投资连结保险发展的周期波动及其修匀  

The Cyclical Fluctuation of the Growth in Unit-Linked Life Insurance and Smoothing

作　　者：石小航[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《保险职业学院学报》2008年第3期47-51,共5页Journal of Insurance Professional College

摘　　要：投资连结保险(简称"投连险")是兼具保险保障和投资功能且以投资功能为主的新型保险产品,投连险的出现极大地推动了寿险业务规模的增长和保险产品金融属性的提升,但同时也给寿险业的发展带来了新的问题和挑战。由于投资连结保险的投资资金主要投向股票、债券等高收益率投资工具,因此投连险需求变动与股市行情之间存在很强的相关性,国外发展经验表明在投连险业务发展过程中存在显著的周期波动性,致使寿险业务增长率、保单失效率、公司经营绩效等波动性增强,保险经营风险增大,严重影响寿险业的稳定持续发展。本文结合西欧国家投连险的发展经验探讨了投连险业务发展周期波动的来源、影响和修匀方法,以期对我国投连险的顺利发展有所借鉴。As a new type insurance product with both security and investment function, unit -linked life insurance （ “unit - linked policy” for short） is emphasized for its investment function. The birth of unit-linked policy pushes the life insurance market to grow quickly and brings insurance product with more finance characters, but at the same time, it brings new difficulties and challenges. Because most of unit-linked asset is allo-cated to high return investment instruments （such as stock and long - term bond） , the demand of unit-linked policy is highly integrated with equity market movements. Foreign countries experiences show evident existence of cyclical fluctuation in the development of unit-linked policy, which make life insurance growth, lapse rate and company operational results fluctuate frequently, and threaten the steady and sustained development of life insurance industry. Based on the western European countries experiences in the unit-linked policy development and in the hope of promoting its development in our country, this paper exams the existence of cyclical fluctuation in unit-linked life insurance growth, and its causes, influence and smoothing methods.

关 键 词：投资连结保险 周期波动 修匀 

分 类 号：F84[经济管理—保险]