Abstract:
Using a unique hand-collected panel data on 50 nonlife insurers and 57 life insurers over the period 2009-2014, we examine the impact of investment business on the risk level of nonlife and life insurers from multiple dimensions, respectively. The results show that the investment business for nonlife insurers improves the solvency capacity with no bad effects on liquidity and bankrupt probability. In contrast, the investment business for life insurers increases the likelihood of bankruptcy and exacerbates the surrender rate. To reduce the risk of insurers, the regulatory authority should encourage nonlife insurers to develop investment business to reduce the risk, and restrain life insurers’ aggressive investment behavior and curb the overheating tendency of investment-based products.
边文龙, 王向楠. 投资职能对保险公司风险的影响研究[J]. 金融研究, 2017, 450(12): 158-173.
BIAN Wenlong, WANG Xiangnan. The Effects of Investment Function on Insurers’ Risk. Journal of Financial Research, 2017, 450(12): 158-173.
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