Study On The Underwriting Risk Management Of The "Debt Performance Guarantee Insurance" In China

Since 2016,the property insurance industry in the mainland China has gradually entered the rational development stage of adjusting business structure and preventing risks from the extensive development stage of pursuing premium scale in the past.Non-auto insurance is the focus of the development of the current property insurance industry,and prevention and control of risk is the main theme of the property insurance industry.In “Qiaoxing bond” event,the debt performance guarantee insurance policy issued by Zheshang Property and Casualty Insurance Co.,Ltd has the largest insurance amount in a single guarantee insurance policy in mainland China.So,Zheshang Property and Casualty Insurance Co.,Ltd's huge compensation caused widespread concern inside and outside the industry.The CIRC put forward more prudent guidance and the industry raise more rational ideas for the development of credit and guarantee insurance business.How to prevent and control the risk of the credit and guarantee insurance business are the hotspot and the difficult problem to CIRC and the property insurance companies under the background of adjusting property insurance business structure.Based on the theory of underwriting risk management and perspective of the property insurance company,this paper uses the constraint comparison analysis method,quantitative analysis method and others to have a research on operating the debt performance guarantee insurance.Combined with the characteristics of debt performance guarantee insurance,like actuarial difficulties,high premium and others,the paper takes the underwriting process(pricing,underwriting,risk disposal,risk early-warning)of debt performance guarantee insurance as logical sequence to analyze the “Qiaoxing Bond” event.By analyzing,the paper finds out the existing risk points in the underwriting operation of the debt performance guarantee insurance of Zheshang Property and Casualty Insurance Co.,Ltd,which will drive the underwriting risk management to negative side,like weak actuarial pricing ability in pricing part,unprofessional performance in underwriting part,weak risk identification ability in anti-guarantee part and so on.And then by comparing the constraints,the reasons(Market background restriction,lack of human resources,special attributes of products,data missing and so on)for the existence of these risk points came out.Furthermore,solutions are proposed for the reasons.In order to make the structure clearer,during the writing process,the paper categorized risk points according to internal risks and external risks.Finally,according to the problems found and the reasons for the existence of the problems,this paper puts forward the solutions one by one from two aspects of improving internal risk control ability and improving external risk identification ability.Through the research,this paper concludes that it is necessary for the property insurance companies to carry out underwriting risk management for debt performance guarantee insurance,and puts forward specific measures for underwriting risk control.The problems exist in underwriting,pricing and risk disposal steps which are put forward in this paper are representative.So,all the property insurance companies can learn from it.This study has a certain degree of innovation in the field and depth of research.Furthermore,the study is consistent with the official guiding ideas that insurance industry should support the entity economy,take good management of risk and promote healthy development.