With increasingly complex economic and political environment,the insurance funds in the construction of public rental housing life cycle will face all kinds of risks such as market interest rates or delayed payment leading to mismatching of assets and liabilities,all these risks will have the adverse effect to the insurance company.Therefore,the insurance companies need to have good risk control measures to cope better with the related risks when involve in public rental housing investment.Based on the introduction of trading system of the insurance funds in the public rental housing creditor program,take the insurance company involving in Shanghai public rental housing project as an example,this paper analyze the risks of insurance companies participating in the public rental housing creditors program,which are the factors that affect the future cash flow change of the investments assets and liabilities,and propose some risk control measures of insurance enterprises in the principle of maintaining the balance of assets and liabilities and guaranteeing the rate of return.But the risk control of insurance funds involving in the construction of public rental housing is the outcome of combining action of all the participants.Analyze the coordination game between the public sector and private institutions including insurance companies,put forward relevant risk control and internal risk control recommendations of the insurance companies,suggestions of policy design mechanism of risk sharing in public rental housing construction project,management system of low-income housing investment,providing reference for making good public-private cooperation environment for relevant departments and ensuring the safety and the market value of insurance funds and the successful completion of the affordable housing project.