摘要：“Geneva Papers on Risk & Insurance- Issues and Practice”创刊于1976年，是日内瓦协会主办的一本国际学术期刊，聚焦保险经济学的前沿热点问题，旨在为保险学术界和业界专业人士之间的交流提供桥梁，提升保险业的专
声明：本系列文章基于原期刊目录和摘要内容整理而得，仅限于读者交流学习。如有侵权，请联系删除。
期刊介绍：
“Geneva Papers on Risk & Insurance- Issues and Practice”创刊于1976年，是日内瓦协会主办的一本国际学术期刊，聚焦保险经济学的前沿热点问题，旨在为保险学术界和业界专业人士之间的交流提供桥梁，提升保险业的专业知识。该刊为季刊，每年4期，每期发表文章10篇左右，2024年影响因子为2。
本期看点：
气候风险
●没有显著证据表明气候风险会促使保险公司改进其风险管理实践，这导致气候风险对保险公司绩效产生显著负面影响，且不利影响在规模较小、再保险覆盖率较低或业务地域集中度较高的保险公司中更为突出。
雇主保险
●实施补充养老保险计划且投入较高的企业，其经营风险显著低于未实施或低投入企业，其风险缓释效应在员工学历较高的企业中更为显著，主要通过提升员工留任率来降低经营风险。
●雇主提供的团体健康险与寿险，与车险类似，均采用经验费率定价法，但仅靠经验费率定价无法抑制福利过度消费。
再保险
●考察保险公司与再保险公司关系持续时间与承保绩效之间的相关性，保险公司需经过约3年时间才能开始实现再保险关系的收益，长期再保险关系对承保业务具有重要意义。
●尽管普遍认为风险管理工具会提升公司实际杠杆率，但财产险公司利用再保险工具能够显著降低实际与目标杠杆偏离度的绝对值。
董责险
●购买董责险的企业更倾向于对研发支出进行资本化处理，管理层的风险承担意愿是董责险推动研发资本化的关键路径。
●在国有企业中，董责险不仅作为市场工具，更成为高显著度的政治合规信号，董责险在非国有企业中未产生显著影响。
※ 本期目录
●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
气候变化、风险管理与企业绩效：基于中国财产保险公司的实证证据
作者
Yugang Ding（广东外语外贸大学），Jingwu Li（中央财经大学）
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.
本文研究了气候风险如何影响财产保险公司的风险管理与经营绩效。根据我们的发现，无论是短期还是长期气候风险，都会在"城市-保险公司-年度"层面推高赔付率。然而，我们并未发现显著证据表明气候风险会促使保险公司改进其风险管理实践，例如提高再保险比例或调整地域业务分布。这导致气候风险对保险公司绩效产生显著负面影响，且这种影响主要源自赔付率而非运营费用或投资收益。进一步分析显示，气候风险的不利影响在规模较小、再保险覆盖率较低或业务地域集中度较高的保险公司中更为突出。
Tenure of the insurer–reinsurer relationship and underwriting performance: evidence from the US property-casualty insurance industry
保险公司与再保险公司合作关系与承保绩效：来自美国财产保险业的证据
作者
Juei-Hsiang Chen（台湾高雄大学），Yung-Ming Shiu（台湾政治大学）
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.
