本研究旨在分析財產保險業風險承擔因素及檢驗金融危機下風險承擔行為的變化,以2006年至2015間台灣財產保險公司之縱橫資料為對象,運用計量模型來探討財產保險業風險承擔行為。風險承擔行為變數分別以核保風險、槓桿風險、投資風險以及總風險四種測量方式,透過不同角度的變數來探究分析風險承擔行為。本研究結果發現金融危機對財產保險之槓桿風險與投資風險都有顯著正向的影響,而對核保風險、總風險則無顯著影響,顯示金融危機對產險公司確實在不同的風險層面產生影響。另外,研究期間財產保險公司之公司特定因素、經濟因素及財務因素對核保風險、槓桿風險、投資風險及總風險都呈現不同的顯著影響。本研究結果對保險業未來經營具有實務之應用,並可提供監理機關清償能力之管理及提供開發中國家保險產業未來發展經驗之参考。
This study aims to investigate the behavior of risk-taking of property-liability (P-L) insurer under the changes of the global financial crisis. Using the panel data, this study employs data from the 2006 to 2015 period of the P-L insurer in Taiwan. The study utilizes underwriting risk, leverage risk, investment risk and total risk for the four kinds of risk-taking indicators to examine insurers' risk-taking behavior. The result finds that the financial crisis has a significant positive impact on the leverage risk and investment risk of P-L insurance, but not significant impact on the underwriting risk and total risk, indicating that the financial crisis has an impact on P-L insurance companies at different risk levels. In addition, the firm-specific factors, economic factors and financial factors of P-L insurers during the study period have different and significant effects on underwriting risk, leverage risk, investment risk and total risk. The results have practical applications and can provide a reference for the solvency management of supervision, and the development of insurance in developing countries in future.