外文翻譯---人壽保險公司利率敏感產(chǎn)品定價-免費閱讀
【正文】 這不僅可以證明傳播費用增加SPDA但保險公司潛在的盈利需要聚焦于戰(zhàn)略平衡銷售量授信政策和攻擊性。單一支付延期年金（SPDA）屬于利率敏感的家庭很快就占了20%，而新系統(tǒng)成為主導(dǎo)產(chǎn)品在市場。當(dāng)利率上升時，業(yè)主往往SPDA投降，投資高收益的投資，這是類似于抵押貸款借款人的行為。1990之前，市場具有固定利率產(chǎn)品保證20年以上的固定收益保險。資產(chǎn)的現(xiàn)金流是由投資收益和本金而在將來的任何時刻的負(fù)債現(xiàn)金流被定義為的政策主張和政策，投降和費用減去保費收入預(yù)計將在這段時間內(nèi)發(fā)生的。外文文獻(xiàn)The Pricing for Interest Sensitive Products of Life Insurance Firms James C. Hao Associate Professor， Department of Insurance， Tamkang UniversityEmail： cjhao Received February 10， 2011；revised April 15， 2011；accepted April 26， 2011The major purpose of this paper is to construct interest rate risk models for interest sensitive products issued by life insurance firms in Taiwan. With interest declines in late 1990s，single paid interest sensitive annuity takes up about 20% of new policy premiums in Taiwan；This implies its risk and profitability bee critical to insurers’ financial health. The paper constructs the BlackDermanToy model bining with optionaladjusted spread analysis model to price the spread on asset required to yield to make such products break even，with further extension to measure the impact of interest shock on asset liability management. We choose two different crediting strategy products to illustrate the option value of the insurance firms the option to reset rates based on the path of interest rates and the expenses charges as well as the option of policyholdersthe option to surrender policy if not satisfied with crediting rate. With our implement Table models， insurance firm will have capacity to quantify its risk exposure and source of profitability as well as to seek an optimal strategy balancing sale volume and aggressiveness of crediting policy.Interest rate risk is an important concern for life insurance firms. Insurers issue debt instruments for which the amount and timings of benefits payment are unknown at time of policy issuance and invest the premiums to ma
公司管理相關(guān)推薦
鄂ICP備17016276號-1