| China's first generation of solvency system is a scale-oriented supervision system.Compared with the current development stage and development scale of China's insurance industry,the supervision standard of China's first generation of solvency supervision system has passed simple.At present,China's risk-oriented solvency system(hereinafter referred to as “CROSS”)has been formally implemented.Compared with the scale-oriented solvency system,the risk-oriented regulatory standards have been established three major regulatory pillars: quantitative capital requirements,qualitative capital requirements,and market constraints.The implementation of CROSS is conducive to the insurance industry to improve its own risk management level,reduce system risks,release redundant funds,and improve the utilization level of its insurance funds.The use of insurance funds is an important source of profit for insurance companies.In the context of the macroeconomic downturn in the world's major economies,China's economic growth rate has gradually slowed down recently,and capital market yields have fallen.Under the new economic environment and regulatory environment,At present,the use of insurance funds in China is facing the problem of low yield and high volatility,limited investment varieties,mismatch of assets and liabilities,and insufficient risk control of portfolios.Based on the literature research and theoretical research,combined with the current situation of China's insurance fund utilization and the international comparison of insurance fund utilization,this paper studies the efficiency of China's insurance industry insurance funds from 2012 to 2017,and selects 96 domestic insurance companies as samples.Among them,there are 41 property insurance companies,55 personal insurance companies,using the DEA model and improved model to measure the efficiency of China's insurance funds,and further use the Tobit model to analyze the changes in the factors affecting the efficiency of China's insurance funds under the framework of the second generation.Aiming at the difference between the impact of the second generation on the efficiency of the insurance fund utilization efficiency of the property insurance company and the personal insurance company,combined with the characteristics of the insurance fund application of the property insurance company and the personal insurance company,the corresponding policy recommendations for optimizing the efficiency of insurance fund utilization are proposed.Firstly,through the definition of related concepts and literature review,the nature and characteristics of insurance funds,the principles and channels of insurance fund utilization are elaborated,and the introduction of China's risk-oriented solvency system.Summary the impact of the CROSS on the usage of insurance funds in China.At the same time,it sorts out the relevant research results of past scholars on the evaluation of solvency supervision system,insurance fund allocation and insurance fund utilization efficiency.Second,analyze the current situation and problems of the use of insurance funds in China.Firstly,it sorts out the development process of China's insurance funds and its supervision,and introduces in detail the scale and structure characteristics of China's current insurance funds.According to the actual situation analysis,the current development of China's insurance funds has imperfect capital market development,low utilization rate of insurance funds and high volatility,mismatch of asset and liability structure,insufficient risk control of insurance company investment management and strict regulation of insurance funds problem.Third,an international comparison of the structure of insurance funds.The United States,the United Kingdom,Japan,and Germany,which have the largest share of the insurance market in the OECD countries,are selected to organize the scale and structural changes in the use of insurance funds,and to analyze the characteristics of the use of insurance funds in various countries.Through the analysis of the use of insurance funds in developed countries,it summarizes the enlightenment to the application of insurance funds in China's insurance industry,and promotes the efficiency of insurance funds in China's insurance industry.Fourth,research on the efficiency of insurance funds under the framework of CROSS.The data envelopment analysis(DEA)model and its improved model are used to measure the overall efficiency of insurance funds in China,and the Tobit model is used to study the influencing factors of insurance fund utilization,and the factors affecting the use of insurance funds before and after the implementation of CROSS are compared.And the change of its influence mode,study the impact of CROSS on the efficiency of insurance funds in China's insurance industry,and propose the optimization strategy of China's insurance fund utilization efficiency under the framework of CROSS.Fifth,the study on the difference in the impact of the second generation of CROSS on the efficiency of insurance funds used by property insurance and personal insurance companies.By analyzing the different paths of the impact of the second generation on the efficiency of insurance funds used by property insurance companies and personal insurance companies,we estimate the different impacts of the CROSS on the efficiency of insurance funds,and insurance for property insurance companies and life insurance companies.The factors affecting the efficiency of capital use and their changes are compared,and the research proposes targeted insurance fund utilization optimization strategies.Finally,the research conclusions are summarized and proposed.Summarize the theoretical and empirical research conclusions of Chapters 4,5 and 6 and propose corresponding policy recommendations.Property and casualty insurance companies should comprehensively improve the quality of insurance business,control the risk level of asset business and reduce the comprehensive expense ratio;personal insurance companies should adopt an expansion mode that suits their own scale characteristics,make full use of insurance funds,and reduce the idle rate of funds;The insurance industry and the capital market promote each other,improve together,improve the professional level of employees,pay attention to personnel training and promote the academic research and application of asset allocation technology. |
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