地震指数保险的帕累托最优赔付比例研究——以EQⅡ产品为例

EQⅡ是一种利用地震指数确定共同保险赔付比例的新型地震指数保险产品。本文基于巨灾经济损失分解的观点,推导出了帕累托最优EQⅡ保单设计的必要条件,并在CARA效用假设以及地震损失中个体差异的影响为伽马分布的条件下,得出了EQⅡ的帕累托最优赔付比例与地震指数之间的具体函数关系。最后利用中国大陆历年地震损失数据,分别对以地震震级和震中烈度作为指数的EQⅡ产品进行帕累托最优赔付比例体系的设计及定价。本文的研究结果表明,当前EQⅡ产品的保单设计符合帕累托最优的必要条件,并且风险管理能力稍弱的机构也可以根据自身风险偏好设计并发售满足帕累托最优条件的EQⅡ产品。此外,EQⅡ产品的帕累托最优赔付比例设计与地震区划中各区域的地震灾害特点和潜在的目标客户数量有关,因此本文建议EQⅡ的赔付比例应根据各区域地震灾害的具体情况分别进行设计。     

从税收竞争视角看居民医疗保险筹资与商业健康保险发展

本文从地方政府税收竞争视角,探讨居民医疗保险筹资与商业健康保险发展的关系。在动态经济模型基础上,构建稅收竞争下居民医疗保险筹资与商业健康保险发展的理论框架。利用空间计量模型和合成控制法对理论模型进行系统的实证分析。研究结果表明:在财政下行压力和资本边际收益递减的宏观背景下,地方政府在民生领域的高支出竞争偏好,倒逼地方政府展开新一轮税收竞争,容易导致地方政府财政收入减少和财政困难,从而增加居民医疗保险财政筹资压力。在这个过程中居民医疗保险筹资水平提高,能够凸显商业健康保险在医疗保障筹资体系中的补充地位。     

The effect of predation risk on cash holdings: Empirical evidence from the U.S. property‐liability insurance industry

Corporate cash holdings play a significant role in the U.S. property‐liability insurance industry yet the topic of insurer cash holdings policy has largely been overlooked by prior empirical research. While a number of studies have investigated firm‐specific factors related to cash holdings in the insurance industry, prior research has not examined how market concentration and potential predation risk impact cash holdings. We propose a new measure of market concentration and provide evidence in support of the predation risk theory. Specifically, we show that insurers exposed to more concentrated markets tend to hold more cash. Furthermore, the relation between market concentration and cash holdings is influenced by access to internal capital. While unaffiliated insurers without access to internal capital hold greater levels of cash in more concentrated markets, group insurers with access to internal capital do not hold greater levels of cash to mitigate predation risk.     

Product-market strategy and underwriting performance in the United Kingdom’s property–casualty insurance market

Drawing on a framework from the organizational economics literature, we utilize a panel data design to examine empirically the effect of motor insurance and liability insurance business on the overall underwriting performance of insurers operating in the United Kingdom’s (UK) property–casualty insurance market. We find that participation in liability insurance contributes positively to underwriting performance, whereas motor insurance is associated with inferior underwriting performance. Additionally, we find that higher reinsurance ratio is associated with better underwriting performance, but reduced profit margins. Our results show that higher leverage too is associated with better underwriting performance. We conclude that our results could have potentially important commercial and/or policy implications.     

“问题导学法”在保险学教学中的运用

本文以问题教学法为依据,论述了在保险学本科专业教学中开展问题性课堂教学的现状及意义,笔者结合自己的教学实践,提出了在保险学课堂教学中运用提问、设问、疑问、留问为主体的问题导学法,该法以问题为中心,以学生为主体,以教师为引导,培养了学生的问题意识和自主学习意识。通过这种教学方法在保险课堂教学中的探索与实践,旨在提高保险专业学生的自主学习能力和创新能力,从而提高综合职业能力。     

专业自保公司与企业内部自保的比较研究

本文对专业自保公司这种介于内部自保和商业保险之间的一种特殊的保险进行了分析。内部自保基金只是企业内部的一种风险准备金,国际上基本达成公认内部自保基金不具有保险属性,不能享受税前抵扣的好处。专业自保公司和内部自保在运作方式、组织结构、税收地位认定和监管方式上均是有区别的。国际上趋向于以更全面更合理的角度来分析专业自保公司的交易结构和经营实质。专业自保公司相比于企业内部自保是更具优势的风险管理方法。     

转型时期我国寿险业增长方式浅析

全球金融危机以来，我国寿险业的内外部发展环境发生了急剧变化，原有的粗放式发展模式已不适应新形势下国民经济对寿险业的要求，通过积极参与政策性业务、加快结构调整、突出主业经营、优化资源配置、大力推进技术创新等方式，可实现我国寿险业转型时期的持续增长，提升产业竞争能力。     

新型农村养老保险制度的财政负担测算——兼论“十二五”期间实现全覆盖的可行性

本研究对新型农村养老保险制度的财政负担进行了测算,研究表明：在低水平、全覆盖目标下,到2020年各级财政累计总投入可以控制在9000亿元左右,中央财政投入占到70%以上;若＂十二五＂期间提前实现全覆盖,到2015年中央财政累计投入将不超过3000亿元,地方财政累计投入将不超过1200亿元;全覆盖实现后中央财政每年投入约700亿元可以保障新农保制度运行;提前实现全覆盖不会大幅度增加未来10年财政总投入,而主要对今后几年的财政投入提出相对更高要求。＂十二五＂期间实现全覆盖总体上不会对中央和地方财政造成太大负担,但是,经济欠发达地区地方财政（尤其县级财政）分担压力不容忽视。全覆盖目标的提前实现要求＂十二五＂期间加大中央财政投入,以递增的速度提高新农保覆盖率,加大对中西部地区政策倾斜力度,引导地方政府积极配合。     

Understanding pastoralists’ dynamic insurance uptake decisions: Evidence from four-year panel data in Ethiopia

Despite the demonstrated benefits of index insurance, its adoption rate remains low in many developing countries. While a growing literature explores the factors associated with insurance uptake, we still know little about its dynamic patterns. Using a unique data set covering four years and six semi-annual sales periods of an index-based livestock insurance (IBLI) product in southern Ethiopia, we examine the dynamics of pastoralists’ demand for IBLI. We find that reduced insurance premiums induce households to purchase IBLI. While a one-shot subsidy can create a price reference point that may reduce the subsequent uptake, we do not find such price-anchoring effects. We also find that overall uptake decision is positively correlated intertemporally, although there is no strong evidence for learning by doing or learning from others. Finally, we show that pastoralists are more likely to purchase IBLI when drought risk is high, consistent with the existence of spatiotemporal adverse selection. We discuss the potential of distributing discount coupons to trigger initial uptake and adjusting premium rates dynamically to avoid spatiotemporal adverse selection as effective policy tools toward sustainable livestock insurance. Overall, our study signifies the importance of an empirical analysis that considers the dynamic demand structure.     

债券保险发展进程及业务模式探索

我国信用债市场发展进入新时期,信用违约的常态化和高收益债券市场建立的需要催生了对信用风险管理和信用增级的需求,而债券保险正是满足这两种需求的有效手段。本文在借鉴债券保险发展的国际经验的基础上,立足我国债券市场与债券保险发展现状,指出了当前我国债券保险发展滞后源于制度建设落后、信用保护卖方保障不足等原因导致的盈利困难,并提出和论证了由保险公司提供结算型债券保险的新型保险模式。最后就当前我国债券保险发展存在的不足之处,从发展传统型债券保险和信用风险缓释工具两个角度提出了具体的政策建议。