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Factors Influencing Reinsurance Demand of Property and Casualty Insurance Companies in China

Author: WeiZuo
Tutor: WangKai
School: Southwestern University of Finance and Economics
Course: Insurance
Keywords: Reinsurance Demand Empirical study Solvencyregulation
CLC:
Type: Master's thesis
Year: 2013
Downloads: 151
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Abstract


After Thailand flood and Fukushima earthquake in2011and Hurricane Katrina in2005, the global economy has suffered so badly. Meanwhile, the importance of reinsurance comes into our eyes since it stabilized the economy.This article analyzed the factors influencing the demand for reinsurance using risk management theory, and checked the theory with the panel data from property and casualty insurance companies of China. The empirical result shows that the demand for reinsurance is positively related to the size of the insurance companies, and negatively related to the leverage in some insurance companies. Interestingly, the results of Chinese insurance companies are totally different with that of countries having developed insurance industry. There are two factors contributing to this rare results, the first one is that solvency supervision in china hasn’t take the reinsurance factor seriously; the other one is that the solvency calculation procedure hasn’t take the solvency of original insurer into account. It leads some small insurance companies to keep premium rather than arrange reasonable reinsurance to transfer risks, XX Insurance is a typical one.Also, the article compares reinsurance factors of different solvency regulations, and gives some reasonable policy suggestions to solvency regulation of China.The article is consists of5chapters, their main content is as following:Chapter1is introduction of reinsurance. This chapter introduces concept of reinsurance, the functions and the types of reinsurance, the status quo of Chinese reinsurance market as well.Chapter2is empirical analysis on the demand for reinsurance of property and casualty insurance companies. Through theoretical analysis, it could be discerned that demand for reinsurance comes from friction costs. Then, the article chooses the index to represent the factors influencing the demand for reinsurance. Also, the article conducts empirical analysis using data of Chinese insurance market. Chapter3is analysis on the results of empirical study. According to results of empirical study, the demand for reinsurance is positively related to the size of companies, which is opposite to that of America and Australia. There might be two factors contributing to it, the first one is solvency regulation in China doesn’t fully understand the function of reinsurance; the other one is the calculation of solvency doesn’t take the solvency of insurer factor into account.Chapter4is the comparison of reinsurance factor in solvency regulations in different countries. This chapter compares reinsurance factor in solvency regulations in different countries and concluded the relationship between reinsurance and solvency regulation.Chapter5is suggestions to reinsurance factor of solvency regulation in China. This chapter analyzes the shortcomings of the current solvency regulation and gives several suggestions to it.

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