Study On The Operating Efficiency Of Property Insurance Company And Its Influencing Factors

Since the recovery of China's insurance industry in 1979,time has passed nearly40 years.By 2015,China's fourth revision of the "Insurance Law of the People's Republic of China",making the insurance industry law more perfect.In 2018,the People's Bank of China issued the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions",which further regulated the asset management business of insurance.Gradually improve relevant laws and regulations,marking China's insurance industry has entered a relatively mature and perfect the new era.In this new era,all insurance companies are facing different levels of business innovation and business pressure.Domestic property insurance companies account for half of the domestic insurance industry,and their business types are different from other insurance companies.Research on their operations cannot be generalized with other insurance companies.Therefore,this article separately selected the property insurance company as the research object.Through theoretical and empirical research,it proposes relevant countermeasures to improve the operational efficiency of property insurance companies.The introductory part of this paper firstly studies the significance of the management efficiency of the property insurance company,and combs the domestic and foreign literature on the operating efficiency of insurance companies,and proposes the research objectives,ideas and methods.The theoretical analysis part mainly focuses on the related theory of efficiency.It compares and references the research of scholars at home and abroad,sorts out the relevant measurement methods of the company's operating efficiency,and compares them.After comparison,the three-stage DEA model is selected as the measure method of efficiency.The empirical research is divided into two parts:one is the calculation and analysis of the operating efficiency of the property insurance company.The operating data of the 45 property insurance companies in China from 2012 to 2017 is taken as a research sample.With reference to the research of domestic and foreign scholars,constructed a set of input and output andenvironmental indicator systems,and calculate the comprehensive technical efficiency,scale efficiency and pure technical efficiency of various property insurance companies,and then further classify and discuss the operation status of the property insurance companies in China according to the industry total,company capital type and company size.The other part is to use the Tobit model to carry out regression analysis on the factors affecting efficiency.The company's employee education level,company scale level,operating cost level t,social contribution level,fund application level as explanatory variables and property insurance The company's efficiency value is returned.Finally,according to the regression results,the countermeasures and suggestions for improving the operational efficiency of China's property insurance companies are pointed out.Through the calculation and analysis of the operating efficiency of property insurance companies,the conclusions reached three points:First,for the overall situation,the overall technical efficiency,pure technical efficiency and scale efficiency of China's property and casualty insurance industry are at a low level,and there is no Efficient operation;Secondly,for the capital type,the efficiency level of Chinese-funded and foreign-invested property insurance companies has not been effective,the comprehensive efficiency level of Chinese-invested property insurance companies is higher than that of foreign-owned property insurance companies,and the scale efficiency level of foreign-owned property insurance companies Low,in terms of pure technical efficiency values representing management and technical level,foreign property and casualty insurance companies are also generally lower than Chinese property and casualty insurance companies;finally,in terms of scale,the technical efficiency and scale efficiency of large property and casualty insurance companies are at a low level.At an effective level,the efficiency of small property insurance companies is not high,and the level of pure technical efficiency is ranked as large,medium and small.After that,this paper uses the Tobit model to regress the factors affecting efficiency.The empirical conclusions are also divided into three points:First,for the overall operating level of the property insurance company,it is negatively affected by the company's capital scale and cost level.Influence,influenced by the company's social contribution level and the level of capital utilization,the employee's academic level is not the influencing factor of the company's operating efficiency;then the scale efficiency,employee education level and expense level have a negative impact on the scale efficiency of the property insurance company.Role,thecompany's social contribution level and the level of capital utilization are positively affecting the scale efficiency of the property insurance company.The capital scale of the company is not the influencing factor of the company's scale efficiency;the last is pure technical efficiency,the capital scale of the property insurance company is pure to the company.Technical efficiency has a negative effect.The company's social contribution level and the level of capital utilization are positively affecting the pure technical efficiency of property insurance companies.The level of employee education and company's expense level are not the factors affecting the pure technical efficiency of property insurance companies.According to the results of empirical research,this paper proposes four countermeasures to improve the operational efficiency of property insurance companies:(1)Optimize the industry structure,break the monopoly of the big property insurance companies,and guide reasonable competition.(2)Establish a professional insurance skill training system for employees to improve their professionalism.(3)The company should streamline departmental settings,reduce operating expenses,and avoid waste of resources.(4)Guarantee the use of funds in compliance,actively innovate within the legal red line,and play a good social function of financial financing,value compensation,and economic stability.