再保險多還是少比較好？

Abstract

本計畫預計研究兩個與再保險有關的議題。第一、探討風險再保險與財務再保險，對保險公司的清償能力與財務績效的影響。第二、探討上述再保險與清償能力及財務績效的關係，是否會因為保險公司為集團子公司且集團內有其他保險公司所影響，以及是否會因為保險公司只承保一項或多項險種而有所差異。 我們將用英國人壽與財產保險公司2001到2011年的資料，來進行分析。預期發現：再保險的使用會對保險公司的財務績效有負面影響，但我們對於再保險對清償能力的影響方向，則沒有預期。此外，我們也預期再保險對清償能力與財務績效的影響，會因為保險公司係集團子公司且集團內有其他保險公司，以及保險公司只承保一項險種而減弱。

In this study, we explore two issues related to reinsurance that are highly relevant to insurers and practitioners in insurance markets. The first issue is to examine the effect of risk/financial reinsurance on solvency/financial performance of primary insurers. The second issue that we investigate is how the relation between reinsurance and insurer performance is influenced by affiliations and business concentration of insurers. Specifically, we examine whether reinsurance is more or less profound in affecting an insurer’s performance when the insurer is affiliated to other insurers or is a specialist. Using data on United Kingdom life and non-life insurers for the period from 2001 through 2011, we expect to find that reinsurance negatively affect financial performance. However, we have no prior expectation about the effect of reinsurance on solvency performance. Moreover, we expect that the relation between reinsurance and performance will be weakened when the insurer is affiliated to other insurer(s) and when the insurer is a specialist. This study can be used to fill the gap in the literature.