“保险+期货”服务农业风险管理的若干问题

Some Problems of “Insurance & Futures” Service In Agricultural Risk Management

"保险+期货"项目的推出契合了我国农业经济的风险管理需要,其将农产品价格风险转化为保险赔付风险,并通过场外期权交易转移给期货风险管理公司,最终由后者通过期货交易进行风险对冲,从而形成农业风险管理的闭环。作为我国特有的农业风险管理模式,"保险+期货"项目主动对接农业生产经营,有效匹配农产品价格风险管理需求,产品接受度较好,政策引导性强,但也存在保费和期权权利金补贴负担较重、保险实际赔付率低及交易成本较高等问题,其对期货市场运行质量和品种创新也提出较高要求。借鉴美国农业保险与农产品期货相结合的风险管理经验,需要加强该项目市场化运作水平、改善期货市场运行质量、加快上市符合农业经济特点的交易品种和交易工具,适时引入国有企业、保险公司等机构投资者入场对冲风险。

The project of 'insurance&futures' meets the needs of risk management in China’s agricultural economy.It transforms the price risk of agricultural products into insurance indemnity risk and transfers it to the futures risk management company through OTC option trading.Finally,the latter carries out risk hedging through futures trading,thus deducting the agricultural risk management.Closed loop.As a unique agricultural risk management mode in China,the 'insurance&futures' project effectively matches the demand of price risk management of agricultural products,has a good acceptance of products,and has a strong policy guidance.It also puts forward higher requirements for the quality of futures market operation.But there are still some problems,such as the heavy burden of premium and option premium subsidy,the low rate of actual insurance compensation and the high transaction cost.Drawing lessons from the risk management experience of the combination of agricultural insurance and agricultural futures in the United States,it is necessary to strengthen the market-oriented operation level of the project,improve the quality of the futures market operation,accelerate the listing of trading varieties and instruments in line with the characteristics of agricultural economy,and timely introduce institutional investors such as state-owned enterprises,insurance companies and other institutional investors to hedge risks.