金融危機對臺灣人壽保險產業風險承擔之影響

THE IMPACT OF FINANCIAL CRISIS ON RISK-TAKING: EVIDENCE FROM TAIWAN LIFE INSURANCE INDUSTRY

10.6338/JDA.202210_17(3).0002

李珍穎(Chen-Ying Lee)

風險承擔行為 ； 金融危機 ； 人壽保險 ； 追蹤資料 ； Risk-Taking ； Financial Crisis ； Life Insurance ； Panel Data

Journal of Data Analysis

17卷3期（2022 / 10 / 01）

17 - 43

繁體中文

人壽保險業風險的承擔行為將對股東、保單持有人、員工和其他利害關係人及社會安定產生影響。本研究以2007年至2017間臺灣人壽保險公司之縱橫資料為對象，運用計量模型來探討壽險業風險承擔行為因素及檢驗全球金融危機結束前後風險承擔行為的變化。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，透過多元同角度來探究。研究結果發現金融危機對人壽保險業除了核保風險有顯著正向的影響外，槓桿風險則無顯著影響，而投資風險與總風險均呈現顯著負向影響，顯示臺灣壽險業在此波金融危機中反而減少風險承擔行為，而金融危機對壽險公司在不同的風險承擔行為產生影響。另外，研究期間人壽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、投資風險及總風險亦呈現不同的顯著影響。本研究結果發現臺灣壽險業在此波金融危機中主要採取降低風險承擔行為，可提供監理機關清償能力之管理及提供新興發展國家保險產業未來經營發展與實務經驗之参考。

The risk-taking behavior of life insurance companies is an important issue that will affect shareholders, policyholders, employees, other stakeholders and social stability. Using the panel data of life insurers in Taiwan from 2007 to 2017, 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 underwriting risk, but not significant impact on the leverage risk. On the contrary, it has a significant negative impact on investment and total risk of life insurance, indicating that life insurance industry has taken actions to reduce risk-taking during the wave of financial crisis, and the financial crisis has an impact on life insurance companies at different risk-taking levels. In addition, the firm-specific factors, economic factors and financial factors of life insurers during the study period have different and significant effects on underwriting risk, leverage risk, investment risk and total risk. The results find that Taiwan's life insurer has mainly adopted risk reduction behaviors during financial crisis, which can provide a reference for the solvency management of supervisory authority, and the business development of insurance in emerging developing countries in future.

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