【保险学术前沿】期刊The Geneva Papers on Risk & Insurance2024年49卷第3期目录

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，2023年影响因子为2.0。

小额保险特刊：

在过去的十年中，小额保险行业得到了显著增长，特别是在亚洲国家，重点服务面临生命、健康和农业风险的低收入人群。普惠保险计划的发展作为一种补充，扩大了保险覆盖范围，覆盖了日益增长的中产阶级。从农村计划到有政府协助的更有组织、国家级的项目，这些举措在为社会各阶层提供重要的金融保障方面发挥着关键作用。

本期看点：

●小额保险：

收入水平、对金融机构的信任以及对社区风险管理小组和国家医疗保险计划的参与是影响小额保险采用率的关键决定因素。小额保险提高了贫困人口的财务韧性，并减少了对预防性储蓄的依赖。

●保险科技（InsurTech）投资：

保险公司以保险科技为导向的投资，对公司短期业绩有显著的不利影响，但对长期绩效来说有很强的正相关关系。

●气候风险：

意外险公司最容易受到急性气候风险的影响，而寿险公司更容易受到慢性气候风险的影响。受气候变化影响较大的保险公司对风险的财务影响表现出较高的适应水平。许多面临风险暴露的公司仍然没有为气候变化做好充分准备，且高暴露的公司表现出相对较高的财务脆弱性。

●董事与高管责任保险：

经济政策不确定性（economic policy uncertainty, EPU）通过间接方式增加了公司对董事与高管责任保险的购买，这在管理层代理成本较高、公司透明度较低以及行业竞争较激烈的公司中更加显著。

Emmanuel Owusu Oppong（对外经济贸易大学）, Yu Baorong（对外经济贸易大学）， Bruvine Orchidée Mazonga Mfoutou（对外经济贸易大学）

摘要：Microinsurance is a risk management tool for low-income households.However, its adoption is low in Ghana. This study examines the determinants of microinsurance adoption in Ghana, analysing primary data from 1453 households across six key markets and three regions. We also gathered secondary data from 14 microinsurance firms and 47 microinsurance products between 2017 and 2021. We estimate the critical factors influencing microinsurance uptake using robust probit, fixed-effects and panel-corrected standard error models. Our findings indicate that income levels, trust in financial institutions and participation in community risk management groups and the national health insurance scheme are the key determinants affecting microinsurance adoption. Firm- and product-specific factors such as affordability, outstanding claims, risk premiums and benefits paid to microinsurance participants also influence adoption. This study also highlights the crucial role of structural, social and economic factors in predicting demand for microinsurance, utilising Outreville's four-factor insurance demand framework.

小额保险是低收入家庭的风险管理工具，然而在加纳其采用率很低。本研究探讨了加纳采用小额保险的决定因素，分析了来自六个主要市场和三个地区 1453 个家庭的原始数据。我们还收集了 2017 年至 2021 年间 14 家小额保险公司和 47 种小额保险产品的二手数据。我们使用稳健 probit、固定效应和面板校正标准误模型估计了影响小额保险使用的关键因素。我们的研究结果表明，收入水平、对金融机构的信任以及对社区风险管理小组和国家医疗保险计划的参与是影响小额保险采用率的关键决定因素。公司和产品的具体因素，如可负担性、未决赔款、风险保费和向小额保险参与者支付的保险金，也会影响小额保险的采用。本研究还利用 Outreville 的四因素保险需求框架，强调了结构、社会和经济因素在预测小额保险需求方面的关键作用。

原文链接：

https://link.springer.com/article/10.1057/s41288-024-00324-1

Canan Hamurkaroğlu(卡拉比克大学),  Sümeyra Sezer Kaplan(卡拉比克大学)

摘要：Turkiye is a country with significant production potential in the world beekeeping sector, being among the top four countries worldwide. In this study, aggregate claims based on data on the hive insurance policies of the companies operating in the beekeeping sector in Turkiye, covering the years 2014–2021, was modelled using a collective risk model and premium calculations for aggregate claims were determined according to different calculation principles. Cluster analysis was conducted to calculate the premiums, and similarities between provinces were revealed based on claims ratios. The results of the study revealed that the highest premiums are found in Eastern Anatolia while the lowest premiums are found in Central Anatolia. In the case of Muğla, Ordu and Hakkâri provinces, which differed in the cluster analysis, the highest premiums were found for Hakkâri province.

