損失率對再保險使用之影響

THE EFFECT OF LOSS RATIO ON THE USE OF REINSURANCE

本研究以2002年至2010年我國產險財務及業務資料為樣本，探討影響再保險決策之因素。由於再保險供給及價格可能因為產險公司損失率的改變而調整，故我們著重於探討損失率對再保險使用的影響，以及損失率是否干擾舉債程度對再保險使用的影響。根據研究結果，損失率對於產險公司再保險使用有負向影響，而且損失率會弱化舉債程度對再保險使用的正向影響。此結果的發生，可能因為損失率上升，導致再保險合約價格上升且供給減少，進而降低產險公司的再保險使用。

Using data on Taiwan non-life insurers from 2002 to 2010, this study investigates the determinants of the demand for reinsurance. We argue that the supply and price of reinsurance may adjust in accordance with the change of non-life insurers’ loss ratio. The results show that loss ratio negatively affect reinsurance use. Besides, we also find that loss ratio weakens the positive relation between leverage and reinsurance use. This implies that the increase in loss ratio is associated with the shortage of reinsurance supply, leading to less use of reinsurance by non-life insurers.