In this paper, we set up continuous time model with Poisson Process to analyze demand of investment-oriented life insurance. Individual life time is assumed random, and he is received fixed income, investment-oriented...In this paper, we set up continuous time model with Poisson Process to analyze demand of investment-oriented life insurance. Individual life time is assumed random, and he is received fixed income, investment-oriented life insurance is an important financial asset under this model. Dynamic programming is applied to analyze this problem. The optimal explicit solutions are obtained in the case of CRRA utilities, and draw its demand curve with numerical simulation.展开更多
Underwriting refers to the selection and evaluation of the insured by the insurer, and the implementation of a scientific life insurance underwriting process, which helps life insurance companies effectively control u...Underwriting refers to the selection and evaluation of the insured by the insurer, and the implementation of a scientific life insurance underwriting process, which helps life insurance companies effectively control underwriting risks, improve underwriting quality, and ensure the sustainable and stable operation of the company in the underwriting process. The underwriting of life insurance is not only related to the enterprises own construction, but also to social environment, legal system, industrial development and other factors. Due to the constant changes in the external environment, a series of problems have emerged in Chinas life insurance. If we do not pay attention to them, they will have a negative impact on the healthy development of Chinas insurance industry. Based on the current situation of life insurance underwriting in China, this paper makes a detailed analysis of the problems in the process of life insurance underwriting, and puts forward corresponding solutions and countermeasures. Therefore, we can clearly realize that underwriting is extremely important as the first line of defense for insurance companies risk management. The progress of medicine, the change of environment and the development of new technologies have brought both opportunities and challenges to life insurance. To grasp the development trend of underwriting and explore the effective management of risk control is the only way for insurance enterprises to reduce costs and enhance market competitiveness.展开更多
Under the background of the gradual improvement of the income level of contemporary households, the amount of disposable capital has increased significantly. Financial markets have begun to have a large amount of hous...Under the background of the gradual improvement of the income level of contemporary households, the amount of disposable capital has increased significantly. Financial markets have begun to have a large amount of household capital investment, which has greatly promoted the development of financial markets. Therefore, it has attracted a large number of scholars to invest in the research of household financial asset allocation. Through the research and analysis of family financial risk investment, it is convenient to understand the specific impact mechanism and asset allocation factors, and to realize the rational allocation and utilization of assets on the basis of strengthening the family's risk resistance, which plays a positive role in improving the family income level. As a representative commercial insurance, life insurance has gradually become an important component of family financial assets, affecting the optimal allocation of family assets to varying degrees. In view of this, the article mainly analyzes the impact of life insurance on family financial risk investment. On the basis of understanding the relationship between life insurance and family financial risk investment, the article tries to find reasonable measures to improve the family's cognition level and acceptance of life insurance. With the rational allocation and utilization of funds, the article helps the high-level development of China's financial market.展开更多
The formulas of premiums and premium reserves of a kind of mixed whole life insurance were obtained by the methods of actuarial science. Then we take a typical policy of whole life insurance in present Chinese market ...The formulas of premiums and premium reserves of a kind of mixed whole life insurance were obtained by the methods of actuarial science. Then we take a typical policy of whole life insurance in present Chinese market as an example to analyze its expense design and predict its market prospects.展开更多
This paper analyzes Conditional Value-at-Risk(CVaR)based partial hedging and its applications on equity-linked life insurance contracts in a Jump-Diffusion market model with transaction costs.A nonlinear partial diffe...This paper analyzes Conditional Value-at-Risk(CVaR)based partial hedging and its applications on equity-linked life insurance contracts in a Jump-Diffusion market model with transaction costs.A nonlinear partial differential equation(PDE)that an option value process inclusive of transaction costs should satisfy is provided.In particular,the closed-form expression of a European call option price is given.Meanwhile,the CVaR-based partial hedging strategy for a call option is derived explicitly.Both the CVaR hedging price and the weights of the hedging portfolio are based on an adjusted volatility.We obtain estimated values of expected total hedging errors and total transaction costs by a simulation method.Furthermore,our results are implemented to derive target clients’survival probabilities and age of equity-linked life insurance contracts.展开更多
We examined changes in personal life insurance purchase decisions after a public health event by incorporating perceived health risk and regret into the expected utility function.The model predicts that the epidemic w...We examined changes in personal life insurance purchase decisions after a public health event by incorporating perceived health risk and regret into the expected utility function.The model predicts that the epidemic will create incremental insurance demand.Based on the 2003 severe acute respiratory syndrome outbreak in China,we used a panel dataset of 30 provinces from 2000 to 2007 and applied the difference-in-differences method to confirm the prediction empirically.The results showed that the epidemic did not significantly impact the demand for life insurance in the short term but played a role in the long term.People increased their health-care expenditure and premiums for new policies after the severe acute respiratory syndrome event,suggesting that the epidemic changed people's perceived risk and triggered anticipated regret,which increased life insurance demand.Some robustness checks also supported our findings.展开更多
