台灣壽險業從事房屋抵押貸款之風險研究

• Main Authors: 魏勝育, Way, Sung-Eat
• Language: 中文
• Published: 國立政治大學
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G91NCCU2212012%22.

近三年來，在央行連續降息十三次之後，短期之利率水準已低於百分之三，使得台灣壽險業面臨「利差損」之風險日益擴大，因應不善恐有失卻清償能力之虞。在保險法第一百四十六條保險業資金運用之「投資組合」規範下，本研究選取壽險業從事安全性較高、收益性較穩定之房貸業務做風險之研究；而房貸市場自「指數型房貸」成為主流之後，不僅打破「傳統型房貸」之「基本放款利率」的窠臼，並演進成銀行業與壽險業爭相競逐房貸市場，其激烈程度已是國內金融市場四十年來之首見，而其間之風險正是本研究之重點；本研究綜合文獻探討、房貸市場之現況分析以及壽險業從事房貸業務之個案研究，作出以下二點結論。 (1)資產運用之風險，已成為壽險業經營成敗之關鍵 「利差損」唯有靠投資收益來彌補，資金運用能力佳，才能達到收益之穩定度、安全性之目標；因此審慎評估各項資產之優劣點、風險種類，就變得格外之重要。 (2)房貸行銷策略之修訂，採行「差異化市場區隔策略」 房貸之風險包括提前償還、違約以及回收等三種。造成這些風險主要之因素有二，即房屋淨值小於房貸餘額與支付能力縮減；當其一存在時，違約風險已然升高，當兩者並存違約必然發生；中南部之房價貶落約三成以上，家庭平均所得縮幅2.5％，失業率在5％之上；壽險業在此區域所承作之房貸戶大部份屬於中下階層，其潛藏之違約風險偏高；基於擴大房貸規模、業務與財務結合與保戶服務等考量之下，無法全面停止承作，則採行「差異化市場區隔策略」，以優於本區域一般房貸之條件，引進優質之目標顧客族群，例如軍公教族群、優良企業員工、律師、醫師以及會計師等等。如此才能降低違約風險，提昇房貸收益之穩定性。 關鍵字：利差損、投資組合、資產運用、指數型房貸、基本放款利率、差異化市場區隔策略。提前償還、違約、回收。 === After the Central Bank adjusted interest rates thirteen times in the last three years , the short-term interest standard has dropped to 3-----/o. This drop in interest rate greatly increases the interest loss risk for the life insurance sectors. Without proper counter measures, insurance companies may be forced to run their business in a destructive manner. Under the Article 146 guidelines addressed in the Insurance Law, this thesis focuses on a risk analysis of low-risk but steady overturn mortgage business. The 'exponential mortgage' has become the mainstream mortgage calculation. This method encourages market sharing between the banking and life insurance industries. This has not been observed in the past 40 years. This thesis draws two conclusions through literature review, mortgage market analysis and case studies. 1.The risk involved in capital investment has become the key component determining success in the life insurance business. Interest lost can only be recovered through well-planned capital investment to eventually fulfill the low-risk, stability goal. Hence, assessing of the pros- and-cons of various capitals and risk controls the turnover rate. 2.Marketing strategies should use the differentiated marketing concept. Mortgage risk consists of prepayment, default and recovery. The sources that initiate the risk include low the mortgage net value versus debt ratio and reduction in payments. The default risk increases as one of the above increases. Default risk definitely appears when both mechanisms exist. The current real estate value has devalued over 30%. The average income per household has decreased 2.5% and the unemployment rate has reached 5% in Mid-south Taiwan. This has increased the risk for default for the life insurance industry. From the viewpoint of business management, a differentiated marketing strategy is an essential step to take with favorable mortgage packages designed for white-collar workers in the civil and military services, education, law, accounting, and medical professionals. Under the differentiation concept, reduction in the default risk and stable profits are possible. Key words ioss of interest insurance Law life insurance industries aprepayment, default and recovery default risk exponential mortgage differentiated marketing strategy