風險資本額制度對產險業使用再保險的影響

EFFECTS OF RISK-BASED CAPITAL ON REINSURANCE USE: EVIDENCE FROM THE TAIWAN NON-LIFE INSURANCE INDUSTRY

過去有關再保險的文獻，並沒有探討監理制度對再保險使用的影響。在本文中，我們分析了1994年至2010年的資料，發現產險業於風險基礎資本額（risk based capital, RBC）制度實施以後，再保險的使用顯著減少。我們也發現：RBC制度的實施，使得公司規模比較大的公司，更加減少再保險的使用；財務槓桿高與火險業務多的公司，不再使用這麼多的再保險。然而，RBC制度的實施，使得獲利能力好的公司，使用較多再保險。

Prior studies have not yet examined how a solvency regime influences the use of reinsurance by insurers. Using data from 1994 through 2010, we find that non-life insurers used less reinsurance after the RBC regime took effect in 2003. We also find that after 2003 the impact of firm size on reinsurance was stronger, but the influence of financial leverage, profitability and fire insurance business was weaker.