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
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
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
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
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
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.
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.'
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.
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.
