The lmplications of the China risk-oriented solvency system on the life insurance market

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<title>lmplications of the China risk-oriented solvency system on the life insurance market</title>
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<namePart>Fung, Derrick W. H.</namePart>
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<abstract displayLabel="Summary">The China Risk-Oriented Solvency System (C-ROSS) was fully implemented in 2016. We analyse the effects of C-ROSS on the financia] position, product oox and asset allocation of life insurers in the Chinese insurance market. Based on a data set of 66 life insurers, we find that the solvency position of life insurers specialising in writing long-term traditionallife products with heavy protection elements improves under C-ROSS, but that the insurers are more vulnerable to decreases in interest rates. In contrast, the solvency position of life insurers specialising in writing short-term endowments and high cash value products deteriorates. C-ROSS also incentivises life insurers to consider asset- liability duration matching, accounting classification of fixed-income assets and underlying risks of equity investments when formulating their investment strategies. Life insurers may find it difficult to manage interest rate risk under C-ROSS due to the Jack of available long-term bonds in the Chinese financial market. A stock market . boom has a slightly negative effect on life insurers' solvency ratios, and most life insurers can survive a severe market crash due to the pro-cyclical component embedded in the mínimum capital requirements. </abstract>
<note type="statement of responsibility">Derrick W. H. Fung...[et.al]</note>
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<topic>Solvencia II</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080591182">
<topic>Gerencia de riesgos</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080570590">
<topic>Seguro de vida</topic>
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<geographic>China</geographic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
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<text>01/10/2018 Volumen 43 Número 4 - octubre 2018 , p. 615-632</text>
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