The following materials are reproduced for your reference: Summary of content: The assertion that insurance has social management functions is an objective understanding of the inherent characteristics of the insurance industry at a specific historical stage of development, and is an important reflection of the insurance industry’s participation in social risk management and its important role.

Scientific summary.

The social management functions of insurance are mainly reflected in: stabilizing economic life; improving the social security system; improving the corporate governance structure; activating the savings mechanism; promoting the development of the export-oriented economy; conducive to building a national public affairs emergency system; easing social conflicts; promoting

Technological innovation.

A comprehensive and scientific understanding of the social management function of insurance is conducive to better guiding insurance practice and promoting the overall progress of the insurance industry.

1. The evolution of the understanding of the insurance function. To this day, my country's theory on the insurance function has mainly gone through three stages of development: The first stage can be called the "single function theory", that is, the traditional insurance function theory, which believes that insurance only It has the function of economic compensation (or payment); the second stage can be called the "dual function theory". In addition to recognizing the economic compensation function of insurance, this theory believes that insurance also has the function of financial financing; the third stage can It is called the "three-function theory", represented by Wu Dingfu, chairman of the China Insurance Regulatory Commission, who elaborated on the function of insurance after taking office. It is believed that modern insurance has three functions: economic compensation, financial financing and social management.

Material determines consciousness, and consciousness is a reflection of material.

Similarly, the understanding of the function of insurance also depends on the level of economic and social development at that time.

Therefore, the understanding of the insurance function is a dynamic evolutionary process, and every improvement in understanding will in turn promote the further development of the insurance industry.

With the changes of the times, especially the gradual advancement of the development of market economy, the understanding of insurance functions has experienced a process from simple to mature, from single to rich. In this process, the connotation and extension of insurance functions have been continuously expanded.

The insurance function theory of "Triarchy" is the inevitable result of the development of this cognitive process.

Commercial insurance originally originated from Italian marine insurance in the second half of the 14th century. It was developed on the basis of cooperative insurance among guilds. Members are both insurers and insureds.

At this time, actuarial technology had not been introduced, and insurance was still in a low-level form. The only function of insurance was economic compensation, which was reflected in the insurance distribution relationship among members.

Due to the lack of scientific and reasonable mathematical technical support, the function of insurance is greatly restricted.

In the second half of the 17th century, the emergence of actuarial science transformed life insurance in a theoretical sense into life insurance in a practical sense, creating a new situation in the development of life insurance.

From a mathematical point of view, insurance, as a means of risk transfer, mainly uses a risk aggregation mechanism to gather policyholders with risk aversion preferences and collect premiums to establish an insurance fund to provide financial compensation and benefits to a small number of insured persons who have insurance accidents.

, thereby realizing the dispersion of risks among policyholders, which is the economic compensation and benefit function of insurance.

The solution of insurance operating technology has greatly promoted the economic compensation function of insurance.

At this stage, society has a full understanding of the economic compensation function of insurance. The traditional "economic compensation theory" was mainly formed at this stage.

Since then, with the establishment of capitalist production relations, the market economy has developed greatly, and the financial market has gradually become the main artery of economic life.

The most basic function of modern finance is to allocate savings resources in time and space and realize the transformation of savings into investment.

As a link in the financial industry chain, the insurance industry carries and plays the function of financial financing.

The financial function of the insurance industry is mainly reflected in: on the one hand, it obtains and diverts part of social savings through underwriting business; on the other hand, it uses accumulated insurance funds through investment to meet future payment needs.

Most of the funds absorbed by the insurance system (especially life insurance) are long-term funds, which is its main feature that distinguishes it from bank savings funds.

With the growth of the insurance industry, many commercial insurance companies in Western developed countries, as "contractual savings institutions", have taken advantage of stable sources of funds, long terms, and large scales to become important players in the capital market through shareholding and mutual participation.

Institutional investors and stabilizing forces, as one of the most active members of financial intermediaries, have gradually gained popularity for their financing functions.

This stage has continued to this day and maintained a good momentum of development. The financial financing function of insurance has also received more and more attention from society.

The understanding of the social management functions of insurance has also been deepened with the development of the insurance industry and the deepening of insurance research.

Generally speaking, scholars from different eras and different economic backgrounds have different opinions on insurance-related issues, and it is difficult for scholars to have unified understandings. However, there is a significant convergence in understanding of the social management function of insurance.

With the acceleration of world economic integration and financial globalization, the development of the world's insurance industry has increasingly shown a significant trend of internationalization and specialization. Social development and people's needs have also shown diversified characteristics. As one of the three major financial industries, insurance

One of the pillars, while playing the traditional economic compensation and financial financing functions, it also integrates into various fields of modern economic life in a more active manner, playing an important role in coordinating social and economic life, improving social operation efficiency, and improving people's quality of life.

role, fully embodying the social management function of insurance.

Economist Peter.