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: Challenges Faced by the Insurance Industry - The recent rebound in interest rates in various countries has heightened concerns among professionals regarding the management of interest rate fluctuations [2] - Historically, many regions experienced a prolonged low-interest environment, leading insurance companies to adopt risk management strategies based on a single-directional interest rate trend [2][3] - Since 2022, the Federal Reserve has significantly raised the federal funds rate from 0%-0.25% to a range of 5.25%-5.5% over 11 increases, with other major economies also maintaining higher interest rates [2][3] Group 2: Impact of Interest Rate Fluctuations - The dual-directional interest rate fluctuations present a greater challenge than the previously low-interest environment, as companies must adapt to potential short-term shifts in interest rates [3] - Higher interest rates may lead consumers to prefer more flexible investment tools, such as bank deposits and government bonds, which could pressure the sales of long-term insurance products with lower preset rates [3] - Rising interest rates could also increase the risk of policy surrenders, as consumers may opt to withdraw from insurance products 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] - The promotion of participating insurance products is a response to these fluctuations, as they allow for flexible dividend distribution based on investment performance [4] - Companies are encouraged to enhance the sales of flexible products like universal life insurance and investment-linked insurance, which can adjust returns based on market conditions, thereby transferring some interest rate risk to customers [4][5] Group 4: Product Development and Customer Engagement - The insurance sector should develop more products that are less sensitive to interest rate changes, 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 increasing customer loyalty and reducing surrender risks associated with interest rate volatility [5][6] Group 5: Asset Management Strategies - 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 dividends in a fluctuating interest rate environment [6]