Life insurance companies,as equity stakeholders in policyholders’lives,have incentives to mitigate their health risks.I introduce a framework that enables life insurers to evaluate the financial viability of developi...Life insurance companies,as equity stakeholders in policyholders’lives,have incentives to mitigate their health risks.I introduce a framework that enables life insurers to evaluate the financial viability of developing and implementing health engagement programs.By leveraging a proprietary big database of health and mortality information from a large U.S.life insurer,I use machine learning techniques to quantify the benefits and use a rational addiction model to calculate the costs associated with these programs.The estimated net benefit available to the life insurer from the smoking cessation program is USD 87 million and the aggregate benefit from including other chronic conditions is USD 872 million.I explore the broader application of this framework in a general health policy context.展开更多
A man went to an insurance(保险)office to have his life insured.The manager of the office asked him how old his parents were when they died. 'Mother had a bad heart and died at the age of thirty.Father died of tub...A man went to an insurance(保险)office to have his life insured.The manager of the office asked him how old his parents were when they died. 'Mother had a bad heart and died at the age of thirty.Father died of tuberculosis when he was thirty- five.' 'I am very sorry,'said the manager.'We cannot insure your life as your parents were not healthy.'展开更多
To set up basic life security program （BLSP） for land-expropriated farmers in the process of urbanization is an effective measure to solve existing issues in China. Theprogram, which Zhejiang Province initiated in t...To set up basic life security program （BLSP） for land-expropriated farmers in the process of urbanization is an effective measure to solve existing issues in China. Theprogram, which Zhejiang Province initiated in the world, has great significance. Through deep investigation in ten cities, the thesis has normatively evaluated current situations, characteristics, advantages and disadvantages of basic life security program for land-expropriated farmers in Zhejiang. Furthermore, it put forward some academic suggestions to further perfect and improve the system.展开更多
The Chinese life-insurance industry has experienced major structural changes in recent years, primarily because of increasing demand and the entry of foreign insurers. Although the market is clearly booming, the effic...The Chinese life-insurance industry has experienced major structural changes in recent years, primarily because of increasing demand and the entry of foreign insurers. Although the market is clearly booming, the efficiency of its growth and development is unclear. In this paper, we evaluate the efficiency of life insurers operating in China and compare foreign firms with domestic firms. We find that foreign insurers have not brought efficiency into the Chinese market, and that the market is still dominated by domestic giants. However, the gap between foreign insurers and domestic insurers is narrowing. After testing hypotheses regarding scale economy, technical progress andpotential improvements, we discuss several issues＇ of importance to life insurers, market investors and government regulators.展开更多
Inside the bureaucratic maze that emerges in China when the dead leave no instructions and millions on the table.In June 2022,a woman surnamed Zhao died from illness at 41,leav-ing behind a substantial estate.Her asse...Inside the bureaucratic maze that emerges in China when the dead leave no instructions and millions on the table.In June 2022,a woman surnamed Zhao died from illness at 41,leav-ing behind a substantial estate.Her assets included a Beijing apartment valued at over 4 million(US$550,000),plus savings,life insurance and other valuables worth over 1.1 million yuan(US$150,000).展开更多
文摘In this paper, we set up continuous time model with Poisson Process to analyze demand of investment-oriented life insurance. Individual life time is assumed random, and he is received fixed income, investment-oriented life insurance is an important financial asset under this model. Dynamic programming is applied to analyze this problem. The optimal explicit solutions are obtained in the case of CRRA utilities, and draw its demand curve with numerical simulation.
文摘Underwriting refers to the selection and evaluation of the insured by the insurer, and the implementation of a scientific life insurance underwriting process, which helps life insurance companies effectively control underwriting risks, improve underwriting quality, and ensure the sustainable and stable operation of the company in the underwriting process. The underwriting of life insurance is not only related to the enterprises own construction, but also to social environment, legal system, industrial development and other factors. Due to the constant changes in the external environment, a series of problems have emerged in Chinas life insurance. If we do not pay attention to them, they will have a negative impact on the healthy development of Chinas insurance industry. Based on the current situation of life insurance underwriting in China, this paper makes a detailed analysis of the problems in the process of life insurance underwriting, and puts forward corresponding solutions and countermeasures. Therefore, we can clearly realize that underwriting is extremely important as the first line of defense for insurance companies risk management. The progress of medicine, the change of environment and the development of new technologies have brought both opportunities and challenges to life insurance. To grasp the development trend of underwriting and explore the effective management of risk control is the only way for insurance enterprises to reduce costs and enhance market competitiveness.
