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期刊介紹：

“Geneva Papers on Risk & Insurance- Issues and Practice”創(chuàng)刊于1976年，是日內(nèi)瓦協(xié)會主辦的一本國際學(xué)術(shù)期刊，聚焦保險經(jīng)濟學(xué)的前沿?zé)狳c問題，旨在為保險學(xué)術(shù)界和業(yè)界專業(yè)人士之間的交流提供橋梁，提升保險業(yè)的專業(yè)知識。該刊為季刊，每年4期，每期發(fā)表文章10篇左右，2024年影響因子為2。

本期看點：

氣候風(fēng)險

●沒有顯著證據(jù)表明氣候風(fēng)險會促使保險公司改進其風(fēng)險管理實踐，這導(dǎo)致氣候風(fēng)險對保險公司績效產(chǎn)生顯著負(fù)面影響，且不利影響在規(guī)模較小、再保險覆蓋率較低或業(yè)務(wù)地域集中度較高的保險公司中更為突出。

雇主保險

●實施補充養(yǎng)老保險計劃且投入較高的企業(yè)，其經(jīng)營風(fēng)險顯著低于未實施或低投入企業(yè)，其風(fēng)險緩釋效應(yīng)在員工學(xué)歷較高的企業(yè)中更為顯著，主要通過提升員工留任率來降低經(jīng)營風(fēng)險。

●雇主提供的團體健康險與壽險，與車險類似，均采用經(jīng)驗費率定價法，但僅靠經(jīng)驗費率定價無法抑制福利過度消費。

再保險

●考察保險公司與再保險公司關(guān)系持續(xù)時間與承�？冃еg的相關(guān)性，保險公司需經(jīng)過約3年時間才能開始實現(xiàn)再保險關(guān)系的收益，長期再保險關(guān)系對承保業(yè)務(wù)具有重要意義。

●盡管普遍認(rèn)為風(fēng)險管理工具會提升公司實際杠桿率，但財產(chǎn)險公司利用再保險工具能夠顯著降低實際與目標(biāo)杠桿偏離度的絕對值。

董責(zé)險

●購買董責(zé)險的企業(yè)更傾向于對研發(fā)支出進行資本化處理，管理層的風(fēng)險承擔(dān)意愿是董責(zé)險推動研發(fā)資本化的關(guān)鍵路徑。

●在國有企業(yè)中，董責(zé)險不僅作為市場工具，更成為高顯著度的政治合規(guī)信號，董責(zé)險在非國有企業(yè)中未產(chǎn)生顯著影響。

※ 本期目錄

●Climate change, risk management, and firm performance: evidence from property-casualty insurers in China

●Tenure of the insurer–reinsurer relationship and underwriting performance: evidence from the US property-casualty insurance industry

●The impact of supplementary pension insurance programs on operational risk: insights from the perspective of employee retention

●Directors’ and officers’ liability insurance and corporate R&D capitalisation: evidence from China

●How does directors’ and officers’ liability insurance affect the fulfilment of social responsibility by state-owned enterprises?

●Testing for moral hazard: a longitudinal examination of group life and health insurance in Taiwan

●Does reinsurance affect capital structure deviations? Evidence from US property–casualty insurers

Climate change, risk management, and firm performance: evidence from property-casualty insurers in China

氣候變化、風(fēng)險管理與企業(yè)績效：基于中國財產(chǎn)保險公司的實證證據(jù)

作者

Yugang Ding（廣東外語外貿(mào)大學(xué)），Jingwu Li（中央財經(jīng)大學(xué)）

摘要：We examine how climate risks affect the risk management and performance of property-casualty insurers. Our findings suggest that both short-term and long-term climate risks contribute to higher claim ratios at the city-insurer-year level. However, we find no significant evidence that climate risks prompt insurers to improve their risk management practices, such as increasing reinsurance ratios or adjusting geographic business distribution. As a result, climate risks have a substantial negative impact on insurers’ performance. This impact is primarily driven by claim ratios rather than operating expenses or investment returns. Furthermore, the adverse effects of climate risks are more pronounced for insurers with smaller size, lower reinsurance coverage, or more geographically concentrated business.

