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| Title | Risk Management & Strategy: A Study of Feasibility of Protected Cell Company-The Case of Taiwan Non-Life Insurance Industry |
| Creator | 陳祈嘉 CHEN,CHI-CHIA |
| Contributor | 陳彩稚 Chen,Tsai-Jyh 陳祈嘉 CHEN,CHI-CHIA |
| Key Words | 隔離資產型風險防護公司 再保險 專屬保險 風險理財 風險成本 Protected Cell Company (PCC) Reinsurance Captive Insurance Risk Finance Cost of Risks |
| Date | 2004 |
| Date Issued | 2009-09-18 |
| Summary | 台灣產險公司正面臨日趨多樣的核保風險，新興風險的不確定性促使保險公司經理人高度的依賴再保險機制。既然保險公司高度的依賴再保險機制，或許有人會質疑，再保險機制是否為最適的風險管理策略？ 隔離資產型風險防護公司(Protected Cell Company, PCC）之運用，乃是近年來企業風險理財的重大變革之一，本文之目的即是要探討PCC之架構以及分析PCC運用於台灣產險業之可行性。 本文將分析重點放在PCC運用在租賃性專屬保險（rent-a-captive）的可行性分析上，藉由分析其風險成本，來探討PCC作為租賃性專屬保險時，是否比商業再保更具有成本效益。 藉由實證分析結果，本文發現除了巨災風險、尖端風險（peak risks）及其他具高損失幅度可能性之業務外，PCC作為租賃性專屬保險時，PCC會比商業再保更適合於產險公司。本文亦發現PCC運作的時間愈長，愈能節省其風險成本。此外，本分析亦指出在PCC為純粹專屬保險的前題下，符合監理機關的最低設立資本要求會是PCC之最適設立資本。 Because Taiwan’s non-life insurance companies now face an increasing array of underwriting-risks, the high uncertainty may cause insurance company managers highly depend on reinsurance mechanism. One may doubt that whether reinsurance mechanism is the optimal risk management strategy although it is the most frequently utilized approach. The purpose of this paper is to explore the structure of PCC and analysis the feasibility of PCC for Taiwan’s non-life insurance industry because the use of Protected Cell Company（PCC）structure is one of the most significant developments in the world of corporate finance and risk management during the recent years. This paper will focus on the feasibility of PCC when it is used as Rent-A-Captive, based on the analysis of cost of risks, to study whether PCC has better cost efficiency than reinsurance mechanism. The finding of this research shows that PCC as rent-a-captive is more suitable than commercial reinsurance for non-life insurance company except catastrophe risks, peak risks, and high loss severity business. It also finds the longer we use PCC as rent-a-captive, the more we can save its cost of risks. Besides, the analysis indicates that paid-up capital of PCC which just meets the minimum capital required by the regulation will be optimal in case PCC is a pure captive. |
| 參考文獻 | Banks, E., 2004, “Alternative Risk Transfer: Integrated Risk Management through Insurance, Reinsurance, and the Capital Markets” John Wiley & Son, Inc. Bawcutt, P., 1987, “Captive insurance company-Establishment, Operation and Management”, Woodhead-Faulkner Ltd., London, 134-135 Bouriaux, S., and D. Russell, 2002,” Company-Specific Loss Ratio Securities: A New Step in Insurance Securitization”, American Risk and Insurance Association 2002 Annual Meeting., Montreal, CA., Conference Theme： Evolution in Risk and Insurance: Challenges and Opportunities for the Future Bütow, S., 2001, “Securitization in life, health and personal accident reinsurance”, Hnnover Re’s Perspectives – Current Topics of International Life Insurance Issue No.7, 8-10, Chen, C., 2000, “The usage and development of ART under financial liberalization”, Taiwan Insurance Institute, Taipei, 151-153 Chen, C., 1999, “Reinsurance Theory” ,Sanmin Book Co., Ltd, Taipei,278-283 Costle, E., and K. Schauer, 2000, “The captive alternative: A regulatory perspective”, Journal of Insurance Regulation, vol.19 Iss.2 Culp, C., 2001, "The Risk Management Process: Business Strategy and Tactics", Wiley, 192-193 Culp, C., 2002, “The ART of Risk Management –Alternative Risk Transfer, Capital Structure, and the Convergence of Insurance and Capital Markets”, John Wiley & Sons, Inc., 352 Directory of world captive domiciles”, Business insurance, march 15, 2004, 36 Doherty, N., 2003,”Integrated Risk Management: Techniques and Strategies for Reducing Risk” Mc Graw Hill. Edwards, T., 