrophe risk management system of agricultural insurance is of great significance to the healthy and sustainable development of agricultural insurance in China. For agricultural insurance, if the insurer's liability reserve is unable to pay insurance claims, institutional arrangements are needed to ensure the sustainability of the agricultural insurance system. Under this condition, this paper discusses the basic framework of the disaster risk management system of agricultural insurance, the principles and construction methods of establishing and managing disaster risk reserves, and calculates the scale of the central disaster risk reserve fund. It is hoped to provide reference for the decision-making and construction of the system.
[Key words] Agricultural insurance; large
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Issue 2, 2012
Insurance research
Finance
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China Insurance Institute
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Major Issues and Policy Options of China's Insurance Market Opening up: 2012 ～ 2020 Sun Qixiang Wang Guojun Zheng Wei
Analysis on the influencing factors of China's life insurance product structure adjustment: empirical analysis based on the company's micro level Shang Glume Jia Shibin
Analysis of longevity risk of personal pension under dynamic mortality Wish Wei Chen Bingzheng
Research and Implementation of Variable Annuity Dynamic Hedging Strategy Zhao Yuping
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Minutes of the Ninth Meeting of the Steering Committee of Chinese Social Science Citation Index
The 9th plenary meeting of the Chinese Social Science Citation Index Steering Committee was recently held in Nanjing, and 19 members from the Social Science Committee of the Ministry of Education and the social science management departments of 15 universities and colleges across the country attended the meeting.
The theme of this meeting is how to further improve the scientificity, impartiality, fairness and openness of CSSCI, and how CSSCI can better and more comprehensively reflect the research level of humanities and social sciences in China. The members attending the meeting examined and approved the CSSCI source journals and collected collections category by category, and finally determined that there were 535 CSSCI (2012-2013) source journals, 179 expanded source journals, and 120 collected collections.
The meeting emphasized the four principles for the selection of source journals, namely, the principle of classified evaluation, the principle of dynamic evaluation, the principle of combining qualitative and quantitative analysis, and the principle of fairness, openness and impartiality. It also reiterated the resolutions reached at the previous steering committee meetings, and reached consensus on the following issues.
The meeting considered that scientific and reasonable classification of journals is the basis for the selection of source journals. The meeting stressed the importance of scientific and reasonable classification of journals and clarified the classification method of journal disciplines based on the content of papers. Hope to evaluate the achievements of the Center in the classification of journals in the past
