The Effect of Secondary Markets on Equity‐Linked Life Insurance With Surrender Guarantees
研究了二级市场对具有退保保证的权益连结型人寿保险的影响，发现二级市场导致保单价值在保险公司和投保人之间出现差距，保险公司提高保费以应对更高的退保率和投资者的优化退保行为，因此二级市场的存在不一定对原始投保人有利。
Abstract Many equity‐linked life insurance products offer the possibility to surrender policies prematurely. Secondary markets for policies with surrender guarantees influence both policyholders and insurers. We show that secondary markets lead to a gap in policy value between insurer and policyholder. Insurers increase premiums to adjust for higher surrender rates of customers and optimized surrender behavior by investors acquiring the policies on secondary markets. Hence, the existence of secondary markets is not necessarily profitable for the primary policyholders. The result depends on the demand for and the supply of the contracts brought to the secondary markets.