2001, “Protected Cell Companies – The Present and Future”, Willis , 1-7 Ferreira, F., 2001, “The Protected Cell Companies in a Nutshell”, legalinfo-panama, 1-3 Gorski, L., 2002, “Growth spurt”, Best’s Review Vol.102, 50-51 Harrington, S. and G. Niehaus, 1999, “Risk Management and Insurance” McGraw-Hill, 22-30 Heimols, M. 2002,“Barbados improves its companies and insurance acts: or, perseverance furthers,” Tax Management Estates, Gifts and Trusts Journal, Vol.27, 95 Henry, S., 2000, “Charting Bermuda’s History”, Business Insurance, Vol.34, 32 Howard, L. 2000, “Protected Cells ease access to capital markets.”, National Underwriter, vol.104, Iss.15, 3-6 Ireland, P., 2003, “British Virgin Islands”, International Financial Law Review (March), 1 James, N., 2001, “Guernsey protected cell companies: Surviving an English insolvency?”, Barlow Lyde & Gilbert, Iss.1, 4. Jennings C., 2004, ”The Benefits of Segregated Portfolio Insurance”, HWR Insurance Management Limited. Jensen, M., and W. Meckling, 1976, `Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, Vol. 3, No. 4, 305-360. Kleffner, A., and N. Doherty, 1994, “The effect of costly risk bearing on Insurer’ supply decision”, presentation at the 1994 Risk Theory Seminar, Austin, Tx.Draft Lane, M., 2001,“Alternative Risk Strategies”, Risk Water Group Ltd. Lombardi, M., and N. Kershaw, 1999, “Using offshore holding vehicles for property investment: The benefits of the Channel Islands”, Briefings in Real Estate Finance, vol.3, 27-34 Moore, D., 1999, “Captive insurance: New avenues”, Australian CPA. Melbourne:, Vol.69, Iss. 2, 2 O’Brien, J., “Insuring on shore risk through segregated cells – will our firewalls hold up？” Http：www. Charlestoncaptive.com Parkinson, J., 2002, “Captive & Captive Management - For Practitioners and Owners”, Key Haven Publications PLC, 191-265 Penwell, S., and K. Miller, 1999, “The rent-a-captive alternative”, Risk Management (March), 46 Smith, H, and T. Pitcairm, 2001, “The Cayman Islands”, International Financial Law Review, 163-164 Shiu, H. and R. Stulz, 2000, “Firm value, risk, and growth opportunities”, Archive of New National Bureau of Economic Research Working Papers and Books Week of July 24, 3-24 Standard & Poor’s, 2003, Industry surveys - insurance: property-casualty, http://www.milligan.bm/docs/BERMUDA_CAPTIVES_LMW.pdf Swiss Re 2000, “Non-proportional reinsurance accounting”, Swiss Re publishing, 54 Swiss Re 1997, “Proportional and non-proportional reinsurance”, Swiss Re publishing, 31 Swiss Re, 2003, “The Picture of ART”, Sigma, Swiss Re publishing, 12 Willis Group, 2003,“Abandoning tradition”, Reactions. London (July), 1 Willis Group, 2003, “Captive Management in Guernsey”, http:// www.williscaptives.com /captives/ documents/ CaptiveManagementBrochure.pdf Willis Group, 2004, “Home inspectors’ insurance - Review of capitalization” http://requirements, http://www.hicb.co.uk/pdf/Willis%200504.pdf |
| Description | 碩士 國立政治大學 風險管理與保險研究所 91358026 93 |
| 資料來源 | http://thesis.lib.nccu.edu.tw/record/#G0913580261 |
| Type | thesis |
| dc.contributor.advisor | 陳彩稚 | zh_TW |
| dc.contributor.advisor | Chen,Tsai-Jyh | en_US |
| dc.contributor.author (Authors) | 陳祈嘉 | zh_TW |
| dc.contributor.author (Authors) | CHEN,CHI-CHIA | en_US |
| dc.creator (作者) | 陳祈嘉 | zh_TW |
| dc.creator (作者) | CHEN,CHI-CHIA | en_US |
| dc.date (日期) | 2004 | en_US |
| dc.date.accessioned | 2009-09-18 | - |
| dc.date.available | 2009-09-18 | - |
| dc.date.issued (上傳時間) | 2009-09-18 | - |
| dc.identifier (Other Identifiers) | G0913580261 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34159 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 風險管理與保險研究所 | zh_TW |
| dc.description (描述) | 91358026 | zh_TW |
| dc.description (描述) | 93 | zh_TW |
