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題名:資訊不對稱與多期契約-團體保險損失率之實證研究
作者:李衍煌
作者(外文):LEE YEN-HUANG
校院名稱:逢甲大學
系所名稱:金融博士學位學程
指導教授:許文彥
學位類別:博士
出版日期:2018
主題關鍵詞:資訊不對稱團體保險逆選擇information asymmetrygroup insuranceadverse-selection
原始連結:連回原系統網址new window
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以往對資訊不對稱的實證多以單期契約為主,研究多期契約下資訊不對稱的實證文獻不多,本文以團體保險做為實證樣本,團體保險有別於個人壽險,除契約時間較短、多為一年一約外,價格的決定也是在續約時透過經驗費率調整,此外,約滿時保險公司及團體可以再重新議約,且雙方並不承諾續保。
本文研究以較完整的團體保險公費件的保險資料,驗證跨期契約下Lowballing的理論,也就是在多期契約下,隨著被保險團體續約,保險公司逐漸累積理賠資訊後,是否對競爭者形成進入障礙,並開始創造利潤。本文也另外檢驗團體傷害險的損失率與資訊不對稱的關係,一般認為傷害險較沒有資訊不對稱的問題,換言之,前述Lowballing的現象應該不會存在於團體傷害險,但由於個別團體的職業安全或工作危險程度與該團體的管理優劣有關,而管理優劣可能是資訊不對稱的來源,而隨契約週年數上升,該資訊不對稱的問題減輕,甚至形成外部競爭者進入市場的障礙,團體傷害保險的損失率隨契約週年數上升而下降。
實證結果發現,團體保險的保單週年數與損失率有顯著的負相關,隨著團體續約的期數增加,保險公司累積的資訊越多,保單的損失率越低,其次,實證結果顯示團體傷害保險契約的損失率也會隨契約週年數增加而下降。可見現有保險公司對被保險團體的職業安全或工作危險程度仍有資訊上的優勢。
Information asymmetry in the insurance industry has been affecting the performance of insurance companies. Prior studies examine the existence of information asymmetry by using the loss experience of product lines with either one-year contracts or contracts without renegotiation. This thesis uses group insurance as a sample to examine the information asymmetry in a multi-period contracts. In particular, the group insurance is a one-year renewable contract and applies experience rating in the renewed contract, making it a contract without commitment but with renegotiation.
Insurers can always collect the insureds’ loss information. As policy anniversary increases, the incumbent insurer will be able to accumulate more information to mitigate the information asymmetry problem between the insurer and the policyholder. In addition, from the information it has collected the insurer may even build an entry barrier against its competitors. It follows that the insurer may build rent and make profits as information accumulates.
Our empirical evidence shows that the loss ratio of group insurance decreases as policy anniversary increases. This is also true for group accident insurance given that individual accident insurance is considered involving less information asymmetry. Our empirical evidence supports the Lowballing hypothesis, a pricing strategy leading lower loss ratio as price anniversary increases.
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