A Study on the Financial/Business Performance and Market Share of Non-Life Insurance Industry in Taiwan－An Application of Multivariate Analysis and Panel Data Regression

[[abstract]]本研究探討產險公司之於2005~2009年之財業務績效及對市占率之影響。首先利用因素分析將17個產險公司財務比率萃取得到4個財業務績效指標：風險承擔能力、投資績效、核保品質及業務能力，並計算因素得點，透過單因子變異數分析檢定四個財業務績效指標在本國及外商公司、金控與非金控體系下以及金融危機前後之差異性，結果發現本國公司在風險承擔能力、投資績效及業務能力上優於外商公司，但外商公司之核保品質優於本國公司，而金控體系公司之投資績效優於非金控體系公司。最後利用Hausman檢定找出合適的縱橫資料迴歸模型為固定效果模型，本研究首先探討金融危機對上述模型之影響力，結果發現金融危機對市占率與財務業績效之模型並無顯著之影響，而固定效果模型參數估計結果發現本國與外商公司之間的差別只是本國公司之市占率高於外商公司，另外，風險承擔能力、核保品質及業務能顯著影響非金控體系公司的市占率，亦顯著影響金控體系公司的市占率，而投資績效在不同體系公司下對市占率沒有顯著影響。[[abstract]]This research explores the effect of financial and business performance to market share of non life insurance companies in Taiwan from 2005 to 2009 First apply factor analysis to extract seventeen financial ratios into four factors which are defined as “risk assumption ability ” “investment performance ” “underwriting quality ” and “business ability ” The factor scores are calculated for the comparison of financial and business performance between domestic and foreign companies under different systems before and after financial crisis by One-Way ANOVA The results find out the risk assumption ability investment performance of domestic companies are significantly superior to foreign companies but domestic companies in risk assumption ability aren’t as good as foreign companies The investment performance of non-life insurance companies under financial holding system is superior to non-financial holding system The Hausman test is applied to find the appropriate model for panel data regression is fixed effects model This study first examine whether the regression models have structural change caused by financial crisis and find out the financial crisis does not affect the relationship between the four performance indices and market share in both models The parameter estimate of fixed effects model show that the only difference is that domestic companies have higher market shares than foreign companies The results also show that the “risk assumption ability” “underwriting quality” and “business ability” significantly affect market share in financial holding system and non-financial holding system but “investment performance” does not affect market share under different system