本文研究了氣候風(fēng)險如何影響財產(chǎn)保險公司的風(fēng)險管理與經(jīng)營績效。根據(jù)我們的發(fā)現(xiàn)，無論是短期還是長期氣候風(fēng)險，都會在"城市-保險公司-年度"層面推高賠付率。然而，我們并未發(fā)現(xiàn)顯著證據(jù)表明氣候風(fēng)險會促使保險公司改進其風(fēng)險管理實踐，例如提高再保險比例或調(diào)整地域業(yè)務(wù)分布。這導(dǎo)致氣候風(fēng)險對保險公司績效產(chǎn)生顯著負(fù)面影響，且這種影響主要源自賠付率而非運營費用或投資收益。進一步分析顯示，氣候風(fēng)險的不利影響在規(guī)模較小、再保險覆蓋率較低或業(yè)務(wù)地域集中度較高的保險公司中更為突出。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00364-1

Tenure of the insurer–reinsurer relationship and underwriting performance: evidence from the US property-casualty insurance industry

保險公司與再保險公司合作關(guān)系與承保績效：來自美國財產(chǎn)保險業(yè)的證據(jù)

作者

Juei-Hsiang Chen（臺灣高雄大學(xué)），Yung-Ming Shiu（臺灣政治大學(xué)）

摘要：This study analyses National Association of Insurance Commissioners data on US property-casualty insurers from 2010 to 2020 using a one-step system generalised method of moments model. We examine the correlation between the duration of insurer–reinsurer relationships and underwriting performance, with relationship depth measured by historical reinsurance premiums. The findings are consistent with the asymmetric learning, real service, and monitoring hypotheses, suggesting that insurers begin to realise the benefits of reinsurance relationships only after approximately 3 years, particularly in the case of single unaffiliated insurers. This study underscores the significance of long-term reinsurance relationships for underwriting, proposes strategies for sustainable development, and offers practical insights for stakeholders.

本研究采用一步系統(tǒng)廣義矩估計模型，分析了美國保險監(jiān)督官協(xié)會2010-2020年財產(chǎn)保險公司的數(shù)據(jù)。我們考察了保險公司與再保險公司關(guān)系持續(xù)時間與承保績效之間的相關(guān)性，其中關(guān)系深度通過再保險的歷史保費衡量。研究結(jié)果支持不對稱學(xué)習(xí)、實際服務(wù)和監(jiān)督假說，表明保險公司需經(jīng)過約3年時間才能開始實現(xiàn)再保險關(guān)系的收益，這一現(xiàn)象在獨立運營的單一保險公司中尤為明顯。本研究揭示了長期再保險關(guān)系對承保業(yè)務(wù)的重要意義，提出了可持續(xù)發(fā)展策略，并為相關(guān)利益方提供了實踐啟示。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00363-2

The impact of supplementary pension insurance programs on operational risk: insights from the perspective of employee retention

補充性養(yǎng)老保險計劃對經(jīng)營風(fēng)險的影響：基于員工留任視角的實證洞察

作者

Yalin Gong（西南財經(jīng)大學(xué)），Yangyang Liu（西南財經(jīng)大學(xué)），Li Lai（西南財經(jīng)大學(xué)）

摘要：This study investigates the impact of supplementary pension insurance programs (SPIPs) on the operational risk of Chinese listed companies from 2005 to 2019. Our findings reveal three key insights: (1) firms with SPIPs and higher investments in them exhibit lower operational risk than firms without SPIPs or with lower investments in them, (2) the risk-reducing effect of SPIPs is more pronounced in companies with more educated employees than in companies with less educated employees, and (3) SPIPs help lower operational risk by enhancing employee retention. We adopt China’s SPIP tax reform in 2008 as a natural experiment and use a difference-in-differences model and a fixed effects model to address endogeneity concerns. Our study highlights the role of SPIPs not only as a form of endowment insurance but also as an important driver of the employee retention effect. These findings help stakeholders such as employees better understand SPIPs, and offer insights into the development of national strategies for addressing the challenges presented by the aging population.

