The so-called insurance investment mechanism refers to the operating mechanism and management system of insurance investment activities, including the internal organizational structure of insurance investment, investment decision-making principles and risk control methods. The purpose of establishing insurance investment mechanism is to improve insurance investment income and reduce investment risk.
The underwriting business and investment business of insurance companies are two important characteristics of modern insurance industry, among which insurance investment business has become an important means for the survival and development of modern insurance companies. On the one hand, the development of insurance investment business will expand the profits of insurance companies and increase their solvency and operational stability. At the same time, the increase of insurance company's income will make the insurance company reduce the insurance premium rate, reduce the burden on the insured and improve its competitiveness. If China's insurance industry is not based on investment income, it will be difficult to compete with foreign insurance companies in terms of price (rate) after China's entry into WTO. On the other hand, the development and profit of insurance investment business can make up for business losses and maintain the survival and development of insurance companies. For example, in 1987, the insurance business losses of the two major British insurance companies were 64 million pounds and180,000 pounds respectively, while the investment profits were 204 million pounds and 249 million pounds respectively. After breakeven, there is no small comprehensive profit. Judging from the recent development characteristics of the international insurance industry, the main income of insurance companies has gradually shifted from traditional underwriting income to investment income. For example, the property insurance business in the United States, starting from 65,438+0,978, has suffered underwriting losses for 265,438+0 years, mainly investment income.
The low utilization rate of insurance investment funds and few investment tools in China make the income level of insurance investment very low, which limits the development and competitiveness improvement of China's insurance industry. In order to promote the development of insurance industry in China, the China Municipal Government and relevant departments are committed to improving the insurance investment environment, enriching and developing insurance investment tools, and reducing restrictions on insurance investment. In recent years, the pace of insurance investment has been greatly accelerated. Insurance funds 1998 have entered the interbank lending market, and Tongsheng Fund 199 10 has placed shares with insurance companies, marking the opening of China's capital market to insurance companies. At present, the proportion of some insurance companies allowed to purchase funds has risen from 5% of total assets to 15%. Investment-linked insurance can 100% enter the capital market to buy investment funds. It can be predicted that with the change of economic environment, the capital market will be continuously opened to insurance companies, and the insurance investment in China will be greatly developed.
Because insurance management is a debt management, the use of insurance funds must not only consider the income of investment, but also ensure the safety of investment. Therefore, the opening of the market, the increase of investment tools and the continuous expansion of investment scale objectively require insurance companies to further strengthen the construction of investment mechanism, improve their ability to resolve risks, and ensure the coordination between insurance funds and investment income.
Two. Classification of insurance investment mode and organizational structure
Insurance investment mode is closely related to insurance investment organization structure, that is to say, a certain insurance investment mode must establish its corresponding investment organization structure. There are three main modes of insurance investment: centralized investment mode, decentralized investment mode and decentralized investment mode.
1. Centralized investment mode. Centralized investment mode corresponds to the high concentration of investment decision-making, that is, unified decision-making and centralized trading. This investment model is characterized by single investment subject, simple and quick decision-making mechanism and easy unified management. However, the excessive concentration of investment decision-making power increases the decision-making risk.
Centralized investment mode is suitable for markets with few investment varieties and small investment scale. However, when there are many types of investment and the capital scale is large, this model is impossible for large-scale cooperative investment.
The organizational structure corresponding to the centralized investment model is a simple "linear" organizational structure. At present, this organizational structure is widely used in China's insurance investment.
2. Diversified investment model. Decentralized investment mode is contrary to centralized investment mode, and the decision-making power of investment is completely exercised by various functional departments, that is, each functional department decides its own investment tools and investment quantity according to market conditions. The advantage of this model is that it can avoid the decision-making risk caused by excessive concentration of decision-making power. However, excessive decentralized decision-making and investment increase the difficulty of management. The organizational structure corresponding to this model is a flat structural framework.
