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：
●企业实施网络风险管理措施可能对减轻其网络风险并无显著效果，但随着企业风险管理（ERM）项目的成熟，网络损失事件的发生概率会相应降低。
●与未投保企业相比，已投保企业采取防洪减灾措施的概率并无显著差异，保险公司可通过提供预警服务和风险信息来促进企业采取防洪减灾措施。
●环境污染责任保险作为一种有效的风险管理工具，能够将污染责任风险转移至企业外部。参保环境污染责任保险的企业能够有效推进绿色转型，且这一积极效应具有持续性。
●数字化能显著降低保险公司受逆向选择影响的程度，这一效应在社会信任度较低地区的企业中尤为明显，数字化对成长期企业的影响显著强于成熟期企业。
●偿二代监管框架下，长期担保措施对报告的偿付能力比率具有显著影响。偿付能力较弱、且对利率风险和主权信用风险敏感的保险公司更倾向于采用这些措施。
●在台湾地区全民健保制度下，商业健康保险存在优势选择；自愿性与强制性补充健康保险均存在显著的道德风险，道德风险效应呈现异质性特征，其程度因医疗服务类型和保险给付内容而异。
※ 本期目录
●The effect of corporate risk management on cyber risk mitigation: Evidence from the insurance industry
●Digitalisation and cream skimming adverse selection in the property-casualty insurance industry: evidence from China
●Assessing the drivers of flood risk reduction actions of businesses
●Insurability and government-funded mitigation: safer but costlier
●Internalising externality: the impact of environmental pollution liability insurance on the green transformation of Chinese heavy-polluting firms
●Discretionary decisions in capital requirements under Solvency II
●The effects of selection and moral hazard in additional health insurance in a universal healthcare system: evidence from Taiwan
The effect of corporate risk management on cyber risk mitigation: Evidence from the insurance industry
企业风险管理对网络风险缓解的影响：来自保险行业的证据
作者
Kwangmin Jung（浦项科技大学工业与管理工程系），Chanjin Kim（浦项科技大学工业与管理工程系），Jiyeon Yun（加州州立大学财务与金融规划保险系）
摘要：We examine how corporate risk management can be used to address a firm’s vulnerability to cyber risk. We use a large, novel dataset on cyber risk and corporate risk management to analyse US insurers’ cyber loss events during the period of 2000–2021. Our analysis includes information on whether insurers have implemented an enterprise risk management (ERM) programme and whether they report applying cyber risk management (CRM). The results illustrate that the implementation of CRM measures may have no significant effect on cyber risk mitigation. However, we determine that the likelihood (frequency) of a cyber loss event decreases by 3.9% (6.8%) as ERM programmes mature year on year. We also find that an insurer can benefit from implementing both CRM and ERM through a lowered event likelihood (frequency) of 3.8 percentage points on average (3.7 percentage points) per year compared to solely implementing an ERM programme.
我们探讨了如何利用企业风险管理来应对公司面临的网络风险威胁。基于一个新颖的大规模网络风险与企业风险管理数据库，我们分析了2000-2021年间美国保险公司的网络损失事件。研究数据包含保险公司是否实施企业风险管理（ERM）项目，以及是否报告采用网络风险管理（CRM）措施等重要信息。分析结果表明：实施网络风险管理措施可能对减轻网络风险并无显著效果。然而我们发现，随着企业风险管理项目逐年成熟，网络损失事件的发生概率（频率）会相应降低3.9%（6.8%）。研究还揭示，相较于仅实施ERM项目，同时采用CRM和ERM的保险公司能获得额外收益——其年度事件发生概率（频率）可进一步平均降低3.8个百分点（3.7个百分点）。
Digitalisation and cream skimming adverse selection in the property-casualty insurance industry: evidence from China
数字化与财产意外险行业的“撇脂”式逆向选择：来自中国的证据
作者
Feiyan Yang（西南财经大学），Jiahui Ren（西南财经大学），Changyuan Xia（西南财经大学）
摘要：This study examines the potential of digitalisation to mitigate insurers’ vulnerability to cream skimming adverse selection and explores the mechanism underlying this effect. Employing unbalanced panel data of 84 property-casualty insurance companies in China from 2010 to 2020, our investigation reveals that digitalisation reduces insurers’ susceptibility to cream skimming adverse selection, especially among firms located in areas with lower levels of social trust. Digitalised insurers are able to collect a wider variety of customer information, make pricing more effective and therefore achieve lower loss ratios in contrast to their less digitalised rivals. Moreover, we discern a more pronounced impact of digitalisation on companies during their growth stages as compared to their well-established counterparts. Our findings remain robust when subjected to various endogeneity and robustness tests.
