| Acquisition of insurance premiums is the biggest subject matter of the stock market from 2015 to 2016.The most active companies are the five major life insurance companies,namely "Baoneng Department","Anbang Department","Hengda Department",The "Shengming department","Huaxia Department".As of the end of 2016,The five major life insurance companies have invested more than 200 billion in the secondary market,The source of funds is the premium income from the universal life.Universal life insurance than the traditional life insurance has a high interest rate settlement,minimum rate of return,flexible payment,flexible security,transparent operation,cash withdrawal conveniently and easy to withdraw,in 2013 to 2016 showed explosive growth.In 2014,the scale of universal life insurance was 391.67 billion,reaching 764.66 billion in 2015,an increase of 95.23%.From January to November in 2016,In the context of multiple strict supervision,Reaching 1122.63 billion.Behind the rapid growth of the scale of universal life insurance,but also brought a lot of problems need to be studied and resolved.For the rise and risk of universal life insurance,scholars have a preliminary study.Liu Hao(2009)study pointed out that universal life insurance mainly in the form of bank insurance products for sale,there is a bank risk management mechanism is not perfect and the high cost of bank channels.Ye yingang and Chen Xiaofei(2016)divide the risk of Insurance fund acquisition into the risk of term mismatch,the risk of spread loss,the systemic risk of capital market,and puts forward the establishment of stress test mechanism for risk management.Zhou Miaoyan and Wang Ziwei(2016)believed that the risk of universal life insurance is a lack of supervision.We should speed up the financial market reform,strengthen financial supervision and support the improvement of legal policies and other recommendations.Although some scholars have conducted a preliminary study of universal life insurance,but how to strengthen the risk management,to solve the contradiction between life insurance company asset expansion and risk increase,these are more research significance and not yet mentioned the problem.Since 2016,the China Insurance Regulatory Commission has continuously standardized the development of universal life insurance,promulgated four regulations for the control of universal insurance,and some of the insurance companies conducted a special inspection and administrative penalties.Standardizing universal life insurance and restraining the risk of crazy placards have become the focus of the work of the CIRC.In this paper,there are three main methods of research:(1)case analysis,this paper chooses Qian Hai Life Insurance as the main case,by analyzing the characteristics,status,scale and existing problems of Qian Hai Life Insurance,and further study the life insurance industry the existence of the problem,and summed up the life insurance company's experience and lessons,made reasonable suggestion.(2)The literature research method,the writing of this article is to read a large number of previous scholars' research results,a systematic understanding of universal life insurance,life insurance industry,public issues,according to the latest data analysis,has a strong theoretical basis.(3)Comparative analysis,this paper is not limited to the analysis of the case of the Qian Hai Life Insurance,but also combined with the industry's other life insurance companies' data,using charts and other ways to compare.This paper consists of six parts.The first part is the introduction,and introduces the research background and literature review.The second part is the development of universal life insurance,first introduced universal life insurance definition,universal life insurance account of the main structure and universal life insurance business model.The third part is the introduction of the Qian Hai Life Insurance universal insurance case,mainly on the development of the Qian Hai Life Insurance,business model,the main universal life insurance products and universal life supervision of the main policy.The main risk is business risk,liquidity risk,credit risk,market risk,operational risk,solvency risk,policy risk,etc.The fifth part is based on the fourth part of the risk analysis.The sixth part is the conclusion and suggestion of the article.This paper draws the following conclusions:(1)regulators are cautious about the universal life insurance,and constantly regulate its development.(2)The scale of the insurance business will continue to shrink in the future,the CIRC limit life insurance company universal life insurance in the overall limit of 2016 years less than 90%,and continue to decline year by year,2021 to 30%.(3)Qian Hai Life Insurance is mainly due to the large scale of business risk,liquidity risk,market risk,operational risk,solvency risk and policy risk.(4)The comprehensive risk management system helps to reduce the risks faced by life insurance companies.The risk management system of the former life insurance is relatively perfect,but it needs to be improved.Some life insurance companies are relatively weak in risk management system.The innovation of this paper is mainly reflected in the following three aspects:(1)The scholars on the life insurance industry issues are mostly from the product structure,market structure and liquidity risk management point of view,only one aspect of life insurance industry risk,this paper systematically analyzes its opportunities and challenges in risk management of life insurance industry,and has a certain timeliness and comprehensiveness(2)Based on the risk analysis of the case of Qian Hai Life Insurance,this paper puts forward the practical suggestions on the construction of the comprehensive risk management system for the life insurance companies with reference to the comprehensive risk management system.(3)This paper,combined with the case of the Qian Hai Life Insurance,around the current problems in the life insurance industry,summed up the experience and lessons of the Qian Hai Life Insurance,and at the same time learn from other companies in the same industry a successful approach to the development of the industry given specific policy recommendations.In this paper,the shortcomings of the study have the following two points:(1)relatively single source of data,mainly from the life insurance companies to disclose information,CIRC regulatory information and Wind information,more detailed information within the enterprise can't be obtained.(2)Limited by the author's theoretical knowledge and field of vision limitations,there are some places for academic research is not in place,the depth of this study can be further strengthened. |
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