人口老龄化背景下商业保险参与三支柱养老体系建设进展、问题及发展建议

Progress, Problems and Development Suggestions of Commercial Insurance Participating in the Construction of theThree-pillar Pension System under the Background of Aging

即将步入深度老龄化社会之际,我国长期依赖第一支柱养老模式、养老金替代率低的状况愈发不可持续。商业保险参与三支柱养老体系建设相比其他金融行业,具有长寿风险管控、康养服务提供以及资产久期匹配契合度高的优势;养老金融是保险服务国家社会保障体系建设,实现高质量发展的重要领域,但目前商业保险参与养老产品、服务创新进展不理想,市场上具有强养老属性的保险产品有限;税延养老险试点吸引力不足;住房反向抵押养老保险探索参与度不高;专属商业养老保险探索尚未被认可;专业养老保险公司偏离养老主业,正开始纠偏过程;在生态建设上,“保险机构+养老社区”互动形成了三种模式,但尚难实现稳定盈利。研究在分析原因基础上,提出五方面建议:一是明确自身定位,在三支柱养老体系构建中体现专业化、差异化价值;二是利用保险风险管理领域的长期经验积累,推动养老产品开发;三是发挥保险跨周期资产配置和长周期价值防御优势,确保稳健投资;四是立足“保险+”理念构建养老生态圈,巩固平台打造优势;五是规划引领、循序渐进,做好风险识别,避免盲目投入。

As China is about to enter a deeply aging society,long-term dependence on the first-pillar pension model and the low pension replacement rate is becoming increasingly unsustainable.Compared with other finan⁃cial industries,commercial insurance's participation in the construction of the three-pillar pension system has the advantages of longevity risk management,professional health care services and a high degree of matching of asset duration;Aging finance is an important area for insurance to serve the construction of the national social security system and achieve high-quality development.However,the current progress of commercial insurance in partici⁃pating in pension products and service innovation is not satisfactory,and there are limited insurance products with strong pension attributes in the market;the pilot of tax-deferred pension insurance is not attractive enough;the participation in the exploration of housing reverse mortgage pension insurance is not high;the exploration of exclu⁃sive commercial pension insurance has not been recognized;professional pension insurance companies deviate from the main business,and are beginning to correct the deviation;in terms of ecological construction,the interac⁃tion of"insurance institutions+pension communities"has formed three modes,but it is still difficult to achieve stable profits.On the basis of analyzing the reasons,the research puts forward five suggestions:first,clarifying its own positioning and reflecting professional and differentiated value in the construction of the three-pillar pension system;second,using the long-term accumulation of experience in the field of insurance risk management to pro⁃mote the development of pension products;third,giving full play to the advantages of insurance cross-cycle asset allocation and long-term value defense to ensure stable investment;fourth,building a pension ecosystem based on the"insurance+"concept,and consolidating the advantages of platform building;fifth,planning and taking ac⁃tions step-by-step,making good risk identification,and avoiding blind investment.