土耳其是世界上养蜂业领域具有重要生产潜力的国家之一，位居世界前四。在本研究中，基于2014年至2021年土耳其养蜂业公司蜂箱保单数据，使用聚合风险模型对总体索赔进行建模，并根据不同的计算原则确定总体索赔的保费计算。在计算保费时进行了聚类分析，并根据索赔比率揭示了各省之间的相似性。研究结果表明，安纳托利亚东部的保险费最高，而安纳托利亚中部的保险费最低。穆拉省、奥尔杜省和哈卡里省在聚类分析中存在差异，哈卡里省的保费最高。

原文链接：

https://link.springer.com/article/10.1057/s41288-024-00329-w

Emmanuel Owusu Oppong（对外经济贸易大学）, Yu Baorong（对外经济贸易大学）， Bruvine Orchidée Mazonga Mfoutou（对外经济贸易大学）

摘要：Microinsurance has emerged as a potential way to fortify the financial resilience of low-income households by providing a safety net against economic uncertainty and promoting financial inclusion for the poor. In light of the current economic downturn in Ghana, several institutions have advocated for the implementation of microinsurance programmes to support the financial stability of low-income households in the informal sector. This study assesses the impact of microinsurance on the financial resilience of the poor in Ghana, proxied by income and precautionary savings. The study analyses data on 1453 households from three regions using propensity score matching, Tobit and Probit instrumental variable techniques. The study finds that microinsurance adoption improves the financial resilience of the poor and reduces dependence on precautionary savings, a self-insurance strategy which significantly increases the financial burden on households, thereby exacerbating the impact of shocks.

小额保险为低收入家庭提供了一个应对经济不确定性的安全网，促进了对贫困人口的金融普惠，从而成为加强低收入家庭财务韧性的一种潜在方式。鉴于加纳当前的经济衰退，一些机构主张实施小额保险计划，以支持非正规部门低收入家庭的财务稳定。本研究以收入和预防性储蓄为指标，评估了小额保险对加纳贫困人口财务韧性的影响。研究使用倾向得分匹配、Tobit 和 Probit 工具变量技术分析了三个地区 1453 个家庭的数据。研究发现，小额保险提高了贫困人口的财务韧性，并减少了对预防性储蓄的依赖，这种自我保险策略大大增加了家庭的财务负担，从而加剧了冲击的影响。

原文链接：

https://link.springer.com/article/10.1057/s41288-024-00325-0

Vincent Y. L. Chang(逢甲大学)

摘要：This study explores how the technology investments of a sample of U.S. property-liability insurers affected their performance during the InsurTech wave. The critical question is whether insurers' InsurTech-oriented investments strengthen their competitive advantages, resulting in improved firm performance. This study reveals that insurers' InsurTech-oriented investments have a significant detrimental influence on their short-term performance. Intriguingly, empirical findings indicate that insurers' InsurTech-oriented investments have a strong positive relationship with long-term performance, suggesting that the notion of time lag and cumulative impacts is justified. The study provides new insight into the effect insurers' InsurTech-oriented investments have on their performance.

本研究探讨了在保险科技（InsurTech）浪潮中，美国财产责任保险公司的技术投资如何影响其业绩。关键问题是，保险公司以保险科技为导向的投资是否会增强其竞争优势，从而改善公司业绩。本研究表明，保险公司以保险科技为导向的投资对其短期业绩有显著的不利影响。有趣的是，实证研究结果表明，保险公司以保险科技为导向的投资与长期绩效有很强的正相关关系，这表明时间滞后和累积影响的概念是合理的。本研究为保险公司以保险科技为导向的投资对其业绩的影响提供了新的视角。

原文链接：

https://link.springer.com/article/10.1057/s41288-023-00286-w

Alexander Braun(圣加仑大学), Marius Fischer(圣加仑大学), Csilla Schreiber-Orosz(圣加仑大学)

摘要：We identify major drivers of the demand for credit insurance, using a worldwide survey among banking executives in the structured commodity trade finance business. Our results show that a bank’s propensity to purchase insurance increases in its experience and expertise with the product, the impact of insurance coverage on its balance sheet, the risk of the underlying transaction, as well as the intensity of broker relationships. Other factors, such as the size of the commodity trade finance portfolio, the competitiveness of the insurance price, and the risks arising from commodity price volatility, seem to be of lesser relevance.

我们通过对结构化商品贸易融资业务的全球银行高管进行调查，确定了信用保险需求的主要驱动因素。我们的研究结果表明，银行购买保险的倾向会随着其对产品的经验和专业知识，保险覆盖对其资产负债表的影响，基础交易的风险以及经纪人关系的紧密程度而增加。其他因素，如商品贸易融资组合的规模、保险价格的竞争力以及商品价格波动带来的风险，似乎相关性较低。

原文链接：

https://link.springer.com/article/10.1057/s41288-023-00296-8

Aparna Gupta (伦斯勒理工学院)， Abena Owusu (蒙特克莱尔州立大学)，Jue Wang (马萨诸塞大学)

摘要：Climate change poses a serious risk for insurance firms, threatening their sustainability from numerous channels of impact. Assessing this impact, however, is not straightforward. We assess and distinguish between insurance firms by impact and response to climate change and relate the firms’ financial characteristics to climate risk exposure. A text mining approach using climate change sub-dictionaries on risk exposure, impact, and response, and a nested feature extraction method is developed to define and classify insurance firms’ adaptation levels to climate change. These features reveal that casualty insurance firms are most susceptible to acute climate risk, while life insurance firms are more prone to chronic climate risk. Insurance firms with the highest exposure to climate change present a high level of adaptation to pecuniary impact of the risk. Nevertheless, many firms with exposure remain inadequately prepared for climate change and firms with high exposure show relatively higher financial weakness.