本研究探讨了数字化能否降低保险公司面临的"撇脂式"逆向选择风险，并深入分析了其作用机制。基于2010-2020年中国84家财产险公司的非平衡面板数据，研究发现：数字化能显著降低保险公司受逆向选择影响的程度，这一效应在社会信任度较低地区的企业中尤为明显。相较于数字化程度较低的同行，实现数字化的保险公司能够收集更全面的客户信息，制定更精准的定价策略，从而获得更低的赔付率。此外，研究还发现数字化对成长期企业的影响显著强于成熟期企业。经过多种内生性处理和稳健性检验后，上述结论依然成立。
Assessing the drivers of flood risk reduction actions of businesses
评估企业减少洪水风险行动的驱动因素
作者
Vylon Ooms（阿姆斯特丹自由大学环境研究所(IVM)），Thijs Endendijk（阿姆斯特丹自由大学环境研究所(IVM)），Jeroen C. J. H. Aerts（阿姆斯特丹自由大学环境研究所(IVM)），W. J. Wouter Botzen（阿姆斯特丹自由大学环境研究所(IVM)），Peter John Robinson（阿姆斯特丹自由大学环境研究所(IVM)）
摘要：Climate change and socio-economic development are expected to increase flood risk. Businesses can prepare for increasing flood risk by taking flood damage mitigation (FDM) measures, or by purchasing insurance. However, little is known about the predictors of the uptake of various FDM measures by businesses. Our study uses survey data after flooding in the Netherlands in 2021 to understand the drivers of FDM actions of businesses. Our results indicate that insured businesses are neither significantly more or less likely to take FDM measures compared to uninsured businesses. Therefore, we do not see evidence of moral hazard or advantageous selection. Positive predictors of FDM uptake are receipt of early warnings, searching for information about flood risk, prior flood experience and feelings of responsibility for taking FDM measures. Our results show that insurers can stimulate FDM uptake of businesses via early warnings and information provision.
研究表明，气候变化与社会经济发展将加剧洪水风险。企业可通过采取防洪减灾（FDM）措施或购买保险来应对这一风险。然而，目前关于企业采取各类FDM措施影响因素的研究仍较为有限。本研究基于2021年荷兰洪灾后的调查数据，深入分析了企业实施FDM措施的驱动因素。研究发现：与未投保企业相比，已投保企业采取FDM措施的概率并无显著差异。因此，我们并未观察到道德风险或优势选择的证据。企业采取FDM措施的积极预测因素包括：收到洪水预警、主动搜寻洪水风险信息、既往洪灾经历以及采取减灾措施的责任意识。研究结果表明，保险公司可通过提供预警服务和风险信息来促进企业采取防洪减灾措施。
Insurability and government-funded mitigation: safer but costlier
可保性与政府资助的减灾措施：更安全但成本更高
作者
Dahui Liu（东华大学旭日工商管理学院），Linda Nozick（康奈尔大学土木与环境工程学院）， Meghan Millea（东卡罗来纳大学经济系），Jamie Kruse（东卡罗来纳大学经济系），Rachel Davidson（特拉华大学土木与环境工程系）， Joseph Trainor（特拉华大学拜登公共政策与管理学院），Junkan Li（康奈尔大学土木与环境工程学院）& Caroline Williams（特拉华大学土木与环境工程系）
摘要：Hurricanes significantly harm homeowners through physical damage and long-term financial strain due to rising insurance costs, property value loss, and repair expenses. This paper focuses on the interrelated decisions of the government mitigation funding of residential acquisitions and retrofit subsidies and of price restrictions on the insurance market in eastern North Carolina to determine the financial effects on stakeholders. The introduction of these policy interventions have impacts that propagate through the system due to risk adjustments, homeowner take-up behaviour, and insurer profit-maximising behaviour. This study uses an integrated game theoretic model to demonstrate that there are cost-effective government spending levels that reduce residential loss from hurricane damage. When insurance prices are capped at preintervention levels, the number of households and their distribution of losses, which has been altered through mitigation, leads to increased insurer insolvency. When insurance prices are allowed to adjust after mitigation, some homeowners find insurance is no longer affordable. This highlights the tradeoff between ensuring insurer stability and expanding homeowner insurance accessibility.
