Cast even has a comprehensive risk rout, and this week the central bank to cut interest rates substantially more rare is to make everything into the insurance crisis. In macro-economic downward cycle, trying to choose insurance products to achieve security, the value of the assets of investors in the face of this situation a bit at a loss.
To the trade, even for insurance, universal insurance and investment dividends of such risk-based life insurance to protect both the risk and investment features, up-cycle in the economy, inflation, interest rates and other factors will enable investors to obtain higher return on investment; but Down in the economic cycle, especially in the stock market and the rate cut cycle, a natural investment income are less than satisfactory.
Experts recommend that the type of insurance products with long-term investment value, the insured should not be momentary decline in revenue and surrender in a hurry; who can not afford to invest in higher-insurance premiums of the insurance expenses, flexibility in the use of "conversion policy" to activate The security features of insurance products.
Risk everything to save the loss of function
"More than income on bank deposits" has been a universal insurance product sales of the important reasons. Third, this week, the central bank once again substantially lowered the benchmark interest rates for deposits and loans, of which one-year deposit rate down 108 basis points, down 2.52 percent, and life insurance products, interest rates are closely related to the settlement of the three-year, five-year deposit interest rates have come down even more, Were down 3.6 percent and 3.87 percent. This means that the future of universal insurance settlement rate will be reduced. Everbright Securities analyst Shaw analysis of the super-tiger, as the bond market, interest rates there have been more clear cut, and the deposit rate was also lowered, and universal insurance settlement with lower interest rates widened, not to rule out the possibility of below 4%.
If this down, which means universal risk of complete loss of function of saving alternatives.
In the middle of this year, the stock market's downturn has led to interest from investors for the risk even into the universal insurance. However, to enter in September, with the gradual deepening of the central bank to cut interest rates, savings as a substitute for the universal insurance have begun to respond, as of early November, universal insurance has been reduced settlement rates for three consecutive months. According to rough statistics, in October universal settlement of interest rate risk in the average interest rate level has dropped to about 4.23 percent, with more products of the two clearing interest rates to 3%, Ping An Insurance is currently the only universal insurance products continue to be maintained at 5 %.
Guoxin Securities analyst Wu Jian just that, in such a large rate cut, universal insurance dilemma. Despite the universal insurance settlement can be flexible to adjust interest rates, but cut too much possibility of a surrender, and so on a number of issues that universal insurance will be adequate to maintain a certain high-clearing interest rates, leading to emergence of insurance companies Licha Sun.
Hard task dividend risk
Even voted in the risk remains in the doldrums with universal insurance settlement of a decline in interest rates, dividends are more stable insurance has become the most attractive of the current insurance.
In the past 9 months, a number of insurance product sales strategy has been adjusted, the risk of the new dividend policy or to open up the insurance rate will be to seize market share in the important bargaining chip.
Experts point out that dividends and investment risk even dangerous, universal insurance, the biggest feature of the security and stability. First of all, there is risk sharing some of the fixed-income, regardless of the capital market is good or bad, investors can get a fixed return policy (usually slightly higher than the one-year interest rates). Second, the dividend risk of dividends means that investors can function of the insurance companies involved in the distribution of surplus. According to the China Insurance Regulatory Commission, the insurance company's surplus of more than 70% of dividends to be returned to the holders of insurance, the insurance company investment income would be shared with customers.
"But there is no dividend risk can be divided into red, to the number of hours are uncertain, according to the company's only operation to determine and subject to capital markets." Insurance industry have pointed out that the poor dividends in the years King, dividends may also be dangerous because of the fragility of the insured risk tolerance and the surrender took place.
Zhou researcher at the China International Capital Corporation of the view that since 2008 insurance dividend is not satisfactory return on investment is expected in 2009 will not be a very high level of dividends. DENG Ting States Securities researcher also believes that the capital market remains in the doldrums lead to a significant decline in investment income, dividends at the end of the insurance product Dividend may be substantially lower levels.
China Life Insurance in the product mix, the dividend has held absolute risk status. The industry said that in January next year China Life insurance dividends to be announced dividend policy, China Life will be faced with the real to maintain a high level of dividends and lower net profit of the company, or substantially reduce the level of dividends at the expense of future growth in premium income of the dilemma.
Even dangerous for another reincarnation
With the 2006's bull market, even for insurance sales quickly to occupy half of the domestic life insurance market. But the bull market ended in 2008, in the capital market remains in the doldrums, even voted yet face suspension of the sale of insurance, surrender.
By the end of October to the beginning of this year, the Shanghai Composite Index fell 67.14%, 67.01% Shenzhengchengzhi down, basically the trend showing a decrease in shape. At the same time, even for the risk to invest in stock funds and hybrid funds a higher proportion of the aggressive investment accounts and investment account balance by the stock market's drag, the net value of both lower sales of enterprise-type accounts, nearly 70% The progressive decline in all types account for more than 40%. The sound-based accounts to invest in bond funds although a higher proportion, but still be sluggish stock market performance, most robust type accounts have emerged down the net. Only the conservative-all account of rising net appears, but the main thing is to invest money market instruments, the increase is smaller.
Despite the vote even outperform the market risk, but when sales of life insurance companies in the red for performance, most of them only said nothing about the risks of high-yield, leading to customer accounts in the face of the present value of the gap psychology have a great time, which triggered the crisis surrender. This scene in 2001 and the stock market when even the surrender of the cast is very similar: in the stock market rising prices, even dangerous for its excellent investment performance has been favored by investors; in the stock market down cycle, as the decline in revenue increases Prior to the misleading sales caused the crisis surrender.
In response to these situations, experts suggest that even the cast can enjoy security risk, but also to invest for long-term holders. In the stock market turbulence, according to its own customers to investment objectives and risk tolerance, in-progress account, type the account balance, robust and flexible inter-account configuration, free conversion in the risk control on the basis of wealth. "The arrival of the next round of the bull market, even for risk will also bring about better earnings investors."
"Conversion policy" to activate security features
China's investment-development of the life insurance market situation is not optimistic. Most of the purchase of investment-type life insurance policy holders are not in order to obtain long-term insurance and long-term return on investment, but merely as a short-term investment instruments. As a result, policyholders only concerned about the current investment income, completely ignoring the investment type of life insurance other features. When investment income is not ideal, as the insured to see fall in the stock market in general, there is a serious blind insurance and the phenomenon of blindly surrender.
Experts point out that by virtue of the above-mentioned product is a flexible investment features, as well as giving insurance policyholders more attractive option and suggested investors not to short-term gains as a result of poor surrender in a hurry. "If policyholders surrender in advance, will have to bear a certain degree of loss of surrender."
However, the type who can not afford to invest in higher insurance premiums of the insurance expenditure, to reduce the premium costs at the same time would like to retain the insurance function, through the "conversion policy" to adjust insurance plans, these more expensive savings-type insurance Into a type of insurance protection.
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