| China’s insurance industry has experienced more than 40 years since its recovery in1979.In the past decades,China’s insurance industry has made great achievements,with premium income ranking second in the world,second only to the United States.After the founding of New China,property insurance started earlier than life insurance,but its development lagged behind.In recent ten years,China’s property insurance has gradually developed and expanded.The property insurance industry has also experienced continuous efforts,reform and improvement.For example,the introduction of compulsory liability insurance for traffic accidents in 2007,the reform of commercial motor vehicle insurers in2012/2015,and the comprehensive reform of commercial motor vehicle insurance in September 2020 are all factors that affect the development of property insurance.At present,China’s motor vehicle insurance has been relatively mature,and the government supervision has also been constantly improved and the commercial vehicle fees have been changed many times.In addition,external changes,such as the decline in the production of new cars,the COVID-19,and local wars in peripheral areas,have indirectly affected the development of China’s property insurance industry.In this environment,the transformation and diversified development of China’s property insurance industry is imminent,and it is single to rely solely on automobile insurance business to drive or support the development of property insurance.Based on this,this paper selects the non auto insurance business operating efficiency of China’s property insurance companies to study,and provides relevant suggestions for the development of China’s property insurance industry.The introduction of this thesis puts forward the research background and significance,research purposes,ideas and shortcomings.Theoretical literature summarizes the theory of non auto insurance business development and operating efficiency,and refers to the research practice of domestic and foreign scholars to research and sort out the efficiency of measurement methods.Then,it introduces the development of China’s property insurance industry,focusing on the development status and existing problems of non vehicle insurance.In the empirical hypothesis part,based on the theoretical literature,practice and logical deduction,the thesis analyzes and expounds the impact of market size,cost rate,investment benefit,solvency,capital increase and share expansion,and the implementation of the second generation of compensation regulatory policy on the efficiency of non auto insurance business.In the empirical part of this thesis,the non vehicle insurance business data of 40 property insurance companies in China from 2010 to 2020 is selected as the research sample.The demonstration is divided into two parts: the first part is the introduction and design of the operating efficiency model,and the DEA Malmquist index model is selected to dynamically measure the efficiency of China’s non vehicle insurance;The other part is to empirically analyze China’s non auto insurance total factor productivity,technological changes and efficiency changes by taking four indicators of input(human cost/physical assets/financial capital/operating expenses)and output(non auto insurance premium income/non auto insurance claims)with reference to the practice of researchers.Finally,we use the stepwise regression method to regress the factors that affect the efficiency of non auto insurance,and draw the factors that affect the efficiency of non auto insurance in China according to the regression results.Through the empirical study of China’s non auto insurance efficiency,the conclusion is drawn that China’s non auto insurance operating efficiency has developed well in recent years,and the total factor productivity/technology change and efficiency change have both increased,with each indicator value greater than 1.Science and technology change is one of the important factors affecting the efficiency of non auto insurance operation.In the research sample,the total factor productivity greater than 1 is basically the technology change greater than 1.From the perspective of corporate attributes,the non auto insurance business efficiency of Chinese property insurance companies is better than that of foreign property insurance companies;In terms of scale,the companies with Chinese property insurance companies at the top(the top five in the market size)are better than other small and medium-sized property insurance companies in operating non auto insurance.At the same time,the operating efficiency of non auto insurance is also affected by auto insurance policies.Through the stepwise regression method,several relationships are obtained: market share is positively related to technological change and total factor productivity,but not to efficiency change;The loss ratio is not related to efficiency change and total factor productivity,but is negatively related to technological progress;Whether to increase capital has no correlation with technical efficiency/technological change,but there is a positive correlation between scale efficiency and total factor productivity;Cost rate/investment income is not related to technical efficiency/technological change and total factor productivity,but is negatively related to scale efficiency;The second generation of compensation is positively related to total factor productivity and technical efficiency.After that,this thesis puts forward several suggestions to improve the efficiency of non auto insurance business:(1)continue to optimize the development of non auto insurance and improve the efficiency of non auto insurance business of small and medium-sized insurance enterprises;(2)Promote scientific and technological innovation and accelerate scientific and technological investment;(3)Reasonably control the premium scale and attach importance to quality improvement;(4)Improve the construction of talent team and speed up talent training;(5)Pay attention to regulatory policy changes and the market. |
