外文翻譯---人壽保險公司利率敏感產(chǎn)品定價-文庫吧資料
2025-01-21 02:21本頁面
【正文】 wo 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 maximize the return. The asset cash flow is posed of investment ine and principal repayments while the liability cash flow in any future time is defined as the sum of the policy claims，policy surrenders and expenses minus the premium ine expected to occur in that time period. When interest rates fall as the net cash flows are positive，the net flows will have to be reinvested at rates lower than the initial rates. The reinvestment risk emerges. On the other hand，negative net cash flows mean shortages of cash needed to meet liability obligations. A cash shortage requires the liquidation of assets or borrowing. If interest rates rise when the net cash flows are negative，capital losses can occur as a result of liquidation of bonds and other fixedine securities whose values have fallen. And the price risk occurs. Taiwan insurance panies are exposed largely to interest risk even though the popular products change over time. Prior to 1990，market was featured with fixed interest rate products which guarantee 20 or more years of fixed return to policyholders. With interest starts to decline in late 1990s，Taiwan insurers reali
公司管理相關(guān)推薦
鄂ICP備17016276號-1