2010 CAA Meeting 费率市场化—国际经验分享.pptVIP

* * * * * * * Improved market efficiency 市场效率提高 Spain/西班牙 1994 to 1998 Increase in efficiency 效率提高 6% Germany/德国 1994 to 1998 Increase in efficiency 效率提高 3% Deregulation, consolidation and efficiency: evidence from the Spanish Insurance Industry , June 2004, J. D Cummins and M Rubio-Misas The impact of deregulation on the German and UK Life Insurance Markets: An analysis of efficiency and productivity between 1991 – 2002, March 2007, S Hussels and D.R Ward Competition will increase/ 市场竞争会加剧 Technical efficiency is key/ 技术效率是关键 Regulation/ 监管制度 Capital requirements and investment diversification need to be adequate 足够的资产和分散的投资 Self-regulation board: Can help set and promote good industry practice 行业自律：帮助建立和提高好的行业规范 Independent rating agencies: Publish ratings/ 独立的评级机构: 公开的评级 Solvency 偿付能力 Investments/ 投资 Existence of assets to meet insured liabilities (e.g. liquid bond market, at least up to 30 years) and know-how on ALM techniques 资产负债匹配技术和与之匹配的投资资产（例如：30年期或更长的债券） Pricing/ 定价 More sophisticated pricing and sensitivity testing – focus on fluctuating profits 更加复杂的定价和敏感度测试-关注利润的波动 Maintain ability to price products for a reasonable profit without inciting an explicit price war/ 保持产品利润率的稳定，避免恶性价格竞争 Carefully price for the cost of guarantees/ 对于提供的保证收益要多加小心 期限 国债 –2010年8月30日 1年 1.90% 5年 2.62% 10年 3.24% 20年 3.84% Distribution/ 销售 Survival: Innovative distribution channels 销售渠道的创新是生存之道 Product/ 产品 Shift: Towards unbundling (savings and risk)/ 转向分离式产品 (储蓄+保障) Term Insurance prices are continually being lowered/ 定期寿险的价格持续走低 Greater market segmentation/ 更多的市场细分 Product shift/ 产品变化 Non-participating market-share may increase 传统产品的市场份额可能会提高 Initial focus possibly on endowments 可能会从两全险开始 More attractive to clients 对客户更有吸引力 ALM easier 更容易进行资产负债匹配 Product innovation (‘near’ pure risk) 产品创新(保障型产品) Unbundling 分离式产品的出现 ‘Near’ pure risk 保障部分 Savings 储蓄部分 Extent will depend on: 分离式产品的出现取决于: Need for