| dc.description.abstract (摘要) | 台灣產險公司正面臨日趨多樣的核保風險，新興風險的不確定性促使保險公司經理人高度的依賴再保險機制。既然保險公司高度的依賴再保險機制，或許有人會質疑，再保險機制是否為最適的風險管理策略？ 隔離資產型風險防護公司(Protected Cell Company, PCC）之運用，乃是近年來企業風險理財的重大變革之一，本文之目的即是要探討PCC之架構以及分析PCC運用於台灣產險業之可行性。 本文將分析重點放在PCC運用在租賃性專屬保險（rent-a-captive）的可行性分析上，藉由分析其風險成本，來探討PCC作為租賃性專屬保險時，是否比商業再保更具有成本效益。 藉由實證分析結果，本文發現除了巨災風險、尖端風險（peak risks）及其他具高損失幅度可能性之業務外，PCC作為租賃性專屬保險時，PCC會比商業再保更適合於產險公司。本文亦發現PCC運作的時間愈長，愈能節省其風險成本。此外，本分析亦指出在PCC為純粹專屬保險的前題下，符合監理機關的最低設立資本要求會是PCC之最適設立資本。 | zh_TW |
| dc.description.abstract (摘要) | Because Taiwan’s non-life insurance companies now face an increasing array of underwriting-risks, the high uncertainty may cause insurance company managers highly depend on reinsurance mechanism. One may doubt that whether reinsurance mechanism is the optimal risk management strategy although it is the most frequently utilized approach. The purpose of this paper is to explore the structure of PCC and analysis the feasibility of PCC for Taiwan’s non-life insurance industry because the use of Protected Cell Company（PCC）structure is one of the most significant developments in the world of corporate finance and risk management during the recent years. This paper will focus on the feasibility of PCC when it is used as Rent-A-Captive, based on the analysis of cost of risks, to study whether PCC has better cost efficiency than reinsurance mechanism. The finding of this research shows that PCC as rent-a-captive is more suitable than commercial reinsurance for non-life insurance company except catastrophe risks, peak risks, and high loss severity business. It also finds the longer we use PCC as rent-a-captive, the more we can save its cost of risks. Besides, the analysis indicates that paid-up capital of PCC which just meets the minimum capital required by the regulation will be optimal in case PCC is a pure captive. | en_US |
| dc.description.tableofcontents | Chapter One：Introduction……………………………………………… 3 ＜1＞ Study motives……………………………………………………….3 ＜2＞ Study objectives……….………………………………………… 6 ＜3＞ Conceptual framework………………………………………………6 Chapter Two：Literature Review…………………………………………8 ＜1＞ Why is risk costly to insurance company…………………… 8 1.1 CAPM theory ……………………………………………………8 ＜2＞The reasons why risk is costly to insurance company …… 9 2.1 Tax effect-convex……………………………………………19 2.2 Cost of financial distress ………………………………11 2.3 Agency cost………………………………………………… 11 2.4 Cost of external financing……………………………………… 13 ＜3＞ The cost of risks to insurers ……………………………… 14 3.1 Concept of cost of risks …………………………………14 3.2 Components of the costs of underwriting/pure risks of non-life insurance company ………………… 16 ＜4＞ Assessment of risk management strategy ……………………19 Chapter Three：A Study of Protected Cell Company …………… 20 ＜1＞ Concept of Protected Cell Company……………………………20 ＜2＞ Development of Protected Cell Company………………………22 ＜3＞ Definition of Protected Cell Company……………………… 25 ＜4＞ Characteristics of Protected Cell Company…………………29 ＜5＞ Usage of Protected Cell Company………………………………32 ＜6＞ Advantage and disadvantage of Protected Cell Company… 37 6.1 Advantage………………………………………………………37 6.2 Disadvantage.…………………………………………………40 ＜7＞ Conclusion………………………………………………………… 42 Chapter Four：Methodology………………………………………………44 ＜1＞ Assessment of risk management strategy －comparing its cost of risks ……………………………… 44 ＜2＞ Evaluation the cost of risks for PCC and commercial reinsurance…………………………………………………………46 2.1 Evaluation the cost of risks for commercial reinsurance……………………………………………………46 2.2 Evaluation the costs of risks for using PCC as rent-a-captive…………………………………………… 48 2.3 The cost of risks which PCC can decrease…………… 50 2.4 Illustration of comparing the cost of risks of PCC with commercial reinsurance…………………………51 ＜3＞ Empirical analysis for the difference in cost of risk between PCC as rent-a-captive and commercial reinsurance ……………………………………………………… 55 3.1 Introduction………………………………………………… 55 3.2 Research assumptions……………………………………… 56 ＜4＞ Definitions of variables……………………………………… 62 ＜5＞ Data collection……………………………………………………64 ＜6＞ Simulation of scenarios…………………………………………66 Chapter Five：Empirical Analysis…………………………………… 70 ＜1＞ Overview of empirical results…………………………………70 ＜2＞ Factor analysis for empirical results………………………78 2.1 Factor analysis for empirical results of scenario1 78 2.2 Additional results for empirical analysis of variance scenarios …………………………………………80 2.2.1 Ceding term and condition………………………………80 2.2.2 Retrocession……………………………………………….83 2.2.3 Operation period………………………………………… 86 2.2.4 Paid-up capital……………………………………………89 2.2.5 Conclusion………………………………………………… 90 Chapter Six：Conclusion…………………………………………………92 Reference……………………………………………………………………94 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0913580261 | en_US |
| dc.subject (關鍵詞) | 隔離資產型風險防護公司 | zh_TW |
| dc.subject (關鍵詞) | 再保險 | zh_TW |
| dc.subject (關鍵詞) | 專屬保險 | zh_TW |
| dc.subject (關鍵詞) | 風險理財 | zh_TW |
| dc.subject (關鍵詞) | 風險成本 | zh_TW |
| dc.subject (關鍵詞) | Protected Cell Company (PCC) | en_US |
| dc.subject (關鍵詞) | Reinsurance | en_US |
| dc.subject (關鍵詞) | Captive Insurance | en_US |
| dc.subject (關鍵詞) | Risk Finance | en_US |
| dc.subject (關鍵詞) | Cost of Risks | en_US |
| dc.title (題名) | Risk Management & Strategy: A Study of Feasibility of Protected Cell Company-The Case of Taiwan Non-Life Insurance Industry | zh_TW |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | Banks, E., 2004, “Alternative Risk Transfer: Integrated Risk Management through Insurance, Reinsurance, and the Capital Markets” John Wiley & Son, Inc. | zh_TW |
| dc.relation.reference (參考文獻) | Bawcutt, P., 1987, “Captive insurance company-Establishment, Operation and Management”, Woodhead-Faulkner Ltd., London, 134-135 | zh_TW |
| dc.relation.reference (參考文獻) | Bouriaux, S., and D. Russell, 2002,” Company-Specific Loss Ratio Securities: A New Step in Insurance Securitization”, American Risk and Insurance Association 2002 Annual Meeting., Montreal, CA., Conference Theme： Evolution in Risk and Insurance: Challenges and Opportunities for the Future | zh_TW |
| dc.relation.reference (參考文獻) | Bütow, S., 2001, “Securitization in life, health and personal accident reinsurance”, Hnnover Re’s Perspectives – Current Topics of International Life Insurance Issue No.7, 8-10, | zh_TW |
| dc.relation.reference (參考文獻) | Chen, C., 2000, “The usage and development of ART under financial liberalization”, Taiwan Insurance Institute, Taipei, 151-153 | zh_TW |
| dc.relation.reference (參考文獻) | Chen, C., 1999, “Reinsurance Theory” ,Sanmin Book Co., Ltd, Taipei,278-283 | zh_TW |
| dc.relation.reference (參考文獻) | Costle, E., and K. Schauer, 2000, “The captive alternative: A regulatory perspective”, Journal of Insurance Regulation, vol.19 Iss.2 | zh_TW |
| dc.relation.reference (參考文獻) | Culp, C., 2001, "The Risk Management Process: Business Strategy and Tactics", Wiley, 192-193 | zh_TW |
| dc.relation.reference (參考文獻) | Culp, C., 2002, “The ART of Risk Management –Alternative Risk Transfer, Capital Structure, and the Convergence of Insurance and Capital Markets”, John Wiley & Sons, Inc., 352 | zh_TW |
| dc.relation.reference (參考文獻) | Directory of world captive domiciles”, Business insurance, march 15, 2004, 36 | zh_TW |
| dc.relation.reference (參考文獻) | Doherty, N., 2003,”Integrated Risk Management: Techniques and Strategies for Reducing Risk” Mc Graw Hill. | zh_TW |
| dc.relation.reference (參考文獻) | Edwards, T., 2001, “Protected Cell Companies – The Present and Future”, Willis , 1-7 | zh_TW |
| dc.relation.reference (參考文獻) | Ferreira, F., 2001, “The Protected Cell Companies in a Nutshell”, legalinfo-panama, 1-3 | zh_TW |
