本研究以風險管理觀點，由風險自留與再保險層面切入，探討核保風險之風險管理規劃理論與實務全貌。 經由了解風險自留與再保險之理論與應用，風險量化資料準備之前置作業實務以及如何解讀風險量化之數據，綜合提供風險自留與再保險之規劃流程全貌，以利管理者之決策參考。 本研究首先以剖析保險公司營運一般性風險與核心風險，針對核保風險之自留或轉嫁的風險控管方式。 以股東、核保經理人以及財務管理人不同觀點看待風險自留之差異性，以及不同再保方式對穩定經營績效之效益。 呈現實務作業流程，尋求理論與實務之相輔相成。 引用虛擬個案產險公司之風險量化數據，學習如何解讀分析資料，從中了解風險自留與再保險之利弊與效益。 關鍵詞：核保風險、風險管理、風險量化、核保經理人、財務經理人 / This study based on risk management viewpoint, tries to evaluate from the two directions of risk retention and reinsurance, to assess the theory and practices of underwriting risks management planning. Through the understanding of the theories and applications of risk retention and reinsurance, the preparation work of quantitative data of risks and analyze of quantitative risk data, summarize and provide a whole picture of risk retention and reinsurance planning workflow, to provide management people information of making decisions. This study begins with analysis of the general business risks and core business risks of an insurer, targeting at the two risk control vehicles which are the risk retention or the transfer of underwriting risks. From the viewpoints of shareholders, underwriting manager and finance manager to look at the difference of risk retention, and the stabilizing effects of various reinsurance that could create for the business performance. Both to present practical operation workflow, and to seek the integration of theory and real practice in daily business. This article also introduces the quantitative risk data of a simulation case of an example non-life insurance company, to explain how to interpret and analyze data, and to understand the benefits or shortages of using risk retention and reinsurance. Key words: Underwriting Risks, Risk Management, Risk Quantitative, Underwriting Manager, Finance Manager

本研究探討費率自由化政策與台灣產物保險市場經營效益，利用實證資料評估產物保險公司之整體經營績效及核保利潤。本研究自保險年鑑、台灣經濟新報資料庫及保險市場重要指標，選取1998年至2006年間財務及業務資訊來進行實證分析。 依Klein (1999)分類，台灣產物保險市場屬於類似獨占性競爭市場，產物保險公司高度競爭。依實證結果顯示，實施費率自由化政策，公司自留費用率持續緩慢增加，自留綜合成本率亦呈現上升趨勢。多數產物保險公司之實際核保利潤仍大於依Fairley (1979)計算之均衡核保利潤。 實證結果摘要如下： (1) 類似獨占性競爭市場：赫芬多指數皆小於0.1，市場呈現競爭狀態。1996年後，火險及車險之簽單保費成長率似乎每四、五年會呈現負成長。另外，1998-2003年費用率與公司規模呈現顯著負相關(p=0.01)。2004-2006年，此負相關並不顯著(p=0.1)，顯示大公司漸不具有成本優勢，即產險市場之進入障礙有減少之趨勢。 (2) 成本費用支出增加：除2001年外，1998至2006年之產物保險公司自留綜合成本率介於91.09% 和 93.49%。2006年之自留綜合成本率為93.49%。2006年之產物保險公司費用率上升至40.51% 且損失率下降至52.97%。 (3) 核保利潤呈現正值：依Fairley(1979)計算之2006年預期均衡核保利潤。20家產物保險公司，17家實際核保利潤大於預期均衡核保利潤。 / This paper provides an empirical study of rate deregulation plan and profit performance in Taiwan property-liability insurance market. The data used in this study are from Insurance Year Book, Taiwan Economic Journal Data Bank, and Important Indexes of Insurance Industry (Taiwan) during the period from 1998 to 2006. Based on the classification by Klein (1999), the market structure of Taiwan property-liability insurance industry is similar to monopolistic competitive market and the property-liability insurers are engaged in intense competition. The results of this study show that the expense ratios of insurers rise slightly from year to year and the combined ratios also follow a trend of increase. The actual underwriting profits of most property-liability insurers are larger than the expected numbers estimated by using the methodology in Fairley (1979). The empirical results are as follows: (1) The market structure is similar to monopolistic competitive market for that the Herfindahl indexes are all below 0.1. The growth ratios of written premium on fire insurance and automobile insurance seem to become negative every four or five years after 1996. Besides, the negative correlation between expense ratio and the scale of economics in insurance market from 1998 to 2003 was significant at the p = 0.01 level. However, this correlation from 2004 to 2006 was not significant at the p = 0.1 level. It seems that larger insurers do not have significant cost advantages over smaller insurers in the recent years, namely the entry barriers decline. (2) The expenses and costs keep increasing. Except 2001, the combined ratios ranged from 91.09% in 1998 to 93.49% in 2006. The expense ratio increased to 40.51% while the net loss ratio decreased to 52.97% in 2006. (3) The underwriting profits of most insurers are positive. The expected underwriting profits by using the methodology in Fairley (1979) is less than the actual ones in 2006. Among the 20 property-liability insurers, the actual underwriting profits of 17 insurers were larger than their expected underwriting profits.

