肖远企提示利率双向波动 险企如何应对更大挑战

Core Viewpoint - The insurance industry is facing complex challenges due to the transition from a long-term low-interest environment to one characterized by high-frequency and significant interest rate fluctuations, necessitating a dynamic balance between assets and liabilities [1][2][3] Group 1: Current Interest Rate Environment - Recent trends show a rebound in interest rates in several countries, prompting heightened attention from industry professionals [2] - The Federal Reserve has raised the federal funds rate from 0%-0.25% to a range of 5.25%-5.5% over 11 increases since 2022 to combat rising inflation [2] - Japan's new 10-year government bond yield has risen to 1.970%, the highest level in approximately 18.5 years, indicating a significant shift in the interest rate landscape [2] Group 2: Challenges for the Insurance Industry - The dual fluctuations in interest rates present a greater challenge than the previously experienced low-rate environment, as companies must adapt to potential short-term shifts in rates [3] - High interest rates may lead consumers to prefer more flexible investment options, such as bank deposits and government bonds, which could pressure the sales of long-term insurance products with lower guaranteed rates [3] - Increased interest rates could also heighten the risk of policy surrenders, as consumers may opt to withdraw from policies in favor of higher-yielding opportunities [3] Group 3: Strategic Adjustments Required - The insurance industry must strategically adjust its operational logic to align with the new normal of interest rate fluctuations, focusing on dynamic asset-liability management [4] - Companies are encouraged to promote participating insurance products, which allow for flexible dividend distribution based on investment performance, thus sharing investment risks with clients [4] - The sale of flexible yield products, such as universal life and investment-linked insurance, should be increased to better manage interest rate risks [4] Group 4: Product Development and Customer Engagement - The industry should develop more products that are less sensitive to interest rate fluctuations, such as health and accident insurance, to stabilize liabilities [5] - Introducing products with flexible yield adjustment mechanisms, like variable annuities, can enhance attractiveness and meet consumer needs [5] - Improving customer service and communication is essential for building trust and reducing surrender risks associated with interest rate volatility [5] Group 5: Investment Strategy Adaptation - Insurance companies need to reduce reliance on long-term fixed-income assets and explore alternative investments, such as infrastructure and private equity, which are less correlated with interest rates [6] - Focusing on high-dividend blue-chip stocks can provide stable returns and consistent dividend income in a fluctuating interest rate environment [6]