气候变化给保险公司带来了严重的风险，从多个渠道威胁到它们的可持续性。然而，评估这种影响并不简单。我们通过对气候变化的影响和响应来评估并区分保险公司，并将公司的财务特征与气候风险暴露联系起来。本文开发了一种文本挖掘方法，利用有关风险暴露、影响和响应的气候变化子字典以及一种嵌套特征提取方法，对保险公司的气候变化适应水平进行定义和分类。这些特征表明，意外险公司最容易受到急性气候风险的影响，而寿险公司更容易受到慢性气候风险的影响。受气候变化影响较大的保险公司对风险的财务影响表现出较高的适应水平。然而，许多面临风险暴露的公司仍然没有为气候变化做好充分准备，且高暴露的公司表现出相对较高的财务脆弱性。

原文链接：

https://link.springer.com/article/10.1057/s41288-023-00297-7

Huobao Xie（武汉大学）；Can Lin （武汉大学）

摘要：This study investigates the effects of economic policy uncertainty (EPU) on corporate purchases of directors and officers liability insurance from the perspective of capital market pressures. Using data on A-share Chinese listed firms from 2010 to 2021, our theoretical analysis and empirical tests reveal that higher levels of EPU increase purchases. The theoretical analysis and mediating tests reveal that capital market pressures play a mediating role in the relationship between EPU and purchases. This study also finds that the indirect ways in which EPU increases purchases consider the need for firms to mitigate litigation risks and take advantage of insurance governance. The heterogeneous analysis and tests reveal that EPU increases purchases more significantly in firms that have higher managerial agency costs, have lower corporate transparency, and are in industries with higher competition. The findings are significant for improving the risk management system in China’s capital markets.

本研究从资本市场压力的角度，探讨了经济政策不确定性（economic policy uncertainty, EPU）对公司购买董事与高管责任保险的影响。使用2010年至2021年中国A股上市公司的数据，我们的理论分析和实证测试表明，较高的EPU水平增加了该保险的购买。理论分析和中介测试显示，资本市场压力在EPU与保险购买之间的关系中起到了中介作用。本研究还发现，考虑公司在减轻诉讼风险和利用保险治理方面的需求，EPU通过间接方式增加了保险购买。异质性分析和测试表明，在管理层代理成本较高、公司透明度较低以及行业竞争较激烈的公司中，EPU显著增加了保险购买。研究结果对于改善中国资本市场的风险管理体系具有重要意义。

原文链接：

https://link.springer.com/article/10.1057/s41288-023-00300-1

Bojan Srbinoski（圣克莱门特·奥赫里德斯基大学）， Klime Poposki（圣克莱门特·奥赫里德斯基大学）， W. Jean Kwon（圣约翰大学），Ksenija Dencic-Mihajlov（尼斯大学）

摘要：Foreign direct investments (FDIs) influence insurance markets directly, through foreign insurers’ participation in domestic markets, and indirectly, through cross-sectoral spillover effects. This article focuses on the indirect effects and examines the relationship between greenfield FDIs and diversification in European insurance markets. Using panel data of 28 countries for the period 2004–2019, we find that greenfield FDIs induce greater diversification of insurance markets. Our results suggest a non-linear relationship and potential mediating effects of financial development on the FDI–insurance relationship. Robustness tests using different measures of market diversification, model specifications and averaging of the data show consistent results.

外商直接投资（Foreign direct investment, FDI）通过外资保险公司参与国内市场直接影响保险市场，也通过跨行业溢出效应间接影响保险市场。本文重点关注间接效应，探讨绿地FDI与欧洲保险市场多样化之间的关系。基于2004年至2019年28个国家的面板数据，我们发现绿地FDI促进了保险市场的多样化。我们的结果表明了FDI与保险市场之间存在非线性关系，以及金融发展对FDI-保险关系的潜在中介效应。通过使用不同的市场多样化衡量指标、模型设定和数据平均化进行的稳健性测试，结果保持一致。

原文链接：

https://link.springer.com/article/10.1057/s41288-023-00301-0