Analysis Of Factors Influencing High Compensation Of Group Accident Insurance

With the development of China’s economy,especially in the historical critical period of the intersection of the two hundred years,the scale and level of personal accident insurance business has been improved year by year,the insurance industry has gradually developed towards standardization,and the industry standards and related supporting systems have been constantly improved.Personal accident insurance has the characteristics of short underwriting cycle,low premium amount,high compensation amount,wide underwriting scope and few underwriting conditions,which make it have advantages of strong economic compensation and social management ability.In the past ten years,the loss ratio of accident insurance in China has shown a trend of declining first and then rising,especially in the past two years.The level of loss ratio directly determines the profit and loss of insurance companies.The increasing trend of loss ratio may adversely affect the steady operation of accident insurance companies;therefore,it is of great significance to study influences of the high loss ratio and its related influential factors on the steady operation of accident insurance companies.Most of the existing researches are studied from the theoretical level,they are mainly about the influencing factors of insurance demand and the problems of accident insurance market.Only few of them are from the perspective of a specific company.Starting from the micro level of an insurance company,this paper quantitatively analyzes the factors might affecting the high compensation of personal accident insurance,and puts forward countermeasures and suggestions.In this way,the suggestions could be more practical and referential for the specific management tactics of insurance company.This paper first gives a description of the overall situation of accident insurance in China,and then makes a detailed analysis of the operation situation of group accident insurance HA of a certain company(named as X).The core chapter examines the influencing factors of high claim payment policies through empirical study: we expound this research from two aspects,which are the influential factors on high loss ratio policy and the factors influencing high compensation policy payouts.Taking whether high loss ratio policy or compensation policy payouts as dependent variable,taking area,occupation,age,etc.as independent variables,Considering the variable situation,we establish binary Logistic regression model and multiple linear regression model test respectively.The empirical results show that: 1.The risk age has a positive influence on the policy with high loss ratio;2.There is little relationship between occupational risk level and the indemnity of high-loss ratio policies and high-loss policy claims;3.Regional differences show an impact on policies with high loss ratio;4.The number of members in a group and types of risks have an impact on the indemnity of policies with high loss ratio and high loss.Finally,this paper puts forward some suggestions on the basis of the above research to insurance companies,which are beneficial for the stable operation of accident insurance market.