摘要
保险公司运营的风险管理在中国的保险实务界是一个值得研究、探讨的课题。目前,在中国,大部分的中资保险公司都把主要的精力放在了扩大市场份额上,而在公司在对所有者的投资回报、对被保险人的权益保障、对公司的长期战略方面却考虑的比较少,因此导致了目前中资保险公司在运营风险管理方面的混乱状态。
本文在最开始首先介绍了选题思路,研究意义,研究方法以及整个论文的框架结构。为了引导保险公司进行正确的运营风险管理,本文在第二章界定了风险管理的概念、介绍了其所包含的内容之后,着重探讨了运营的风险管理目标:安全性、盈利性和流动性,并对其进行了范围界定。并且为了使本文所设定的目标更具说服力,具有现实基础,本文运用了国内具有代表性的一家保险公司的实际数据来对目标进行了实证分析,分析了三目标的主要影响因素以及三目标的相关关系。分析结果在相当程度上证实了本文的思想,并且当中的影响因素分析和相关关系分析对中国的保险公司具有一定的借鉴作用。
有了正确的管理目标,就要在这一目标的指引下对保险公司所面临的风险进行分析。本文第三章主要是针对中国保险界的现实,对中国保险公司运营所面临的风险进行重点突出的、有针对性的分析,并且探讨了再保险这种传统风险融资方式在转移这些风险方面所起的作用与不足。这一风险分析的目的主要是为下一章进行保险风险证券化作铺垫;也可以为中国保险公司对自身进行风险评估提供参考。
认识了风险,必然的要对风险进行管理。针对第三章中中国保险公司所面临的风险,本文主要是对目前国外保险界比较关注的保险风险证券化进行研究。证券化是一项新兴的对保险公司所面临的风险进行管理的手段,是把资本市场和传统保险市场连接起来的纽带,本文将研究其在转移或控制第三章中所分析的风险上所起的作用。
第四章就是在第三章对保险公司所面临风险进行分析的基础上,对保险风险证券化进行讨论,验证保险风险证券化的有效性和适用
性。本章分为六节。第一节是对保险风险证券化的原理和结构进行介绍,共分为二小节。第一小节是保险风险证券化原理介绍,主要以巨灾风险为例分析了保险风险证券化产品的定价原理;第二小节介绍了保险风险证券化的结构,主要是分析介绍证券化中所必然涉及到的几类参与者,及其相应的作用与功能。
第二节具体地论述了证券化在风险转移上所起的作用。
第三节是证券化与再保险对比分析。第四节是证券化与其它风险融资方式的对比分析。这两节主要研究了证券化较之于传统风险融资的优点,这种分析的作用在于在理论上为风险证券化的存在与发展奠定了基础。
第五节是风险证券化的现状,包括二小节。第一小节分析巨灾风险证券化。巨灾风险是最早进行证券化的保险风险,要很好的了解保险风险证券化,就有必要对巨灾风险证券化有深刻的认识。第二小节是现在国外正在研究、探讨的领域:人寿保险证券化。本小节的分析是建立在对资产证券化研究的基础上的,因此就以资产证券化概述作为铺垫并依此介绍了资产证券化在保险风险证券化中的应用、保费收入证券化、保单质押贷款证券化和保险公司未来收益证券化。
第六节主要分析了目前保险风险证券化过程中的问题,共分三小节。第一小节谈证券化的风险,第二小节分析其发展中的障碍问题。第三小节谈的是保险风险证券化在中国发展的问题,既解释了目前中国风险证券化实践基本是空白的原因,又据理指出在未来证券化在中国有其发展空间。
本文是国内较早对保险公司风险管理进行目标设定,并进行实际验证的论文;是较早的对保险风险证券化进行全面探讨的论文。所以应该说论文对国内保险公司的风险认识和风险管理以及证券化在保险公司运营风险管理中的应用以及保险监管都有一定的借鉴意义。
Operation risk management in domestic insurance companies is a good subject to be studied. At present, most of domestic insurance companies focus on grabbing more market shares, and they think the more liability, the better! They seldom give attention to the investment return of company shareholders, to the protection of insured interests and to the strategic development of their own company. So all these thoughts translate into the chaos of operation management practices in domestic insurance companies.
In order to make domestic insurance companies aware of a good operation risk management, this paper strictly define three objectives: profitability, security and liquidity for operation risk management of insurance companies at the beginning of the dissertation, after introducing the concept of risk management, as well as the content of risk management.
There are 4 chapters in this dissertation. In the first chapter, we explained the reason why we should select this subject, the contribution of the research, the methodology of research and the whole structure of the paper. In the second chapter, we discussed the basics of risk management in the operation of insurance companies with the emphasis put on the objectives of risk management. a case study was introduced here,analyzing the three objectives respectively and the interrelationship between the three. The thoughts we held in this paper were justified in the case study. This means that the research above was very useful for operation risk management of domestic insurance companies.
After setting up the right management objectives,the paper went to the risk analysis of operation of insurance companies. In the third chapter, the paper analyzed the main and specific risks the domestic
insurance companies are facing. The function of re-insurance in dealing with these risks was also discussed here. The purpose of the risk analysis is to make preparations for the insurance risk securitization analysis in next chapter, and also to help domestic insurance companies assess risks existing in their operation.
Risk management comes after analyzing the risks. Securitization is a new tool to manage the risk, and also a new way to bridge the capital market and the traditional insurance market. The following research focused on the analysis of insurance risk securitization,recently prevailing in abroad insurance industry,in order to find the applicability in transferring or managing the risks the domestic insurance companies are facing.
So on the basis of risk analysis in the third chapter, the fourth chapter analyzed the securitization of insurance risk, and its applicability and feasibility. There are six subchapters in this chapter. The first subchapter focused on ①the rationale of insurance risk securitization through the example of catastrophe risk securitization; ②the structure of insurance risk securitization, mainly explaining the subjects and their functions in the transaction respectively.
The second chapter discussed the function of securitization in dealing with or transferring the risks discussed in the third chapter.
The third subchapter compared securitization with re-insurance and the fourth subchapter compared securitization with the other approaches of risk financing. Here we only discussed the advantages of securitization as opposed to traditional risk financing approaches in order to justify the existence and further development of securitization.
The fifth subchapter is about the current status of securitization. There are 2 parts in this subchapter. The first part is about catastrophe risk securitization. Catastrophe securitization is the earliest insurance risk securitized, and as a result all other insurance risk securitizaiton is based
on it. Life insurance securitization was analyzed in the second part, which is still under intensive research and study abroad. Because all the research in this part is based the research of asset securitization in other fields, we at the beginning of part introduced asse
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