| Since1980when China restored the domestic insurance business, the insuranceindustry has been rapid development. In2012, China’s insurance companies realizedpremium income1.548793trillion yuan, net assets of the insurance company total792.002billion yuan, including life insurance companies premium income995.789billion yuan, accounting for64.29%of the original total premium income of theinsurance market, the life insurance companies’ net assets430.448billion yuan, netassets of the life insurance companies accounted for more than54.35%. Not only thelife insurance industry occupies an important position in China’s insurance industry,its investment and financing capabilities also make it an important part of China’seconomic development indispensable.Insurance investment as one of the functions of life insurance companies, notonly can generate profits to the life insurance companies, but also can coverunderwriting losses and other causes, like interest rates, caused business expenseincreased, the negative effects brought by the payment ability of insurance company,enhance the company’s actual solvency. But the insurance investment is also a"double-edged sword", in recent years, with the relaxation of the investment policy,especially in2013, a series of new Deal was implemented, the use of insurancefunds in the form of diversified, diversification of investment form while improvingthe utilization efficiency of insurance funds, but also hidden risks. Therefore, thestudy of the impact of the existing insurance investment life insurance policy on thesolvency of prudent broaden investment channels for insurance funds, is essential toensure the healthy development of the life insurance industry.Research on insurance investment of domestic scholars although late, but research on the insurance investment has achieved substantial results, a lot ofmodels and methods, such as capital pricing, value at risk have been widely used inrelated fields to insurance investment, in optimizing the investment structure,reducing the investment risk, improving the companies’ capital value got manyconstructive achievements. But the research on the solvency of insurance investmentof insurance companies is fewer, and mainly based on qualitative research, is used inthe empirical studies only the number of sample insurance companies less. In viewof this, this article uses the2009to2012of26life insurance companies(respectively in the National Life Insurance Company underwriting revenues of92.36%,94.59%，94.46%and95.08%) data, the effect of insurance investment onthe solvency of life insurance companies in China by empirical analysis, in order toseek the relationship between insurance investment and solvency, puts forward theCountermeasures for perfecting China Insurance investment.In this paper, the concept of life insurance company solvency measure index,based on the influence factors, analyzes the relationship between the solvency ofinsurance investment and insurance company; then in the “Chinese insuranceYearbook†and Chinese Insurance Industry Association Web site selection of datafrom our data of26life insurance companies, the insurance investment forreimbursement the ability of life insurance companies in China for the empiricalanalysis, the insurance investment is an important factor to influence the solvency ofChina’s life insurance companies, insurance investment structure has great influenceon the solvency; finally, according to the conclusion of the study for the effect ofinsurance investment on China’s solvency problems corresponding suggestions areput forward. |
