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研究生:趙盈盈
研究生(外文):Ying-Ying Chao
論文名稱:風險和訂價間之相關性:以英國產物保險為實證研究
論文名稱(外文):The Relationship between Risk and Pricing: Evidence from the United Kingdom General Insurance Industry
指導教授:許永明許永明引用關係
學位類別:碩士
校院名稱:東海大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:英文
論文頁數:40
外文關鍵詞:Price of insurance policySolvencyRiskGeneral insurance
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The puzzle of policyholders being risk sensitive in property-liability insurance has led to numerous hypotheses and analyses, yet no single theory seems capable of explaining all of its aspects. Reinsurance and leverage are hypothesized to be potential factors in the insolvency risk of the insurer in the primary market; despite this, few insurance studies focus on reinsurance and leverage. Using panel data (1986-2002) for 304 non-life insurance companies in the United Kingdom, this study empirically tests the determinants of risk of insolvency. The purpose of this paper is to estimate the relationship between the insolvency risk of the insurers and the price of the insurance policy to provide evidence on whether policyholders are risk-sensitive. To achieve this objective, we first estimate two-stage least squares model and then random-effect models. The results support the risky debt hypothesis, indicating that prices increase as insolvency risk reduces and policyholders are more likely to be risk sensitive as a result. We find that the price of the insurance policy in the U.K. non-life firms can also be affected by other factors (e.g., investment yield). However, underwriting cycle does not appear to be an important determinant of the price of the insurance. The implications of the results are also discussed.
Section 1 provides introduction. Section 2 provides literature review. Section 3 develops research questions and hypotheses. Section 4 describes the research design, including the sources of data, the measurement of variables and the models employed. Section 5 discusses the results. Section 6 describes the conclusion and the implications, also including the research limitations
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