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Title:: Establishment of the risk assessment index system of life insurance companies’ investment in old-age real estate

Author(s):: JING Tao1; YANG Shu2; WANG Yueci1; 1. School of Insurance and Economics，University of International Business and Economics，Beijing， 00029， China；2. Department of Finance，China Women’s University，Beijing, 100101， China

Keywords:: economy and management; life insurance company; analytic hierarchy process; oldAge real estate risk; assessment index

PACS:: F293；F840

DOI:: -

Abstract:: Life insurance companies face many risks in the process of “testing water” in oldage real estate, which not only dampens the enthusiasm of investors in the oldage real estate industry, but also is not conducive to solving the shortage of oldage industry supply in the context of China’s aging society. Therefore, establishing a scientific risk index system for the quantitative assessment of the risks in oldage real estate investment not only allows the investors in this industry to carry out risk identification and risk management in a timely manner, but also promotes the reform on the supply side of the oldage care service in China. This paper quantitatively analyzes the risks of life insurance companies investing in the oldage real estate from the macro and micro dimensions, and selects five firstlevel indicators and 13 secondlevel indicators to construct a risk assessment index system for life insurance companies to invest in oldage real estate. The analytic hierarchy process is adopted to determine the weight of each index, and the fuzzy comprehensive evaluation method is used as the criterion for judgment. The comprehensive risk assessment model of life insurance companies’ investment in oldage real estate is established, and HZ life insurance company is taken as an example for empirical research. The research results show that: life insurance companies face risk factors in five aspects, namely policy, market, economy, planning and operation in the process of investing in oldage real estate; HZ life insurance company’s oldage real estate project has high overall risk, but the overall risk is biased towards the general risk level, so it is feasible for the development and investment of real estate projects; From the results of single factor evaluation, it can be seen that the “policy risk”, “effective demand shortage risk” and “management and service risk” have higher risk levels, which require special focus from life insurance companies in the future investment in oldage real estate.

Establishment of the risk assessment index system of life insurance companies’ investment in old-age real estate(PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

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