美国寿险业市场集中度研究

本文以美国2004-2018年的寿险业保费收入为基础,测算了其全国及各州寿险业市场的行业集中度(CRn)及赫芬达尔指数(HHI)。结果显示,美国寿险业的市场结构整体呈现出从中下集中寡占型到低集中寡占型到竞争型市场过渡的发展趋势,其中年金细分市场的集中度最高,大公司的优势地位明显。美国鼓励竞争的文化背景、与时俱进的监管和法律制度与其寿险市场集中度的演变有着密不可分的关系。

Based on the premium income of American life insurance industry in 2004-2018,this paper calculates the concentration Ratio and Herfindahl Index of the national and state life insurance markets.The results show that the overall market structure of the life insurance industry in the United States shows a transition trend from middle to lower concentrated oligopoly type to low concentrated oligopoly type to competitive market,in which the concentration of annuity market is the highest and the dominant position of large companies is evident.The cultural background that encourages competition,the supervision and legal system that keep pace with the times are closely related to the formation and evolution of market concentration.