是哪些因素驅動再保險定價？來自台灣產物保險業的實證證據

What Drives Reinsurance Pricing? Empirical Evidence from Taiwan’s Property–Casualty Insurers

本研究使用2012–2023年台灣產險公司的再保與財務資料，並以one-step system GMM與difference GMM檢驗再保險定價的決定因素。結果顯示：較高的保險槓桿與槓桿風險與較低定價相關；損失率與商品多角化與較高定價相關；保費成長率與再保比例則與較低定價相關。本研究可供監理與業界調整再保安排之參考，並補足文獻對再保險定價的實證缺口。

This study analyzes reinsurance and financial data for Taiwan’s property–casualty insurers from 2012 to 2023 using one-step system GMM and difference GMM. The results indicate that insurance leverage and leverage risk are negatively related to reinsurance pricing, while loss ratios and product diversification are positively related. Premium growth and reinsurance dependence show negative correlations. The findings offer guidance for supervisors and practitioners in adjusting reinsurance arrangements and help address the empirical gap in reinsurance pricing research.