3. Diversified investment model. This is an investment model between centralized investment model and decentralized investment model. Daily investment decisions are exercised by various functional departments. The fund management headquarters is responsible for the coordination and management among various functional departments, and only makes investment decisions on some major projects. The investment subject of this model is diversified, that is, it forms two levels of investment decision-making subjects: headquarters and functional departments. The organizational structure corresponding to this model is the organizational structure of division system or super-division system.
Third, the choice of insurance investment model in China
The choice of investment mode should comprehensively consider the current situation and future development speed, and adopt appropriate advanced investment mode. Judging from the actual situation in China, diversified investment mode should be an important choice. Mainly based on the following reasons:
First of all, the development of insurance industry in China determines that the scale of insurance investment funds will continue to expand. Judging from the depth and density of insurance in China, the depth of insurance in China is 1.4% and the density is 100 yuan. In the same period, the insurance depth of some developed countries was 10%, and the density exceeded $5,000. In developing countries such as India, the insurance depth is 5% and the density is 100 USD. It can be seen that the insurance industry in China is still in its infancy. With the rapid development of China's economy and the growing insurance economy, China's insurance industry will develop greatly, and more and more funds will be available.
Secondly, the financial market has been gradually improved and investment tools have been increasing. China's securities market, foreign exchange market and real estate market are developing continuously. For example, the scale of national debt 1997 was189.8 billion yuan, 1998 was 299.3 billion yuan, and 1999 was 38 170 billion yuan, with an average growth rate of 43%. Although there are only 36 securities investment funds in China, under the guidance of national policies, open-end funds will be launched soon, and targeted fundraising may also become another choice for insurance investment. All these provide multi-level investment tools for insurance investment. At the same time, various laws and regulations have been continuously improved, and the investment structure has gradually become reasonable, which has continuously improved the external environment for insurance investment.
In addition, the restrictions on insurance investment are decreasing. After China's entry into WTO, the construction of China's financial market has been greatly accelerated, which provides good conditions for the large-scale entry of insurance investment. At the same time, it also promotes the integration of China's insurance investment model with the international operation model as soon as possible.
Therefore, the expansion of insurance investment scale and diversification of investment tools objectively put forward higher requirements for the decision-making mode and professional division of labor of insurance investment. But decentralized decision-making and professional division of labor must be based on unified management and mutual coordination. Therefore, it is a reasonable choice to adopt the diversified investment model.
Four, the division of fund investment organization structure
Business system is the basic structure of insurance investment, and the division of business departments is mainly based on the characteristics of business. Such as national debt, foreign exchange and industrial investment. Because insurance funds entered the capital market late, there are some differences in the division of capital investment business among domestic insurance companies. There are two main ways to divide the existing funds. One is the centralized investment mode, that is, the establishment of a special fund investment and capital department, responsible for the unified investment of funds. With the increasing number of funds, the biggest problem of this model is that it is difficult to analyze the funds in depth. The other is a diversified investment model, in which multiple groups, usually 36 investment groups, are set up in the fund investment department, and each group is responsible for investing in one fund. Although this model can grasp the funds in depth, it needs more personnel, and too fine division will increase the difficulty of management and coordination. In order to avoid the shortcomings of these two models, they can be designed according to the investment characteristics of funds.
1. by fund management company
China has 10 fund management companies, so it can be divided into 10 groups, and each group is responsible for investing in funds under the fund management companies. This division is conducive to tracking and analyzing the management level, business ideas and investment characteristics of fund management companies.
2. According to the investment style of the fund.
According to the investment style of funds, they can be divided into six categories. That is, positive growth, steady growth, growth of small and medium-sized enterprises, asset restructuring, optimization index and technology. According to the investment style of the fund, it is beneficial to grasp the investment risk. For example, the risk of small and medium-sized enterprises in growth funds is relatively high, while the risk of stable growth funds is relatively low. Therefore, the fund can be allocated according to different risks of the fund. When the market hotspots switch rapidly, you can also choose the corresponding funds for timely investment according to the changes of hotspots in different sectors of the market.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.