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

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      <subfield code="a">The lmplications of the China risk-oriented solvency system on the life insurance market</subfield>
      <subfield code="c">Derrick W. H. Fung...[et.al]</subfield>
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      <subfield code="a">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. </subfield>
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      <subfield code="0">MAPA20080564254</subfield>
      <subfield code="a">Solvencia II</subfield>
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      <subfield code="a">Gerencia de riesgos</subfield>
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      <subfield code="0">MAPA20080570590</subfield>
      <subfield code="a">Seguro de vida</subfield>
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      <subfield code="a">China</subfield>
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      <subfield code="a">Fung, Derrick W. H.</subfield>
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      <subfield code="w">MAP20077100215</subfield>
      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
      <subfield code="d">Geneva : The Geneva Association, 1976-</subfield>
      <subfield code="x">1018-5895</subfield>
      <subfield code="g">01/10/2018 Volumen 43 Número 4 - octubre 2018 , p. 615-632</subfield>
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      <subfield code="y">MÁS INFORMACIÓN</subfield>
      <subfield code="u">mailto:centrodocumentacion@fundacionmapfre.org?subject=Consulta%20de%20una%20publicaci%C3%B3n%20&body=Necesito%20m%C3%A1s%20informaci%C3%B3n%20sobre%20este%20documento%3A%20%0A%0A%5Banote%20aqu%C3%AD%20el%20titulo%20completo%20del%20documento%20del%20que%20desea%20informaci%C3%B3n%20y%20nos%20pondremos%20en%20contacto%20con%20usted%5D%20%0A%0AGracias%20%0A</subfield>
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