我國壽險業自民國五十一年開放經營以來，歷經二十餘年之發展，著實對社會。國家 之貢獻匪淺。壽險投保不僅使大多數國民經濟生活之安定獲致確保，且保費累積所匯 集而成之長期資金乃為一股龐大的財力，帶動整個社會經濟之發展與繁榮，無可諱言 ，過去我國壽險業之經營已建立了輝煌之成就，然與歐美等保險先進國家本較，不論 壽險商品之開發或承保技術等方面，實仍相距甚遠。近年來，我國由於社號會工業化 與都市化之結果，自殺或謀財害命以詐領保險金等道德危險問題時有所聞，此乃由於 一方面我國人民生活品質未見提昇、保險知識缺乏，另一方面壽險業本身之招攪及核 保技術不夠健全所致。因此，吾人認為保險知識及壽險核保技術實有普及和改進之必 要。歐美各壽險公司目前所採之核保方式 乃以醫務核保及財務狀況核保兼顧並期以財務狀況之核保補醫務核保之不足。此一方 式較之目前我國壽險業之核保仍著重於醫務上之考量而忽視財務狀況評估之作法，實 可作為參考之情境，因而乃有本論文之撰方述。 本文共分六章，第一章緒論方第二章探討壽險危險選擇及財務狀況核保之重要性，第 三章乃京財務狀況核保之意義，分析程序及所須使用之資料加以闡釋；第四章及第五 章乃將財務狀況核保之分析方法應用於投保壽險之各類目的中，最後並京投保時整體 保額之限制針對各種需要目的加以比較說明，第六早乃綜合前述之精華，針對我國壽 險核保所面臨之問題及改進方式提出研究之結論與建議。

公共工程之保險採購長期以來一直是產險經營工程險主要之保費來源，除例行性設施養護、治川防洪等項目外，中央政府主管單位為符合地方基礎建設之需求也是其中重要的一環。儘管工程險保費量佔產物保險市場整體規模並非顯著，但是觀察台灣歷歷可見各項重大公共建設的背後，影響所及的民生可以數百萬甚至千萬計，工程保險扮演的角色可說是沉默但卻重要。 政府機關之各項採購係以『政府採購法』為其根本大法，工程保險被歸屬為勞務類別，亦被納入採購法之規定辦理，然而因各機關所舉辦之工程性質、規模不同，使保險採購制度形成一綱多本的狀態，大體而言，採購方法可二分為『業主自辦統保』及『廠商自行投保』兩類，而『廠商自行投保』項下，又可中分為『單獨列項』、『合併列項』及『不另列項』三種保費編列方式，各方式之間長期以來並行不悖，但是持續存在著衝擊產物保險發展之諸多問題。本研究除探討政府工程保險採購制度之特點與差異外，並進一步分析採購方法及保費編列方式之執行缺失對產險經營之影響，建議摘要如下： 一.採用低損失率獎勵條款取代不合法退佣行為，鼓勵被保險人損害防阻以共 同分享核保利潤。 二.強化共保聯營組織『工程保險協進會』，結合市場自律與保險監理執行工 程險市場之外部查核機制。 三.建立工程險服務評鑑與工安紀錄資訊平台，使保險供需雙方資訊透明，使 保費反應公平合理之風險對價。 四.加強對風險分散之監理；特別是針對保險同業間『內共保』方式，宜將此 保險產業慣用風險分散機制訂立符合監理之規範。