飓风灾害通过物理损毁及后续连锁反应（包括保险费用上涨、房产贬值与修缮支出）对业主造成严重经济损失。本文以美国北卡罗来纳州东部地区为研究对象，通过分析政府住宅收购计划资金配置、抗震改造补贴政策与保险市场价格管制这三项关联决策，系统评估其对各方利益主体的财务影响。由于风险调整机制、业主参保行为与保险公司利润最大化策略的相互作用，这些政策干预措施将在整个系统中产生连锁反应。本研究采用博弈论综合模型证明：存在具有成本效益的政府支出方案可有效降低飓风导致的住宅损失。研究发现：当保险价格被限制在政策干预前水平时，尽管减灾措施改变了家庭数量及其损失分布，却会加剧保险公司的破产风险；而允许保险价格根据减灾效果动态调整时，部分业主将面临保费负担能力不足的问题。这凸显了维护保险公司偿付能力与保障业主参保可及性之间存在的政策权衡。
Internalising externality: the impact of environmental pollution liability insurance on the green transformation of Chinese heavy-polluting firms
内化外部性：环境污染责任保险对中国高污染企业绿色转型的影响
作者
Honglu Ma（中央财经大学保险学院），Wei Ning（北京工商大学经济学院），Jiyuan Wang（中央财经大学保险学院；中央财经大学中国精算研究院），Shouyang Wang（中国科学院数学与系统科学研究院；中国科学院大学经济与管理学院；上海科技大学创业与管理学院）
摘要：Environmental protection and green development have become a common goal for countries and organisations worldwide, increasing pressure on firms to implement green transformation (GT) strategies. Environmental pollution liability insurance (EPLI) is a powerful risk management tool that transfers pollution liability risks outside the firm. This study examines the impact of EPLI coverage on firms’ GT progress using data from Chinese heavy-polluting firms. The empirical results show that EPLI-covered firms are likely to promote GT, with the effect persisting over time. The study then discusses the potential mechanisms to explain this positive impact and finds that EPLI imposes additional compliance costs on firms. However, these additional compliance costs do not exacerbate firms’ financial constraints because EPLI coverage improves the availability of external financing. EPLI corverage also improves firms' risk management practices. Finally, the magnitude of EPLI’s impact depends on firms’ bargaining power in their relationship with the local government.
