金融衍生品在保险业中的运用  

作　　者：闫帆 

机构地区：[1]中央财经大学保险学院

出　　处：《保险职业学院学报》2019年第5期44-48,共5页Journal of Insurance Professional College

摘　　要：管理保险业风险是防范系统性金融风险的重要环节。保险业尤其是寿险行业,因其独特的业务结构,面临较大的权益风险和利率风险。金融衍生品作为风险对冲的重要工具,应当被合理引入保险市场。2019年4月22日,中金所经中国证监会同意,进一步放宽股指期货交易限制也为保险公司运用金融衍生品提供更多可能。但现有理论研究多将目光集中在保险产品内嵌衍生品结构的定价问题上,并未对保险资金投资于金融衍生品以管理保险业风险进行深入研究。文章通过案例分析金融危机中美国保险公司运用金融衍生品的策略和效果,建议在建立完善风控体制的基础上,引导保险资金运用金融衍生品进行风险对冲,同时,建议大力发展金融衍生品市场,为保险业提供更丰富的风险管理工具,促进保险业产品创新。Managing the insurance risks is an important part in preventing systemic financial risks. The insurance industry, especially life insurance, faces large equity risks and interest rate risks due to its unique business structure. As an important tool for risk hedging, financial derivatives should be introduced into the insurance market. On April 22, 2019, with the permission of China Securities Regulatory Commission, China Financial Futures Exchange further loosened the restrictions on stock index futures trading, which also opens up more possibilities for insurance companies to use financial derivatives. However, the existing research has focused on the pricing of embedded derivatives in insurance products, and has not studied the investment of insurance funds in financial derivatives to manage insurance risks. Through case study of the strategy and effects of financial derivatives used by US insurers in financial risks, it is suggested to establish a sound risk control system and guide the insurance funds to use financial derivatives to hedge risks. At the same time, it is recommended to vigorously develop the financial derivatives market, provide more risk management tools for the insurance industry, and promote product innovation in the insurance industry.

关 键 词：金融衍生品 保险风险对冲 变额年金 产品创新 

分 类 号：F840.682[经济管理—保险]