[Gimmingyeong financial newspaper reporter Korea] came a point that the macroeconomic environment changes around the country and the demand for insurance contracts revealed that influence the need to maintain the financial soundness of insurance companies strengthened monitoring.
Insurance Institute is the 28th in Gwanghwamun, Seoul Korean Re Reinsurance Building, open the "contractors acting in accordance with the macroeconomic changes and insurance risk management seminar naenwatda the analysis of the impact of macroeconomic risks to insurance companies and insurance churn profits.
Playing with hard times Breck sheets, international oil prices in the UK and around the country were increasing the liquidity risk of the insurer to IFRS17 introduction of global economic uncertainty increased more than ever.
Imtaejun Insurance Institute committee has analyzed the impact on the insurance industry, according to the macroeconomic environment changes through quantitative macroeconomic models.
First, China's GDP continues to grow every year, but the annual growth rate was noted in decline. Imtaejun researcher Accordingly, China's GDP growth rate was assumed to decline compared to the scenario of 1% per year benchmark p.
Also it showed that LIBOR is assumed that oil prices, the simulation run results were rising churn rates for all products except for private pension income is reduced premium volume should rise 5 dollars per barrel to rise annually 25BPS.
If the three-year average rate of life insurance in case of non-protection-type variable was clear predict churn rate of 3.07%. Variable non-savings insurance was also recorded churn rate of 2.97 percent is 2.35% variable protection-type insurance, variable life insurance and savings showed a 1.60% churn rate.
Subscription rate also dropped significantly. Variable life insurance protection-type initial premiums have dropped -4.18% -1.11% Variable savings insurance, non-protection-type variable -0.62%, non-variable life insurance and savings were expected to be reduced -0.51%.
Insurance is also a churn rate of long-term savings insurance was higher by 3.10 percent. Subscription rate gotta easing compared to the case of long-term life insurance protection-type insurance -0.48%, long-term savings insurance was recorded initial premiums of -1.07%.
Imtaejun researcher at the 'macro-economic environment, changes are having on a considerable impact on the insurance needs and contract keeping it affects the availability, capital requirements and liquidity risks of the insurers' saying' just in macroeconomic risks in accordance with these findings Finance should strive to strengthen health monitoring 'he said.
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