文摘Under the background of the gradual improvement of the income level of contemporary households, the amount of disposable capital has increased significantly. Financial markets have begun to have a large amount of household capital investment, which has greatly promoted the development of financial markets. Therefore, it has attracted a large number of scholars to invest in the research of household financial asset allocation. Through the research and analysis of family financial risk investment, it is convenient to understand the specific impact mechanism and asset allocation factors, and to realize the rational allocation and utilization of assets on the basis of strengthening the family's risk resistance, which plays a positive role in improving the family income level. As a representative commercial insurance, life insurance has gradually become an important component of family financial assets, affecting the optimal allocation of family assets to varying degrees. In view of this, the article mainly analyzes the impact of life insurance on family financial risk investment. On the basis of understanding the relationship between life insurance and family financial risk investment, the article tries to find reasonable measures to improve the family's cognition level and acceptance of life insurance. With the rational allocation and utilization of funds, the article helps the high-level development of China's financial market.
文摘The formulas of premiums and premium reserves of a kind of mixed whole life insurance were obtained by the methods of actuarial science. Then we take a typical policy of whole life insurance in present Chinese market as an example to analyze its expense design and predict its market prospects.
基金Natural Sciences and Engineering Research Council of Canada(Grant No.RES0043487).
文摘This paper analyzes Conditional Value-at-Risk(CVaR)based partial hedging and its applications on equity-linked life insurance contracts in a Jump-Diffusion market model with transaction costs.A nonlinear partial differential equation(PDE)that an option value process inclusive of transaction costs should satisfy is provided.In particular,the closed-form expression of a European call option price is given.Meanwhile,the CVaR-based partial hedging strategy for a call option is derived explicitly.Both the CVaR hedging price and the weights of the hedging portfolio are based on an adjusted volatility.We obtain estimated values of expected total hedging errors and total transaction costs by a simulation method.Furthermore,our results are implemented to derive target clients’survival probabilities and age of equity-linked life insurance contracts.
文摘We examined changes in personal life insurance purchase decisions after a public health event by incorporating perceived health risk and regret into the expected utility function.The model predicts that the epidemic will create incremental insurance demand.Based on the 2003 severe acute respiratory syndrome outbreak in China,we used a panel dataset of 30 provinces from 2000 to 2007 and applied the difference-in-differences method to confirm the prediction empirically.The results showed that the epidemic did not significantly impact the demand for life insurance in the short term but played a role in the long term.People increased their health-care expenditure and premiums for new policies after the severe acute respiratory syndrome event,suggesting that the epidemic changed people's perceived risk and triggered anticipated regret,which increased life insurance demand.Some robustness checks also supported our findings.
文摘Life insurance companies,as equity stakeholders in policyholders’lives,have incentives to mitigate their health risks.I introduce a framework that enables life insurers to evaluate the financial viability of developing and implementing health engagement programs.By leveraging a proprietary big database of health and mortality information from a large U.S.life insurer,I use machine learning techniques to quantify the benefits and use a rational addiction model to calculate the costs associated with these programs.The estimated net benefit available to the life insurer from the smoking cessation program is USD 87 million and the aggregate benefit from including other chronic conditions is USD 872 million.I explore the broader application of this framework in a general health policy context.
文摘A man went to an insurance(保险)office to have his life insured.The manager of the office asked him how old his parents were when they died. 'Mother had a bad heart and died at the age of thirty.Father died of tuberculosis when he was thirty- five.' 'I am very sorry,'said the manager.'We cannot insure your life as your parents were not healthy.'
基金This project was supported by China Postdoctoral Science Foundation（2003034067） and Ministry of Education Philosophy and Social Science Importance Program of China. Thanks Mr. Naizhong Huang and Mr. Yongshui Zhou, the division chief of rural life security in the Department of Zhejiang Labor and Social Security for their support.
文摘To set up basic life security program （BLSP） for land-expropriated farmers in the process of urbanization is an effective measure to solve existing issues in China. Theprogram, which Zhejiang Province initiated in the world, has great significance. Through deep investigation in ten cities, the thesis has normatively evaluated current situations, characteristics, advantages and disadvantages of basic life security program for land-expropriated farmers in Zhejiang. Furthermore, it put forward some academic suggestions to further perfect and improve the system.
文摘The Chinese life-insurance industry has experienced major structural changes in recent years, primarily because of increasing demand and the entry of foreign insurers. Although the market is clearly booming, the efficiency of its growth and development is unclear. In this paper, we evaluate the efficiency of life insurers operating in China and compare foreign firms with domestic firms. We find that foreign insurers have not brought efficiency into the Chinese market, and that the market is still dominated by domestic giants. However, the gap between foreign insurers and domestic insurers is narrowing. After testing hypotheses regarding scale economy, technical progress andpotential improvements, we discuss several issues＇ of importance to life insurers, market investors and government regulators.
文摘Inside the bureaucratic maze that emerges in China when the dead leave no instructions and millions on the table.In June 2022,a woman surnamed Zhao died from illness at 41,leav-ing behind a substantial estate.Her assets included a Beijing apartment valued at over 4 million(US$550,000),plus savings,life insurance and other valuables worth over 1.1 million yuan(US$150,000).
