运用金融衍生品对冲保险资金投资风险的分析

Analysis on the Hedge of Insurance Funds Investment Risk by Using Financial derivatives

防范化解金融风险已经成为我国当前金融工作的根本任务,金融衍生产品作为一种风险管理的工具已逐渐被金融机构认可并运用。当前我国保险公司投资主要面临利率风险、权益风险以及流动性风险,所以保险公司应适当地使用金融衍生品来对冲这些风险。本文通过对我国保险资金投资现状分析发现,我国保险公司对金融衍生品的运用相对较少,从而提出一些运用金融衍生品对冲风险的策略,并以保险资金投资十年期国债期货为例,运用VAR模型分析其面临的风险大小,最后建议提高保险资金投资金融衍生品的比例,建立完整的风险管理体系并且对投资风险实行动态管理,使得金融衍生品更好地促进保险资金投资。

Preventing and resolving financial risks have become the basic task of the current financial work in China,the financial derivatives as a tool of risk management has been gradually accepted and used by financial institutions.At present,insurance companies face the interest rate risk,equity risk and liquidity risk.so,financial derivatives should be used appropriately to hedge risks.In this paper,through analyzing the pres⁃ent situation of investment of insurance funds in China found that the use of financial derivatives by insurance companies is relatively small.Therefore,some strategies of hedging risks with financial derivatives are put for⁃ward.In addition,taking the investment of insurance funds in 10-year Treasury bond futures as an example,using VAR model to analyze its risk size.Finally,it is suggested to improve the proportion of insurance funds investing in financial derivatives,establish a complete risk management system and implement dynamic man⁃agement of investment risks,so as to make financial derivatives better promote the investment of insurance funds.