台灣產物保險市場之核保績效實證研究

An Empirical Study on Underwriting Performance of Taiwan Non-Life Insurance Market

王子祥(Ｗang Zih-Siang)

指導教授 ： 張士傑

國立政治大學/商學院/風險管理與保險學系/碩士(2019年)

https://doi.org/10.6814/NCCU201900214

摘要

本研究根據 Fairley(1979)所提出之均衡核保利潤模型，運用財團法人保險 事業發展中心 2011-2017 年之財務及業務資訊，以各產險公司之均衡核保利潤 與實際核保利潤差異檢視公司整體核保績效，且亦透過 Ehrhardt and Bhagwat (1991)所提出之完備資訊方法(FIB)，將各產險公司之核保績效深入細分為各險 種別之核保績效，實證結果顯示:
1. 台灣各產險公司之核保獲利顯著影響了公司之整體獲利，各產險公司 之實際核保利潤與理論均衡報酬率呈現顯著正差異。
2. 整體產險市場之一般車險核保績效較強制車險來得優異，且一般車險 與整體核保績效之正相關程度較高，顯示車險顯著影響整體核保利潤。
3. 整體產險市場之個人險核保績效較商業險來得優異，且個人險與整體 核保績效正相關程度較高，顯示個人顯顯著影響整體核保利潤。

關鍵字

核保績效 ； 均衡核保利潤模型 ； 完備資訊方法

並列摘要

In this study, we employ the financial pricing model (Fairley, 1979) and the difference between actual and equilibrium expected underwriting profits to evaluate the underwriting performance of the non-life insurance companies in Taiwan between 2011 and 2017. Then we also employ the full information industry beta method (Ehrhardt and Bhagwat, 1991) to decompose the overall underwriting performance of the non-life insurance companies into different lines. The empirical results show that:
1. The overall profit performance is highly associated with the underwriting performance of company, and there is a significantly difference between actual and equilibrium expected underwriting profit.
2. The underwriting performance of voluntary automobile insurance is greater than compulsory automobile insurance, and the voluntary automobile insurance is much positively correlated with the overall underwriting performance.
3. The underwriting performance of personal insurance is greater than business insurance, and the personal insurance is much positively correlated with the overall underwriting performance.

並列關鍵字

Underwriting performance ； Market equilibrium ； Full-information

參考文獻

中文文獻:

張士傑、黃雅文、詹淑卿，2008。產物保險公司之核保績效:台灣市場1999-2003之實證研究，保險經營與制度，7(1)，p.1-19。

張士傑、黃雅文、張孝銓，2010。台灣產物保險市場之權益資金成本，保險經營與制度，9(2)，p.127-155。

英文文獻:

Ehrhardt, M. C., and Y. N. Bhagwat, 1991, A Full-Information Approach for Esti- mation Divisional Betas, Financial Management, 20, p.60-69.