再保險需求的實證研究－台灣產險業個案On the Demand for Reinsurance: Evidence from Taiwan Non-Life Insurance Industry

摘要
再保險契約是保險公司向再保險公司購買的保險契約，因此保險公司購買再保險如同企業購買保險一般。本文研究目的是使用1975年至2001年的縱橫資料，以GMM估計法，檢驗我國產物保險公司再保險需求的決定因素。實證結果顯示，在控制各險種占有率下，首先，總資產報酬率、賠款衝擊率、財務槓桿和投資報酬率波動性越高時，購買再保險的比例越大；其次，公司規模和業務集中度變數對再保險比例沒有顯著的影響。
關鍵字：再保險需求、一般化動差法、縱橫資料
Abstract
A reinsurance contract is an insurance policy purchased by one insurance company from another. Hence, within the insurance industry, reinsurance purchases are like traditional insurance purchases by industrial corporations. The purpose of this paper is to examine the determinants of reinsurance purchase for Taiwan property-liability insurance companies during the period 1975-2001, using the GMM estimation. The result shows that, under line-of-business controls, ROA, loss shock, leverage and volatility of rate of return are important factors in determining reinsurance purchases. We, however, find that firm size and line-of-business concentration do not influence the demand for reinsurance.
Keywords: demand for reinsurance, generalized method of moments, panel data