生命保険市場の国際的市場制約と健全性リスク・マネジメント
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概要
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Life insurance products and the markets may seem completely different for each country. They are under the influence of their system factors, such as social security system and regulations of insurer practices, as well as their social and economic factors, such as the economic development stage, size of individual financial assets, level of competition among financial institutions, and population composition by age. Even so, the insurance markets in the world must have some kind of common factors, because the essential of insurance lies in risk aversion and that is a universal desire among all people. In this research paper, I connect the seemingly different life insurance markets in each country by using a concept called the "Face amount ratio" (hereinafter called the "FA ratio"), after comparing the death benefit acquired from personal insurance, in order to clarify the linkage and common factors of the life insurance markets worldwide. The FA ratio is a very simple index which is obtained by dividing the personal insurance amount in each country by the nominal GDP, but is one of the international "constraints" on the life insurance markets by which market structures are determined according to the change of long-term interest rates and the sales strategy of suppliers (i.e. insurers) who utilize such change. In addition, the market structure in a country and the future expansion can be learned from structures of the other countries' FA ratios in certain periods. And the FA ratio is effective to indicate the common factors among the life insurance markets in each country as well as to notify us of changes in the markets. Large deviation of this index means that the insurers' strategy achieved an overly successful outcome, which implies a phase where the risk control is insufficient as seen in Japan. Confusion could occur in a process in which the actual values inevitably get closer to theoretical values in such large deviation. Since larger deviation results in larger adjustment, risk control should be reinforced in the phase. FA ratios play an important role in managing or supervising the soundness of life insurance companies.
- 2007-01-30