ABSTRACT

This study explores the determinants of an insurer’s guaranteed rate based on a contingent claim model. According to the model development, we structure and estimate the guaranteed rate setting and policyholder protection equations. A time-series approach explains the guaranteed rate-setting behavior and insurance stability captured by policyholder protection from 1990 to 2018. The evidence suggests that derivatives, life insurance premiums, administrative costs, and federal income tax affect the insurer’s guaranteed rate-setting behavior. Increasing life insurance premiums and administrative costs in asset-liability matching management significantly enhance policyholder protection, contributing to insurance stability.

摘要

本研究基于或有索赔模型探讨了保险公司保证费率的决定因素。根据模型的发展，我们构建和估计了保证利率设定和投保人保护方程。时间序列方法解释了 1990 年至 2018 年保单持有人保护所获得的保证费率设定行为和保险稳定性。证据表明，衍生品、人寿保险费、管理成本和联邦所得税会影响保险公司的保证费率设定行为。在资产负债匹配管理中增加寿险保费和管理成本，显着增强了投保人的保护，有助于保险稳定。