偿付能力监管制度改革与保险公司成本效率——基于中国财险市场的经验数据

doi:10.12094/1002-7246(2017)04-0128-15

Journal of Financial Research

2017, Vol. 442

Issue (4): 128-142 DOI: 10.12094/1002-7246(2017)04-0128-15

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Reform of Insurance Solvency Supervision and Cost Efficiency of Insurers:On the Data of China’s Non-Life Insurance Market

ZHOU Hua, ZHANG Juan

School of Insurance/China Institute for Actuarial Science, Central University of Finance and Economics
Temple University

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Abstract The purpose of this paper is to investigate how insurers’ cost efficiency changed after the implementation of C-ROSS relative to the first-generation system (C-SI). Based on the data from 2013-2015, we evaluate the cost efficiency of China non-life insurers by using an econometric model with intermediate outputs. By comparing the efficiency scores and shadow prices of intermediate activities, we find that: 1) The financial intermediation activities are over used in both C-ROSS and C-SI so that it is likely to further reduce costs by decreasing the quantities of these activities; 2) The risk management activities, although being improved, still have large potential to be utilized to improve insurers’ cost efficiency, especially for small insurers; 3) The overall efficiency score changed very small. The results suggest that Chinese non-life insurers should spend more effort to improve their risk management abilities and diversify investment risks in order to improve cost efficiency.

Key words： C-ROSS Cost Efficiency Insurance Regulation

Received: 30 November 2016 Published: 18 January 2018

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G22

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Cite this article:

ZHOU Hua,ZHANG Juan. Reform of Insurance Solvency Supervision and Cost Efficiency of Insurers:On the Data of China’s Non-Life Insurance Market[J]. Journal of Financial Research, 2017, 442(4): 128-142.

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http://www.jryj.org.cn/EN/10.12094/1002-7246(2017)04-0128-15 OR http://www.jryj.org.cn/EN/Y2017/V442/I4/128

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