The fact that continuing to cut interest rates so that the rights and interests of investment experience "cold winter" of the insurance industry, to cut interest rates again in the face of its fixed-income assets has a negative impact on business investment in the "thin ice", insurance companies how to improve coverage This is another business, "wheels" efficiency of the operation, the market has become the focus of attention.
"The central bank cut interest rates sharply, from the business point of view, is conducive to the development of the industry, after all, a substantial cut in after the RMB deposits one-year benchmark interest rates and the life of the policy interest rate at the end of the same amount of money relative to the original deposit interest rates significantly higher In the policy interest rate at the end of the case, the residents to buy insurance products, consumer willingness to further strengthen. "Ping An Life Insurance relevant department, told reporters that the rate cut cycle, with the protection and management functions of insurance products, its demand is expected to further increase Great.
But the undeniable fact is that the insurance industry to cut interest rates caused a negative impact, mainly in fixed-income assets investment step by step down income, which insurance companies of the three major sources of profits (to die poor, poor payment, interest rate), one of the Pose a serious threat to spread. According to the China Insurance Regulatory Commission spokesman, Assistant Chairman Yuan Li said earlier this year, 1-3 quarter, the use of insurance funds an average yield of 2.1 percent. Resulting in the industry are concerned that insurance companies in particular life insurance business in the past over-dependent on the spread of the business model and product strategy, the need for change, and gradually raise the dead by the poor, poor cost brought about by the proportion of profits.
"More importantly, with the exception of short-term personal accident insurance and so on a purely security-based, consumer-risk insurance and even cast, the vast majority of savings with the nature of life insurance policies have a security interest rate at the end, if the rate cut was to stimulate and promote life Consumer demand for products, based on current insurance funds and the investment environment for a long time period does not match the reality, we are worried that the life insurance industry will occur 'premium income of more liability insurance policies the greater the pressure,' the vicious circle. "A foreign life insurance companies Chief actuary, told reporters the case said.
The introduction of Actuaries, said, in the light of the 2.5 percent interest rate ceiling is scheduled to life insurance policies for pricing of risk sharing, the current enterprise customers typically have agreed a rate slightly lower than the level of security at the end of the interest rate and then invest the proceeds in accordance with the distribution of the situation Dividends, such as the decline in investment income, that is, as originally agreed to give the rate of return, such as investment income to the good products are often higher than the 2.5 percent return; In addition, the introduction of universal insurance company, usually set up 2% -2.5% of the capital at the end of Interest rates, there is the fact that the settlement rates are often higher than the level used to enhance the attractiveness of the product, but in the context of rate cuts, bonds and deposits to the importance of the universal subject of investment products, insurance, the settlement rate should be lowered further to reduce the Enterprise cost of capital.
As a result, analysts believe that the insurance be a serious threat to the spread of the cases, charges through the poor, poor die life insurance products to enhance profit margins, corporate direction and focus of the competition. However, the current rate of the market has not yet officially started, coupled with increased competition and product, "homogenization" of the existence of enterprises rely on the fees poor die poor in the room to make profits shrinking.
"In contrast, Chanxiangongsi can raise the rate to improve underwriting profitability, but more difficult to operate life insurance companies, because of their relatively fixed pricing." Everbright Securities analyst Xiao Chao-hu believe that the life insurance business only through product Structure and marketing strategy to adjust to control the cost of capital, otherwise, based on the current situation of investment, such as the re-emergence of the overall market interest rates down, and the maintenance of low long period of time, the life insurance industry will be more difficult.
"The rate cut environment for life insurers to avoid 'Licha Sun', is bound to increase the death benefit poor product development and sales efforts, the Japanese life insurance industry in the development of the past 10 years, is the continuation of the Law. "Taikang Life Insurance Products said that the floating-income products will be adjusted as a result of such products, changes in interest rates by a greater impact, the bank cut interest rates will lead to insurance companies to avoid the risk of interest rates and the elimination of" Licha Sun, "due Life insurance products is scheduled to adjust the interest rate or the minimum guaranteed interest rate.
"Insurance companies mainly engaged in long-term life insurance business, through reasonable product mix and channels to reach arrangements for the purpose of spreading risks." Secretary-General Insurance Association of China Wang Chao told reporters that the life insurance business because of mandatory savings features, usually Have multiple sources of profit and a number of business channels, it has a sound anti-risk ability of the obvious features, if over-dependent on a single channel for business and individual sources of profit, contrary to anti-cyclical insurance operating characteristics, such as over-development of financial management type Products, will mean that the profitability of the business tied up in the spread over this source of profit, once the changes in the investment environment and increase the interest rate risk, operational risk means that the build-up.
Wang Chao said the regulator has been requested to increase life insurance products, life insurance protection features, that is to diversify risk; down repeated requests in recent years, Bank and Insurance channels growth rate, that is to spread the risk of channels; clearly to enhance the security net The business-type proportion, that is, to avoid interest rate risk.
"Business is imperative to avoid the mentality of quick success and instant benefits, establish a rational business structure to ensure that the development of enterprises have the inherent advantages of security products to further enhance the security features of products, enhanced ability to resist risks." Wang Chao said that on this basis to further improve life Insurance products, actuarial capacity, pricing and innovation, combined with regulatory authorities to effectively monitor the implementation of and trade associations to strengthen self-discipline to reduce the cut-throat competition, contribute to the achievement of poor fee income, so life insurance business is expected to further improve profit margins.
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