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Insurance Group Theory and Practice

Author: BaoZuoZuo
Tutor: JiangShengZhong
School: Nankai University
Course: Insurance
Keywords: insurance conglomerate holding company transaction cost enterprise organization mixed business operation insurance supervision
CLC: F840
Type: PhD thesis
Year: 2008
Downloads: 1083
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Abstract


Since the late 90s, the financial structure has experienced dramatic changes in that the borderlines among financial institutions such as banks, securities brokers and insurance companies are being gradually eliminated due to the inevitable upward trend of mixed business operation of financial institutions and their development towards conglomeration. Under such background, the insurance holding financial conglomerate, an important innovation of organizational form of insurance industry has come to the attention and been adopted by many countries. At present, almost all of the successful insurance companies around the world use the comprehensive business operation in their business activities, and adopt the form of conglomeration, in particular the form of group holding in their organizational form. The comprehensive business operation and conglomeration has set the trend for the development of insurance industry around the world for now and in the future.There is an objective demand for accelerating the process of comprehensive business operation and conglomeration in China’s insurance industry along with the all-round opening up of all financial sectors, and the increasing number of international financial and insurance groups coming in after the entry of WTO. These strong foreign insurance groups, with their years’experience of comprehensive business operation are capable to provide comprehensive financial services in China in the coming years, thus exerting heavy competition pressure on China’s insurance industry. Therefore, it is urgent that China’s insurance industry should increase its strength by encouraging the establishment of insurance and financial conglomerates through M/A, and increase its compatibility by broadening the business scope so that insurance business will be integrated with that of banks and securities brokers, and be harmoniously conducted.The theoretical basis and practice of insurance conglomeration consists the main research content of this dissertation. First, with an overview of the evolution theory of form of enterprise organization, it analyses the evolution theory of insurance enterprise organization with economic explanations. It goes on analyzing, on the basis of such, the various theories contributable to insurance conglomerate’s come into being in insurance industry and to its practical background. Through an analysis on the basis of economic theories of insurance conglomerate’s economic effects, it studies respectively the model of insurance conglomeration’s effect on the competition of insurance and on the compatibility of insurance industry. It then reviews and systematically analyzes the history and current situation of insurance conglomerate’s development both in China and overseas, sourcing out the successful international experience contributable to guiding China’s insurance conglomeration. On the basis of such research, this dissertation concentrates the study in more detail on the issues regarding oncoming development of China’s insurance conglomeration. As insurance conglomerate is a new form of organization in China’s insurance industry, there is still lacking of relevant supervisory regulations and modules. This dissertation finally analyses the issues urgently to be dealt with in this aspect, presents modules for option and makes tentative suggestions. This dissertation is consisted of seven chapters.Chapter One: IntroductionIt presents the topic to be researched, the background for choosing the topic, and the purpose and practical significance of studying on this topic. The relevant literature on the topic is reviewed and summarized, and a brief explanation is given regarding the logical sequence, the research approaches used, the structure, and the main innovative ideas.Chapter Two: The Enterprise and Enterprise Organizational TheoryThe theory of evolution of enterprise organization is discussed with a detailed analysis on it based on the theory of transaction cost economics, which brings out the theoretical basis for the shape taken of enterprise group. With a comprehensive analysis on the relevant literature, the evolution of insurance enterprise organization is discussed from economics perspective based on transaction cost theory. Chapter Three: The Concept and Significance of Insurance Conglomerate The concept of insurance conglomeration is defined and explained. Then the background and theoretical foundation for its come into being is discussed. Through the economics analysis on its economic effect, a detailed theoretical analysis is given about insurance conglomeration’s effect on the competition of insurance and on the compatibility of insurance industry.Chapter Four: The Positive Analysis on the Development of China’s Insurance ConglomerationAn analysis is given on the historical background under which China’s enterprise groups came into being, the different phases of their development, and the characteristics that they presented. Then an analysis is given on China’s insurance conglomerates: the historical background under which they came into being and the different phases of their development. A further comprehensive analysis is given on the causes and motivation, and the effects of China’s insurance conglomeration. Last, a brief analysis is given on the main risks in its development.Chapter Five: The Development and Practice of Insurance Conglomerates in Major CountriesAn introduction is presented on the background under which insurance conglomerates in major countries came into being with an emphasis on their practice background. Then, an overview is given on the development of insurance conglomerates in major countries which leads to the analysis on the financial conglomeration development patterns in these countries useful to China’s insurance conglomeration.Chapter Six: The Development of China’s Insurance ConglomerationIn this chapter, a multi-angle analysis is given concentrated on the issues related to China’s insurance conglomeration development. 1) The development and the options to take of China’s insurance organization forms. 2) The different phases of China’s insurance conglomeration development and the options of the form of organization to take. 3) The cooperate governance of insurance conglomerate. 4) The insurance conglomerate’s business strategy. 5) The integration of business modules in insurance conglomerate. 6) The improvement of insurance conglomerate’s risk management system.Chapter Seven: The Supervision on Insurance ConglomerateA discussion is made on the basic theories of financial supervisory and practice patterns abroad. A further analysis and comparison is made on insurance conglomerate’s supervisory patterns abroad which might be useful to our country. Then an overview of the development of financial supervision in China is presented, and an analysis is made on the current situation of supervision on China’s insurance conglomerates, and the issues to be dealt with urgently are presented. Last, the pattern options and suggestions are offered suitable to China’s insurance conglomerate’s supervisionThe conclusion of this dissertation is: 1) the direction for the form of China’s insurance enterprise organization develops to conglomeration and specialization, which provides a brand new idea for the construction and improvement of insurance market entity, i.e. the insurance conglomerate and small and medium-sized insurance companies can co-exist under certain conditions, thus the synergy effects will push forward the development of insurance market. 2) the capital operation rather than the economy of scale is the main source for insurance conglomerate’s profitability, which denies the idea that insurance conglomerate’s scale takes the priority, thus concentrating more on capital operation which offers a new idea for China’s insurance conglomeration development in future.

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CLC: > Economic > Fiscal, monetary > Insurance > Insurance Theory
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