Abstract:
Does the business homogeneity among individual institution play as a source of systematic risk of the financial industry？ In recent years, China's life insurers' product distribution and geographical distribution become more diversified, however, the product and geographical distribution among life insurers show “homogeneity” tendency; and the co-movement in payment risk, investment risk and insolvency risk all have increased. This paper further analyses the mechanism that life insurers' business homogenization affects their risk co-movement, discussing several possible effects. Then, based on paired samples, the paper handled the endogeneity of business homogeneity by introducing instrumental variables from the time and geographical dimensions. The regressions show that (1) from absolutely different to absolutely homogeneous, both the investment risk co-movement and insolvency risk co-movement between two life insurers will increase more than ten percentages; (2) the relation between product homogeneity and payment risk co-movement is nonsignificant; and (3) geographical homogeneity hasn't significant influence on the three types of risk co-movement. Finally, this paper put forward policy suggestions from three aspects including life insurers, insurance industry and the financial system.
王向楠. 寿险公司的业务同质化与风险联动性[J]. 金融研究, 2018, 459(9): 160-176.
WANG Xiangnan. Business Homogeneity and Risk Co-movement of Life Insurers. Journal of Financial Research, 2018, 459(9): 160-176.
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