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Reinsurance as a corporate finance; rethinking of traditional studies on reinsurance

再保险作为企业融资；

基本信息

批准号：
18530326
负责人：
YONEYAMA Takau
金额：
$ 1.75万
依托单位：
Hitotsubashi University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2006
资助国家：
日本
起止时间：
2006 至 2007
项目状态：
已结题

项目摘要

In the study on insurance, many researchers have usually recognized that it is a measure for averaging of insurance risks and enlarging of the limit of retention for primary insurers. It is true, but we can rethink the role of reinsurance after the conceptual revolution on enterprise value and the development of financial engineering in business risk management.In the previous studies, every researcher often discusses which is more competitive between reinsurance and Alternative risk transfer, ART. Some emphasized the limit of reinsurance contract. However reinsurance market has been still active and it give consumers stable risk transfer service by using its old technology. At least, ART is far from pushing out the old technology.On these backgrounds, this study focused on the other functions of reinsurance. Reinsurance is not only a measure of diversification of risk but also a technique of financing.We selected the life reinsurance, and we discussed why Japanese larger life assurance companies used the life reinsurance program so little.Helped by interviews for insurance person, we concluded as follows. When globalization of insurance regulation developed, Japanese large life assurance companies will recognize the importance of life reinsurance arrangement for achieving enterprise risk management.

在对保险的研究中，许多研究者通常认为它是一种平均保险风险和扩大主要保险人留存限额的措施。这是事实，但在企业价值观念革命和金融工程在企业风险管理中的发展之后，我们可以重新思考再保险的作用。在以往的研究中，每个研究者都经常讨论再保险和另类风险转移哪个更具竞争力。有些人强调了再保险合同的局限性。然而，再保险市场仍然活跃，它利用自己的老技术为消费者提供稳定的风险转移服务。在这样的背景下，本研究着眼于再保险的其他功能。再保险既是分散风险的一种手段，也是一种融资手段。我们选择了寿险再保险，并讨论了为什么日本大型寿险公司很少使用寿险再保险计划。随着保险监管全球化的发展，日本大型寿险公司将认识到寿险再保险安排对实现企业风险管理的重要性。