早期壽險業危險分類的結果，僅區分標準體、次標準體以及拒保體，直到1970年代，美國一家壽險公司為了尋找市場利基，開始針對非吸煙保戶給予優惠費率，從此打開市場，創造競爭優勢；這是壽險公司實施優良體保險的開始。 優良體保險的實施，完全符合公平危險對價的理念，對壽險經營產生正面的意義為：一、因有優惠費率的誘因，可吸引更多的健康者購買保險。二、鼓勵壽險公司更專精於死亡率資料的收集分析及死亡原因的探索，藉以促進危險選擇技術的進步。三、壽險公司擴大承保範圍以增加業務量。 國內傳統壽險保單發展已到了成熟階段，如果壽險業者尋求創新和升級的機會，發展優良體保險，讓保費真正反映風險，這樣的精緻保單，或可爭取保戶認同，贏得商機。 參佐國外的經驗，本研究觀察優良體保險應為未來核保及商品發展的趨勢，乃透由文獻資料分析及深度訪談方式，據以了解優良體保險實務運作的概況、國內壽險業實施優良體保險可能面臨的問題與解決之道，以及經營優良體保險之決策程序及行動方案，作為國內業者未來導入優良體保險的參考。 關鍵字：優良體、優良體保險、核保、危險分類。 / In early times, life insurance business classified risk into standard risk, substandard risk, and declined risk only. In 1970s, one life insurance company of the United States began to sell discounted-premium insurance to non-smoking customers who were classified into standard risk class. This innovation opened the preferred risk market and created its own competitive advantages in the insurance market. The era of preferred risk started then. The practices of Preferred Risk Class Insurance have three positive effects on the market: 1. More healthy people will be led to purchase the insurance policies due to the preferential insurance premium. 2. Life insurance companies will put more efforts on collecting and analyzing the death rate and cause, which will promote the development of risk selection practice. 3. Life insurance companies will have more chance to sell high-coverage policies and increase the sales volume. Traditional life insurance policies have gone full-grown nowadays. When life insurance company is willing to innovate and upgrade to develop the preferred risk class insurance policies, this finely insurance policy can attract more customers as long as the premium can reflect the actual risk. Based on the reports of foreign insurance companies, I believe that preferred risk class will be an innovating risk class of life insurance, and will be the product development in the future. This thesis talks about the disputes, solutions, and decision-making processes of the practice of preferred risk insurance. The content can serve as a reference to the insurance industry in Taiwan. Key words: Preferred Risk, Preferred Risk Policy, Underwriting, Risk Classification.

本文主要探討產物保險公司如何以自身的風險管理及內部的流程控制來達到有效的控管和預測，進而創造更高的業主權益報酬率，確保被保險人的權益，以維繫公司的永續經營發展為研究的目的。 身為風險管理工具之一的保險公司，必須瞭解自身於經營上面對的風險所在。首先論述如何建立保險公司風險管理程序，並從風險中深入分析，得知不適當的定價是造成保險公司喪失清償能力最主要的原因，建立完善的核保風險機制據以發展保險公司本身的核心價值，特以火險為例詳細說明其建制的過程與細節。 除介紹如何利用核保財務分析模型（Underwriting Financial Model）來解決適當訂價的問題，並配合運用風險資本額的公式求出各險種之風險資本額、各險種之業主權益分配額、各險種之可運用資金、各險種之自留綜合率、各險種業主權益報酬率、以預測來年之營運績效，另外尚討論信用風險與風險累積的控制，運用創新的觀念及技術來管理公司的業務量。 最後建議保險公司應設立風險管理專責單位，對於風險管理的流程與運作提早規劃準備，保險公司應有意願提昇風險管理的專業能力並嚴格自律及確實執行，俾強化公司自身風險觀念瞭解到公司真正有此需求。 關鍵字：風險管理、業主權益報酬、風險資本額、核保、產物保險經營 / The main theme of this research is to explore the issues related to the ways of risk management and internal operation control for insurance companies. The insurance companies could be efficiently controlled and projected to create higher return on equity, to guarantee the insured’s benefit, and to maintain the company’s long-term operation by implementing risk management process. Insurance companies, as one of the tools for risk management, are required to realize their own risks in operation. Firstly they must explore how to build up a process of risk management and to recognize that inadequate price is one of the main reasons to cause insurance company’s insolvency. Secondly they should explore how to build up an adequate underwriting risk mechanism to develop the core value of insurance companies, and to illustrate its process and detail of the building-up with Fire insurance business. Insurance companies are also required to know how to solve inadequate price by using Underwriting Financial Model, and how to calculate Risk Base Capital, Capital Allocation, Asset Allocation, Combined Ratio, Return on Equity for each line of business to predict business results for the coming year. This paper also discusses the importance of credit risk and risk accumulation in order that insurance companies can manage their own business by using innovating concept and technique. Finally Insurance companies are recommended to set up a risk management unit that should plan and prepare for the process of risk management. They ought to show their high wiliness to increase the capability of risk management, and to exercise high discipline and put into work in order to enhance the concept and need of risk management. Key Words： Risk Management, Return on Equity, Risk Base Capital, Underwriting, Insurance Operation.

