Chen Wenhui a clear understanding of the risk of the use of insurance

Chen Wenhui: a clear understanding of the risk of the use of insurance funds Sina fund exposure platform: letter Phi lag behind false propaganda, the performance of long-term lower than similar products, how to buy funds pit? Click [I want to complain], Sina help you expose them! Source: China insurance news at present, the use of insurance funds is facing a grim situation, the challenges of an increasingly complex risk, risk response is increasingly difficult, the importance and urgency of risk prevention work has become increasingly prominent. Asset allocation difficult to increase in the future for a long time, the domestic economic growth presents L type characteristics, market interest rates will continue to remain low, asset shortage problem highlights. The grim situation, decided to increase the difficulty of insurance asset allocation, investment income is difficult to maintain a high level. In the first half of this year, the annual rate of return of 4.94% of funds to fully confirm this. From the industry situation, the end of the assets and liabilities prominent contradictions. The main performance is: the contradiction from the static perspective, is the risk of interest loss caused by the high cost of debt; from the dynamic perspective, the high cost of debt forced to form a high risk of aggressive investment, is likely to lead to greater risk. The first is the spread loss risk. At the same time, the rate of return on assets, but the scale of the industry’s rapid growth in premiums. In life insurance companies, for example, in 2015 the life insurance company premium growth of 25% in the first quarter of this year, premium growth of 52% in the first half increased by 45%, this rapid growth is very worrying. Along with the scale of growth is the high cost of debt, some universal insurance settlement rate reached 6%, plus fees, commissions and other expenses, the cost of capital in 8%, or even higher to 10%, so the high cost of capital, has far exceeded the bonds and other fixed income assets income level. From the international experience, in the interest rate down and low interest rate environment, the debt cost adjustment rate relative to the return on assets has a significant lag. Banking lag cycle for one to two years, the insurance industry may be two to five years, the potential risk of loss of the larger industry, China’s insurance industry is more prominent. In addition, the insurance institutions to enhance risk appetite. The high cost of funds to obtain high yields, forced insurance institutions to improve risk appetite, to invest in risky assets, low credit rating bonds increased as increasing stock investment, increase real estate, infrastructure, trust and other offbeat investment, few institutions keen Yu Hai acquisitions, frequently placards listed companies, investment more radical even rush into danger. The study found that the process of life insurance companies in the United States, Japan and other countries in crisis, basically along the "expansion of scale, cost, investment promotion, radical bubble, liquidity or solvency crisis and the bankruptcy of" development and change of the law. Therefore, especially in the current economic downturn cycle, the higher the cost of the debt side of the insurance industry and the contradiction between the end of the asset side is very prominent, blindly hope to solve the problem through investment will be a big problem. There are significant limitations of management behavior of individual company radical individual corporate governance, ownership structure is complex and opaque, "Yigududa" leads to the radical radical radical products, sales, investment and false theory相关的主题文章: