| With the increasing proportion of the elderly population in China,the old-age dependency ratio is also increasing year by year,which brings great challenges to our social pension,but also brings financial pressure to the government.In this context,China introduced housing reverse mortgage in 2003,the community began to actively explore and practice,launched a number of "housing for the aged" new model.However,due to the lack of credibility of the undertaking agencies,harsh participation conditions,imperfect market,deep-rooted traditional ideas and other reasons,these models ended in failure and did not run for a long time.After that,the former CIRC launched a pilot program of reverse mortgage pension insurance for the elderly in 2014.In 2015,Happy Life approved the "Happiness Housing to Treasure Elderly Housing Reverse Mortgage Endowment Insurance(Section A)," the first "Housing for the Aged" insurance project officially launched,but by the end of 2020,the number of insured is only about 200 people,the process is relatively slow,and the implementation effect is not ideal.This paper will analyze the housing reverse mortgage endowment insurance project carried out by Happy Life through literature research and induction.This paper introduces the main contents and implementation effect of the Happy Life Housing Mortgage Endowment Insurance Project,finds out the problems and causes in the development process,and puts forward suggestions for improvement.First of all,this paper introduces the content of the Happiness Life Housing Reverse Mortgage Endowment Insurance Project,including the participants of the project,the operation process,the introduction of the provisions and the implementation of the program.Secondly,the paper analyzes the interest rate risk,house price fluctuation risk and longevity risk that Happy Life faces when carrying out the project,and concludes that the cross risk under the action of these three factors will bring losses to Happy Life Insurance Company.In order to reduce the losses caused by uncertain risks,Happiness Life sets up high expenses in its products and adopts a single pricing mechanism,which transfers the risks to the policyholders and makes the interests of the policyholder suffer.On the other hand,due to the weak state participation,no relevant legal restrictions and policy support,the lack of financial support in the process of carrying out Happy Life Insurance Company,but also reduced the public trust,resulting in the slow development of the project.Finally,according to the problems of the project,this paper mainly from the insurance company and the government two levels to put forward relevant recommendations.From the insurance company level,Happiness Life to take measures to prevent risks,strengthen risk management,reasonable cost,optimize pricing and product innovation,increase the elderly to the product identity,while strengthening cooperation with financial institutions.From the government level,the government should increase financial support,encourage financial institutions to participate,but also improve the relevant laws and regulations,so that the regulatory authorities have a law to follow,at the same time,the government should strengthen the publicity of products,improve the public’s sense of participation.Through the case analysis of the Happy Life housing reverse mortgage endowment insurance project,and put forward relevent recommendations and solutions,can make housing reverse mortgages endowment insurance can be better promoted in the country,It provides a new way of thinking for the elderly,let more people participate in,so as to improve the quality of life of the elderly and reduce the pressure of social pension and government financial burden. |
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