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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/121448

    Title: 衍生性金融商品、再保險與風險:以英國壽險業為例
    Authors: 蕭景元
    Shiu, Yung-Ming
    Contributors: 風管系
    Keywords: Derivatives;Reinsurance;Risk management;Risk
    Date: 2018-08
    Issue Date: 2018-12-19 16:50:09 (UTC+8)
    Abstract: Using a sample of U.K. life insurers from 2005 to 2012, we examine the effects of risk management instruments use on insurers’ risk. In our work, we use the standard deviation and semi-deviation of returns on equity as the proxies for insurers’ total risk and downside risk respectively. Results show that derivatives participants tend to have lower values in these risk measurements. However, insurers that use more derivatives have higher risk. One of the possible explanations is that the excessive amount of derivatives use could make insurers’ income flows more volatile and thus increase insurers’ risk. On the other hand, the volume of reinsurance usage is related to higher insurers’ risk. This result may indicate that insurers use reinsurance to increase their capability to take higher underwriting risk.
    Relation: 經濟論文
    Data Type: article
    Appears in Collections:[風險管理與保險學系 ] 期刊論文

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