论我国保险市场主要风险转化及其防范

保险资金运用对承保业务的发展具有重要促进作用，保险资金运用与资本市场、货币市场、一国金融机制高度相关。2005年7月21日，中国人民银行宣布实行有管理的浮动汇率制度，标志着我国全面启动了浮动利率、汇率金融机制，同时意味着我国保险投资开始面临利率、汇率风险。2005年5月17日，我国在银行间债券市场推出了第一个场外金融衍生产品——债券远期交易，下半年还将推出银行间远期外汇交易、人民币对外币掉期等金融衍生产品。金融现货市场面临的利率、汇率风险，只能在金融衍生市场化解、防范。因此，保险投资应该参与金融衍生市场运作，开发浮动利率保单，才能有效防范利率、汇率风险。

Investment of insurance fund can significantly promote business development. And it is highly correlated to a country＇s capital market,currency market and financial system. On July 21,2005, the People＇s Bank of China declared to adopt the managed floating exchange rate system, signaling the full launch of a floating interest rate and exchange rate in China. It also meant that investment by insurers started to face exchange rate risk and interest rate risk. On May 17,2005, China launched the first over-the-counter financial derivative vehicle, bond forward trading, in the inter-bank bond market. The RMB-foreign currency swap, an inter-bank forward foreign exchange product, is also expected to be launched in the 2nd half of this year. The interest rate risk and exchange rate risk in the financial spot market can only be mitigated through the financial derivative market. For this reason, insurance fund investment should participate into derivative market, and insurers should design floating-rate insurance product to effectively guard against interest rate and exchange rate risks.