銀行保險通路與類定存保單銷售會影響保險公司的投資風險嗎？

本文的目的，在於：探討人壽保險業之銀行保險通路與銷售類定存保證報酬型保單，是否會影響保險公司的投資風險。我們利用台灣20家壽險公司從2007年至2018年的資料來進行分析，結果發現：使用銀行保險通路比率愈高的壽險公司，其投資風險愈低。再者，我們也發現壽險公司銷售類定存商品的比率愈高，則其投資風險愈大，且銀行通路會減弱壽險公司銷售類定存商品所帶來的投資風險。

The purpose of this paper is to examine whether a life insurer’s bancassurance channel and quasi-term deposit insurance products affect its investment risk. Using data on 20 life insurers in Taiwan from 2007 through 2018, we find that the investment risk of an insurer decreases as the proportion of its sales through the bancassurance channel increases. We also find that investment risk increases with quasi-term deposit insurance products. However, the bancassurance channel weakens the positive relationship between investment risk and quasi-term deposit insurance products.