Covid-19對台灣保險業財務穩定性影響之研究

The Impact of Covid-19 on the Financial Stability of Taiwan's Insurance Industry

本研究使用縱橫資料（Panel Data）迴歸模型，並以Covid-19發生的前後3年，即2017-2022年間之年資料，驗證大疫情時代下Covid-19是否會影響到保險公司的財務穩定性。
實證結果發現，就RBC（Risk Base Capital）而言，不論是整體保險業或產險業，資本適足率均有受到Covid-19影響而降低，可能因為產險業大力推行防疫保單，因為受到政策調整影響導致確診人數增多，短期內理賠金額加劇，造成資本適足率的下降。壽險業情況相比之下並無太大變化，其原因可能是壽險保單多屬於長年期保單，保險公司短期的財務狀況並不會直接對償付能力造成衝擊。就Z-Score（財務穩健性指標）而言，Covid-19對全體保險業的Z-Score沒有太大的影響，但對產險卻有顯著的負向影響，其可能原因與RBC相同。

This study uses a Panel Data regression model and annual data from 2017 to 2022 to verify whether Covid-19 will affect the financial stability of insurance companies in the era of the pandemic.
Empirical results show that the capital adequacy ratio of both the overall insurance industry and property insurance companies had been reduced by the impact of Covid-19. The reason may be that the property insurance companies vigorously promote the anti-epidemic policies and the number of confirmed cases increased by the anti-epidemic policy adjustment from Taiwan government. The amount of claims will also increase in the short term, resulting in the decline of the capital adequacy ratio. In comparison, the situation of life insurance companies had not changed much. The reason may be that life insurance policies are mostly long-term, and the short-term financial status will not directly impact the solvency of the life insurance companies. On the other hand, Covid-19 had not a big impact on the Z-Score of the entire insurance industry, but had a significant negative impact on property insurance companies. The possible reasons are the same as the impact of Covid-19 to capital adequacy ratio.