本研究考察了2005至2019年間補充養(yǎng)老保險計劃對中國上市公司經(jīng)營風(fēng)險的影響。研究發(fā)現(xiàn)：（1）實施補充養(yǎng)老保險計劃且投入較高的企業(yè)，其經(jīng)營風(fēng)險顯著低于未實施或低投入企業(yè)；（2）該計劃的風(fēng)險緩釋效應(yīng)在員工學(xué)歷較高的企業(yè)中更為顯著；（3）補充養(yǎng)老保險主要通過提升員工留任率來降低經(jīng)營風(fēng)險。我們以2008年我國補充養(yǎng)老保險稅收改革作為自然實驗，采用雙重差分模型與固定效應(yīng)模型處理內(nèi)生性問題。研究表明，補充養(yǎng)老保險不僅是養(yǎng)老保障體系的重要組成部分，更是通過員工留任效應(yīng)影響企業(yè)風(fēng)險的重要機制。這些發(fā)現(xiàn)既幫助員工等利益相關(guān)方更深入理解補充養(yǎng)老保險的價值，也為國家制定應(yīng)對人口老齡化挑戰(zhàn)的戰(zhàn)略提供了實證依據(jù)。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00349-0

Directors’ and officers’ liability insurance and corporate R&D capitalisation: evidence from China

董事及高級職員責(zé)任保險與企業(yè)研發(fā)資本化：來自中國的經(jīng)驗證據(jù)

作者

Ting Gao（湖州師范學(xué)院），Xiaolong Ma（湖州師范學(xué)院）

摘要：Using a sample of Chinese A-listed companies from 2007 to 2023, we examine the impact of directors’ and officers’ liability insurance (D&O insurance) on corporate accounting choices related to R&D expenditures. Our results indicate that firms with D&O insurance are more likely to capitalise R&D expenditures. Mechanism analysis suggests that managers’ risk appetite serves as a key channel through which D&O insurance promotes R&D capitalisation. Furthermore, the effect is stronger when firms face higher financing and performance pressures, but weaker when internal and external monitoring mechanisms are more effective. Finally, we find that increased R&D capitalisation due to D&O insurance is associated with lower patent outputs, but has no significant impact on non-patent outputs. These findings highlight the role of D&O insurance on R&D accounting choices and contribute to the empirical literature on its broader consequences.

本研究以2007-2023年中國A股上市公司為樣本，考察董事及高級職員責(zé)任保險對企業(yè)研發(fā)支出會計處理方式的影響。研究發(fā)現(xiàn)：購買董責(zé)險的企業(yè)更傾向于對研發(fā)支出進行資本化處理。機制分析表明，管理層的風(fēng)險承擔(dān)意愿是董責(zé)險推動研發(fā)資本化的關(guān)鍵路徑。進一步分析顯示，當(dāng)企業(yè)面臨較高融資壓力和業(yè)績壓力時，該效應(yīng)更為顯著；而當(dāng)內(nèi)外部監(jiān)督機制較為完善時，該效應(yīng)則有所減弱。最后研究發(fā)現(xiàn)，董責(zé)險引致的研發(fā)資本化雖然會降低企業(yè)的專利產(chǎn)出，但對非專利創(chuàng)新產(chǎn)出并無顯著影響。這些發(fā)現(xiàn)揭示了董責(zé)險對企業(yè)研發(fā)會計政策選擇的影響，為理解其經(jīng)濟后果提供了新的經(jīng)驗證據(jù)。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00353-4

How does directors’ and officers’ liability insurance affect the fulfilment of social responsibility by state-owned enterprises?

