美国保险公司破产研究及对我国的启示

The Inspirations of American Insurance Company Insolvencies for China

保险公司的破产会给保单持有人、股东以及保险保障基金等造成很大的损失。鉴于国内相关案例和数据的缺乏,本文主要参考美国的文献和数据,分析了1978年～2009年美国保险公司破产案例,研究发现虽然保险公司破产的触发事件主要是损失准备金不足、非充分定价、公司业务的快速增长、子公司破产和投资失败等,但导致保险公司破产的根本原因却是由管理者、股东和其他外部控制者造成的内控和决策问题。美国保险保障基金采取事后征集的融资方式,在系统性风险发生时将加剧保险行业的危机。文章最后总结了美国保险公司破产研究对我国的启示。

The impairment of insurance companies will do much harm to policyholders, shareholders and insurance security funds. Due to the lack of related domestic data, this paper mainly made use of the literatures and data in America,reviewed the history of American insurance company insolvencies during 1978 -2009, and found that although the trigger events were often deficient loss reserves/inadequate pricing, rapid growth of insurance business, insolvency of an affiliate and investment failures, the underlying causes of insolvencies were decision-making problems by management, shareholders or other external controllers. The post-collection of contributions by the American Insurance Security Fund might exacerbate the crisis for the insurance industry. Finally, this paper concluded the inspirations of American insurance company insolvencies for China.