經營組合風險對再保險使用之影響－以台灣產險市場為例

Abstract

本研究以2017年至2020年台灣產險財務及業務資料為樣本，探討影響再保險使用之因素。由於產險公司之主要經營風險來自兩大經營核心－核保、投資，故本研究引入Shim（2010）的經營組合風險（portfolio risk）作為經營風險的代理指標，著重探討經營組合風險對於再保險需求的影響。 根據研究結果，經營組合風險對於產險公司再保險需求有不顯著的負向影響。此結果之發現，隱含：一、產險公司面對自身經營組合風險的上升，傾向使用較少的再保險，若將再保險視作風險管理之措施，則顯示產險公司使用較少的風險管理措施，有風險承擔（risk taking）的傾向；二、再保險市場對於經營組合風險高的產險公司，會進而提高其合約價格，以達到業務品質控制，導致產險公司因而對於再保險之需求下降。

Using data on Taiwan property and casualty insurance companies from 2017 to 2020, this study investigates the determinants of the demand for reinsurance. Since the main business risks of property and casualty insurance companies come from two major business cores that are underwriting and investment, this study employs “portfolio risk” as a proxy indicator of business risk, and focuses on the impact of portfolio risk to demand for reinsurance. The results suggest that portfolio risk has an insignificant negative impact on the reinsurance demand of property and casualty insurance companies. The findings of this result imply that: 1. Property and casualty insurance companies tend to use less reinsurance in the face of rising risks in their own business portfolios. If reinsurance is regarded as a risk management measure, it shows that property and casualty insurance companies tend to use less risk management measure, that is tending to risk taking; 2. For property and casualty insurance companies with high portfolio risk, reinsurers tend to increase their reinsurance contract prices to achieve business quality control, resulting in a decrease in the demand for reinsurance by property and casualty insurance companies.