本研究采用一步系统广义矩估计模型，分析了美国保险监督官协会2010-2020年财产保险公司的数据。我们考察了保险公司与再保险公司关系持续时间与承保绩效之间的相关性，其中关系深度通过再保险的历史保费衡量。研究结果支持不对称学习、实际服务和监督假说，表明保险公司需经过约3年时间才能开始实现再保险关系的收益，这一现象在独立运营的单一保险公司中尤为明显。本研究揭示了长期再保险关系对承保业务的重要意义，提出了可持续发展策略，并为相关利益方提供了实践启示。
The impact of supplementary pension insurance programs on operational risk: insights from the perspective of employee retention
补充性养老保险计划对经营风险的影响：基于员工留任视角的实证洞察
作者
Yalin Gong（西南财经大学），Yangyang Liu（西南财经大学），Li Lai（西南财经大学）
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年间补充养老保险计划对中国上市公司经营风险的影响。研究发现：（1）实施补充养老保险计划且投入较高的企业，其经营风险显著低于未实施或低投入企业；（2）该计划的风险缓释效应在员工学历较高的企业中更为显著；（3）补充养老保险主要通过提升员工留任率来降低经营风险。我们以2008年我国补充养老保险税收改革作为自然实验，采用双重差分模型与固定效应模型处理内生性问题。研究表明，补充养老保险不仅是养老保障体系的重要组成部分，更是通过员工留任效应影响企业风险的重要机制。这些发现既帮助员工等利益相关方更深入理解补充养老保险的价值，也为国家制定应对人口老龄化挑战的战略提供了实证依据。
Directors’ and officers’ liability insurance and corporate R&D capitalisation: evidence from China
董事及高级职员责任保险与企业研发资本化：来自中国的经验证据
作者
Ting Gao（湖州师范学院），Xiaolong Ma（湖州师范学院）
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年中国A股上市公司为样本，考察董事及高级职员责任保险对企业研发支出会计处理方式的影响。研究发现：购买董责险的企业更倾向于对研发支出进行资本化处理。机制分析表明，管理层的风险承担意愿是董责险推动研发资本化的关键路径。进一步分析显示，当企业面临较高融资压力和业绩压力时，该效应更为显著；而当内外部监督机制较为完善时，该效应则有所减弱。最后研究发现，董责险引致的研发资本化虽然会降低企业的专利产出，但对非专利创新产出并无显著影响。这些发现揭示了董责险对企业研发会计政策选择的影响，为理解其经济后果提供了新的经验证据。
How does directors’ and officers’ liability insurance affect the fulfilment of social responsibility by state-owned enterprises?
董事及高级职员责任保险对国有企业社会责任履行的影响机制
作者
Ruiyun Wanyan（西南财经大学），Ying Sun（中国财产再保险有限责任公司），Lingyan Suo（北京大学），Tongpu Zhao（北京大学）
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.
本研究探讨董事及高级职员责任保险如何作为政策嵌入的问责机制在中国国有企业中发挥作用。基于2010-2021年沪深A股国有上市企业的平衡面板数据，并采用监管机构认可的和讯社会责任评分体系，我们发现董责险显著提升企业社会责任表现，其影响幅度约为现有ESG研究中普遍样本的两倍。突破传统公司治理理论的解释框架，我们识别并实证检验了三个国有企业特有机制：政治晋升激励（源于干部考核体系）、声誉战略回报，以及保险机构的持续监督。这些机制揭示了在中国独特的混合制度环境下，董责险不仅作为市场工具，更成为高显著度的政治合规信号。与之形成对比的是，董责险在非国有企业中未产生显著影响。本研究将董责险重新概念化为国家目标嵌入企业行为的战略工具，为全球同类混合治理体系提供了理论与实证参照基准。
Testing for moral hazard: a longitudinal examination of group life and health insurance in Taiwan
道德风险检验：基于台湾地区团体寿险与健康险的纵向研究
作者
Wen-Yen Hsu（台湾逢甲大学），Carol Troy（台湾东海大学国际学院）
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.
与车险类似，雇主提供的团体健康险与寿险采用经验费率定价法，即当期保费调整与团体历史赔付记录呈正相关。在台湾地区，该险种与全民健康保险体系并存，基于西方数据的既有结论可能不再适用。我们采用动态面板数据，通过区分道德风险与逆向选择，对台湾某寿险/健康险公司提供的团体险进行检验。根据理论，经验费率机制应激励具有财务意识的雇主加强损失预防/控制措施。通过Tobit模型分析，我们发现保费调整对平均索赔量（损失率）产生不对称（持续为负）的影响。然而，表征道德风险的负状态依赖性（当期与滞后值负相关）并未出现。结果表明，仅靠经验费率定价无法抑制福利过度消费，需要采取更多样化、更灵活的成本控制手段。
Does reinsurance affect capital structure deviations? Evidence from US property–casualty insurers
再保险是否影响资本结构偏离？——来自美国财产保险业的经验证据
作者
Xiaoyi Li（西南财经大学），Yung-Ming Shiu（台湾政治大学）
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.
本研究通过考察再保险如何影响资本不足与资本过剩保险公司的资本结构偏离，深入探究风险对冲对资本结构偏差的作用机制。尽管既有研究认为风险管理工具会提升实际杠杆率，但我们发现财产险公司普遍使用的风险管理工具——再保险，能够显著降低实际与目标杠杆偏离度的绝对值。实证结果表明，再保险会推动保险公司的实际杠杆率向目标水平收敛。我们以2012年重创大西洋沿岸的飓风"桑迪"作为再保险的外生冲击进行双重差分检验，结果与主结论一致。此外，投保再保险的保险公司其资本结构调整速度较未投保者快约6.9%。
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来源：新浪财经