董事及高級職員責(zé)任保險對國有企業(yè)社會責(zé)任履行的影響機制

作者

Ruiyun Wanyan（西南財經(jīng)大學(xué)），Ying Sun（中國財產(chǎn)再保險有限責(zé)任公司），Lingyan Suo（北京大學(xué)），Tongpu Zhao（北京大學(xué)）

摘要：This paper investigates how directors’ and officers’ liability insurance (D&O insurance) functions as a policy-embedded accountability mechanism in Chinese state-owned enterprises (SOEs). Using a balanced panel of A-share listed SOEs in Shanghai and Shenzhen from 2010 to 2021, and adopting the regulator-endorsed Hexun corporate social responsibility (CSR) index, we find that D&O insurance coverage significantly improves CSR performance, with an effect size roughly twice that documented for the broader ESG sample in prior studies. Going beyond traditional governance explanations, we identify and empirically validate three SOE-specific mechanisms: political-promotion incentives (driven by cadre evaluation), reputation-strategic pay-offs, and continuous insurer monitoring. These mechanisms clarify why D&O insurance operates not only as a market tool but also as a high-salience political compliance signal within China’s unique hybrid institutional environment. In contrast, D&O insurance has no significant effect among non-SOEs. Our findings reconceptualise D&O insurance as a strategic device for embedding state objectives into corporate behaviour, offering a theoretical and empirical benchmark for similar hybrid governance systems worldwide.

本研究探討董事及高級職員責(zé)任保險如何作為政策嵌入的問責(zé)機制在中國國有企業(yè)中發(fā)揮作用�；�2010-2021年滬深A(yù)股國有上市企業(yè)的平衡面板數(shù)據(jù)，并采用監(jiān)管機構(gòu)認(rèn)可的和訊社會責(zé)任評分體系，我們發(fā)現(xiàn)董責(zé)險顯著提升企業(yè)社會責(zé)任表現(xiàn)，其影響幅度約為現(xiàn)有ESG研究中普遍樣本的兩倍。突破傳統(tǒng)公司治理理論的解釋框架，我們識別并實證檢驗了三個國有企業(yè)特有機制：政治晉升激勵（源于干部考核體系）、聲譽戰(zhàn)略回報，以及保險機構(gòu)的持續(xù)監(jiān)督。這些機制揭示了在中國獨特的混合制度環(huán)境下，董責(zé)險不僅作為市場工具，更成為高顯著度的政治合規(guī)信號。與之形成對比的是，董責(zé)險在非國有企業(yè)中未產(chǎn)生顯著影響。本研究將董責(zé)險重新概念化為國家目標(biāo)嵌入企業(yè)行為的戰(zhàn)略工具，為全球同類混合治理體系提供了理論與實證參照基準(zhǔn)。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00362-3

Testing for moral hazard: a longitudinal examination of group life and health insurance in Taiwan

道德風(fēng)險檢驗：基于臺灣地區(qū)團體壽險與健康險的縱向研究

作者

Wen-Yen Hsu（臺灣逢甲大學(xué)），Carol Troy（臺灣東海大學(xué)國際學(xué)院）

摘要：Like auto insurance, employer-sponsored group health and life insurance (ESHI) uses experience rating, where current-year premium adjustments are positively correlated with the group’s claim history. In Taiwan, ESHI coexists with the national health insurance system, and previous findings based on western data may not hold. We test for moral hazard in ESHI plans offered by a Taiwanese life/health insurer, using a dynamic panel approach that distinguishes moral hazard from adverse selection. Experience rating should incentivise financially responsible employers to boost loss prevention/reduction efforts. Using Tobit models, we find that premium adjustments exert an asymmetric (consistently negative) impact on average claim volume (the loss ratio). However, moral hazard, indicated by negative state dependence (negative correlation between current and lagged values), is absent. The results suggest that experience rating alone cannot mitigate overconsumption of benefits. More varied and flexible approaches to cost control are needed.

