The Impacts of Company-level Catastrophe Risk Reserves on Agricultural Insurance Underwriting Risk
Taking appropriate risks in agricultural insurance operation is important for the sound operation of insurance compa-nies and the sustainable development of agricultural insurance system.Based on the data of insurance companies operating agricul-tural insurance business from 2014 to 2020,this paper analyzes the impacts of company-level catastrophe risk reserves on agricul-tural insurance underwriting risk by using the fixed-effects model and the GMM method,examines the heterogeneity problem due to the differences in the degree of specialization in agricultural insurance,and tests the regulating effect of the insurance company's solvency regulatory system.The study finds that:(1)company-level catastrophe reserves can significantly reduce the agricultural insurance underwriting risk of insurance companies,and the risk diversification effect of catastrophe risk profit reserves is stronger than that of premium reserves;(2)in terms of differences in the degree of specialization in agricultural insurance,the effect of ca-tastrophe reserves at the company level on underwriting risk is more pronounced for insurers with a higher degree of specialization in agricultural insurance;(3)it is shown that the regulatory system of insurance company solvency plays a moderating effect,which is manifested in the synergistic effect in smoothing the underwriting risk of agricultural insurance between the implementa-tion of the"Solvency Ⅱ"and the company-level catastrophe reserves.Based on the conclusions of the study,this paper puts for-ward the suggestions of dynamically adjusting the ratio range of catastrophe reserves,adjusting the order of catastrophe reserves us-age,promoting the establishment of national disaster fund,and implementing differentiated solvency supervision.
agricultural insurancecatastrophe risk reservesunderwriting risksolvency regulatory system
NETL
NSTL
万方数据