环境保护与绿色发展已成为全球各国和组织的共同目标，这促使企业面临实施绿色转型（GT）战略的更大压力。环境污染责任保险（EPLI）作为一种有效的风险管理工具，能够将污染责任风险转移至企业外部。本研究基于中国重污染企业数据，系统考察了EPLI参保对企业绿色转型进程的影响。实证结果表明，参保EPLI的企业能够有效推进绿色转型，且这一积极效应具有持续性。研究进一步探讨了EPLI促进绿色转型的作用机制，发现：虽然EPLI会带来额外的合规成本，但这些成本并不会加剧企业财务约束，因为参保EPLI能显著改善企业外部融资的可获得性。同时，EPLI还能提升企业的风险管理水平。值得注意的是，EPLI对企业绿色转型的促进效果，取决于企业与地方政府关系中的议价能力——议价能力越强的企业，EPLI的积极效应越显著。
Discretionary decisions in capital requirements under Solvency II
偿二代监管框架下资本要求中的酌情决策
作者
Nicolaus Grochola（法兰克福歌德大学经济与工商管理学院，国际保险监管中心），Sebastian Schlütter（美因茨应用科学大学商学院）
摘要：European insurers are allowed to make discretionary decisions in the calculation of Solvency II capital requirements. These choices include the design of risk models (ranging from a standard formula to a full internal model) and the use of long-term guarantees measures. This article examines the situation of insurers that utilize the discretionary scope regarding capital requirements for market risks. In a first step of our analysis, we assess the risk profiles of 49 stock insurers using daily market data. In a second step, we exploit hand-collected Solvency II data for the years 2016 to 2020. We find that long-term guarantees measures substantially influence the reported solvency ratios. The measures are chosen particularly by less solvent insurers and those with high interest rate and sovereign credit risk sensitivities. Internal models are used more frequently by large insurers and especially for market risks for which they have already found adequate immunization strategies.
根据欧盟《偿付能力监管框架II》的规定，保险公司在计算资本要求时享有自主决策权，具体包括风险模型设计（从标准公式到完整内部模型不等）以及长期担保措施的使用。本文重点研究了保险公司在市场风险资本要求方面行使自主决策权的情况。研究分为两个阶段：首先，我们基于每日市场数据对49家上市保险公司的风险特征进行评估；其次，利用手动收集的2016-2020年偿付能力II数据展开深入分析。研究发现：长期担保措施对报告的偿付能力比率具有显著影响。偿付能力较弱、且对利率风险和主权信用风险敏感的保险公司更倾向于采用这些措施。而规模较大的保险公司更频繁地使用内部模型，尤其针对那些已建立有效对冲策略的市场风险。
The effects of selection and moral hazard in additional health insurance in a universal healthcare system: evidence from Taiwan
全民医疗体系下补充健康保险中的选择效应与道德风险：来自台湾地区的证据
作者
Chaohsin Lin（国立高雄科技大学风险管理与保险学系），Shuofen Hsu（国立高雄科技大学风险管理与保险学系）
摘要：In this study, we investigate the effect of both voluntary private health insurance and compulsory social health insurance on the utilization of medical care services under Taiwan’s universal mandatory National Health Insurance scheme. Using data for all inpatient services rendered by a large tertiary medical center in Taiwan, we found evidence of advantageous selection into private health insurance. After controlling for this selection effect, we found substantial moral hazard in both voluntary and mandatory additional health insurance. We also found heterogeneity in the moral hazard effect, which varied depending on the kind of medical care utilized and the kinds of insurance benefits available to patient. This hospital-based study suggests that it is unlikely that additional private health insurance would reduce government spending on healthcare for the patients at our medical center. It might in fact contribute to inequality in healthcare among our patients of different social economic backgrounds as well as have some fiscal spillover effect on the National Health Insurance program, if similar of studies of the other medical centers across Taiwan were to corroborate our findings.
本研究探讨了在台湾省全民健保制度下，自愿性商业健康保险与强制性社会保险对医疗服务使用的影响。通过分析台湾某大型医学中心的所有住院服务数据，我们发现了商业健康保险存在优势选择的证据。在控制这一选择效应后，研究发现自愿性与强制性补充健康保险均存在显著的道德风险。此外，道德风险效应呈现异质性特征，其程度因医疗服务类型和保险给付内容而异。这项基于单一医学中心的研究表明：补充商业健康保险不太可能减少政府对本中心患者的医疗支出。若台湾其他医疗机构的类似研究能佐证本发现，则意味着此类保险可能加剧不同社会经济背景患者间的医疗资源分配不平等，并对全民健保制度产生财政外溢效应。
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