與車險類似，雇主提供的團體健康險與壽險采用經(jīng)驗費率定價法，即當(dāng)期保費調(diào)整與團體歷史賠付記錄呈正相關(guān)。在臺灣地區(qū)，該險種與全民健康保險體系并存，基于西方數(shù)據(jù)的既有結(jié)論可能不再適用。我們采用動態(tài)面板數(shù)據(jù)，通過區(qū)分道德風(fēng)險與逆向選擇，對臺灣某壽險/健康險公司提供的團體險進行檢驗。根據(jù)理論，經(jīng)驗費率機制應(yīng)激勵具有財務(wù)意識的雇主加強損失預(yù)防/控制措施。通過Tobit模型分析，我們發(fā)現(xiàn)保費調(diào)整對平均索賠量（損失率）產(chǎn)生不對稱（持續(xù)為負(fù)）的影響。然而，表征道德風(fēng)險的負(fù)狀態(tài)依賴性（當(dāng)期與滯后值負(fù)相關(guān)）并未出現(xiàn)。結(jié)果表明，僅靠經(jīng)驗費率定價無法抑制福利過度消費，需要采取更多樣化、更靈活的成本控制手段。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00354-3

Does reinsurance affect capital structure deviations? Evidence from US property–casualty insurers

再保險是否影響資本結(jié)構(gòu)偏離？——來自美國財產(chǎn)保險業(yè)的經(jīng)驗證據(jù)

作者

Xiaoyi Li（西南財經(jīng)大學(xué)），Yung-Ming Shiu（臺灣政治大學(xué)）

摘要：This study explores the effect of hedging on capital structure deviations by examining whether and how reinsurance affects the capital structure deviation of both underleveraged and overleveraged insurers. Although previous research findings indicated that risk management tools increase actual leverage, we discover that reinsurance, a commonly used risk management tool for property–casualty insurers, is associated with reduced absolute values of actual and target leverage deviations. Our findings suggest that reinsurance moves an insurer’s actual leverage towards its target leverage. Our difference-in-differences analysis using Hurricane Sandy, which devastated Atlantic regions in 2012, as an exogenous shock to reinsurance, is consistent with our main results. Additionally, we find that insurers with reinsurance exhibit a capital structure adjustment speed approximately 6.9% quicker than insurers without reinsurance.

本研究通過考察再保險如何影響資本不足與資本過剩保險公司的資本結(jié)構(gòu)偏離，深入探究風(fēng)險對沖對資本結(jié)構(gòu)偏差的作用機制。盡管既有研究認(rèn)為風(fēng)險管理工具會提升實際杠桿率，但我們發(fā)現(xiàn)財產(chǎn)險公司普遍使用的風(fēng)險管理工具——再保險，能夠顯著降低實際與目標(biāo)杠桿偏離度的絕對值。實證結(jié)果表明，再保險會推動保險公司的實際杠桿率向目標(biāo)水平收斂。我們以2012年重創(chuàng)大西洋沿岸的颶風(fēng)"桑迪"作為再保險的外生沖擊進行雙重差分檢驗，結(jié)果與主結(jié)論一致。此外，投保再保險的保險公司其資本結(jié)構(gòu)調(diào)整速度較未投保者快約6.9%。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00356-1

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溫馨提示：“13精資訊”分為機構(gòu)版和個人版，但是，他們的用途和定位并不相同。

“13精資訊”個人版，并不是“13精資訊”機構(gòu)版的縮小版或迷你版！

“13精資訊”機構(gòu)版：

定位賦能保險機構(gòu)的行業(yè)分析！

“13精資訊”個人版：

定位幫助代理人和消費者找到他們滿意的保險公司或者保險產(chǎn)品！

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