| dc.relation.reference (參考文獻) | Gorski, L., 2002, “Growth spurt”, Best’s Review Vol.102, 50-51 | zh_TW |
| dc.relation.reference (參考文獻) | Harrington, S. and G. Niehaus, 1999, “Risk Management and Insurance” McGraw-Hill, 22-30 | zh_TW |
| dc.relation.reference (參考文獻) | Heimols, M. 2002,“Barbados improves its companies and insurance acts: or, perseverance furthers,” Tax Management Estates, Gifts and Trusts Journal, Vol.27, 95 | zh_TW |
| dc.relation.reference (參考文獻) | Henry, S., 2000, “Charting Bermuda’s History”, Business Insurance, Vol.34, 32 | zh_TW |
| dc.relation.reference (參考文獻) | Howard, L. 2000, “Protected Cells ease access to capital markets.”, National Underwriter, vol.104, Iss.15, 3-6 | zh_TW |
| dc.relation.reference (參考文獻) | Ireland, P., 2003, “British Virgin Islands”, International Financial Law Review (March), 1 | zh_TW |
| dc.relation.reference (參考文獻) | James, N., 2001, “Guernsey protected cell companies: Surviving an English insolvency?”, Barlow Lyde & Gilbert, Iss.1, 4. | zh_TW |
| dc.relation.reference (參考文獻) | Jennings C., 2004, ”The Benefits of Segregated Portfolio Insurance”, HWR Insurance Management Limited. | zh_TW |
| dc.relation.reference (參考文獻) | Jensen, M., and W. Meckling, 1976, `Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, Vol. 3, No. 4, 305-360. | zh_TW |
| dc.relation.reference (參考文獻) | Kleffner, A., and N. Doherty, 1994, “The effect of costly risk bearing on Insurer’ supply decision”, presentation at the 1994 Risk Theory Seminar, Austin, Tx.Draft | zh_TW |
| dc.relation.reference (參考文獻) | Lane, M., 2001,“Alternative Risk Strategies”, Risk Water Group Ltd. | zh_TW |
| dc.relation.reference (參考文獻) | Lombardi, M., and N. Kershaw, 1999, “Using offshore holding vehicles for property investment: The benefits of the Channel Islands”, Briefings in Real Estate Finance, vol.3, 27-34 | zh_TW |
| dc.relation.reference (參考文獻) | Moore, D., 1999, “Captive insurance: New avenues”, Australian CPA. Melbourne:, Vol.69, Iss. 2, 2 | zh_TW |
| dc.relation.reference (參考文獻) | O’Brien, J., “Insuring on shore risk through segregated cells – will our firewalls hold up？” Http：www. Charlestoncaptive.com | zh_TW |
| dc.relation.reference (參考文獻) | Parkinson, J., 2002, “Captive & Captive Management - For Practitioners and Owners”, Key Haven Publications PLC, 191-265 | zh_TW |
| dc.relation.reference (參考文獻) | Penwell, S., and K. Miller, 1999, “The rent-a-captive alternative”, Risk Management (March), 46 | zh_TW |
| dc.relation.reference (參考文獻) | Smith, H, and T. Pitcairm, 2001, “The Cayman Islands”, International Financial Law Review, 163-164 | zh_TW |
| dc.relation.reference (參考文獻) | Shiu, H. and R. Stulz, 2000, “Firm value, risk, and growth opportunities”, Archive of New National Bureau of Economic Research Working Papers and Books Week of July 24, 3-24 | zh_TW |
| dc.relation.reference (參考文獻) | Standard & Poor’s, 2003, Industry surveys - insurance: property-casualty, http://www.milligan.bm/docs/BERMUDA_CAPTIVES_LMW.pdf | zh_TW |
| dc.relation.reference (參考文獻) | Swiss Re 2000, “Non-proportional reinsurance accounting”, Swiss Re publishing, 54 | zh_TW |
| dc.relation.reference (參考文獻) | Swiss Re 1997, “Proportional and non-proportional reinsurance”, Swiss Re publishing, 31 | zh_TW |
| dc.relation.reference (參考文獻) | Swiss Re, 2003, “The Picture of ART”, Sigma, Swiss Re publishing, 12 | zh_TW |
| dc.relation.reference (參考文獻) | Willis Group, 2003,“Abandoning tradition”, Reactions. London (July), 1 | zh_TW |
| dc.relation.reference (參考文獻) | Willis Group, 2003, “Captive Management in Guernsey”, http:// www.williscaptives.com /captives/ documents/ CaptiveManagementBrochure.pdf | zh_TW |
| dc.relation.reference (參考文獻) | Willis Group, 2004, “Home inspectors’ insurance - Review of capitalization” http://requirements, http://www.hicb.co.uk/pdf/Willis%200504.pdf | zh_TW |