本文旨在探討台灣產物保險業在併購活動後市場結構之變化與產物保險公司經營之績效。本研究以赫芬德指數(Herfindahl Index)來衡量市場集中度之變化，以核保利潤(Underwriting Profit)作為經營績效指標，並採用Mason(1939)、Bain(1956)與Scherer(1970)等人提出的結構行為績效假說(Structure-conduct-performance Hypothesis)以及Rhoades(1985)提出的相對市場力量假說(Relative Market Power Hypothesis)進行市場結構與經營績效間關聯性的分析，研究期間為2000年至2006年。結構行為績效假說提出廠商的獲利主要取決於市場結構，市場集中度與廠商獲利之間存在正向關係；另一方面，相對市場力量假說主張廠商獲利與市場集中度無關，與市場佔有率呈現正向關係。 研究發現：(1)產物保險市場集中度呈現上升趨勢，市場集中度從2000年的0.0800上升至2006年的0.0913，其中保證保險、火災保險、汽車保險、工程保險、責任保險與貨物運輸保險之集中度呈現上升趨勢，而傷害保險、其他財產保險、漁船保險、船體保險與航空保險之集中度呈現下降趨勢；(2)實證結果支持結構行為績效假說，市場集中度與產物保險公司核保利潤呈現顯著正向關係，其p值為0.004。產物保險業經歷併購活動後造成市場集中度上升，併購活動對於經營績效的改善應有正面助益。 / This thesis analyzes concentration effects of merger and acquisition measured by Herfindahl index in Taiwan property-liability insurance industry. The relationships between market structure and underwriting performance are also analyzed for the time period 2000 to 2006 by testing two hypotheses: structure-conduct-performance (SCP) hypothesis which developed by Mason (1939), Bain (1956), and Scherer (1970) and relative market power (RMP) hypothesis which proposed by Rhoades (1985). The SCP hypothesis proposed that concentration is positively related to performance while the RMP hypothesis asserts that market share is positively related to performance. Implications of study results are: (1) Concentration level experiences increase from 0.0800 in 2000 to 0.0913 in 2006. Bonding & credit, fire, automobile, engineering, liability and marine cargo insurances trends to increase in concentration over the time period, whereas accident, fishing vessel, others, marine hull and aviation insurances trends to decrease; (2) The SCP hypothesis is supported. Concentration level is positively related to underwriting performance with p-value of 0.004. Higher concentration level and positive concentration-performance relationship infer that merger and acquisition activities would have positive effects upon firm performance.

隨著資訊科技的日新月異與網際網路的普及應用，各企業在面臨全球化的競爭環境下，皆積極尋求應用先進的資訊技術，力求創新與躍進，以期用最有限的資源創造企業最大的效益。對以客戶服務為主的壽險業而言，隨著新契約快速成長、產品多樣化、行銷管道多元化，壽險業所面臨的挑戰與競爭亦隨之加劇，因此，保險公司除了業務推廣外，更須加快求新求變的腳步，提供更創新、更超乎預期的客戶服務，還要兼顧營運成本管控，才能在瞬息萬變的金融保險市楊，持續保有競爭優勢。 本研究主要探討個案公司的新契約作業，在面臨業務量急速成長又要兼顧成本/利潤而無法同步大幅增加人力下，如何突破作業瓶頸，以及面臨每一階段的困難與挑戰時，如何事先評估風險與因應措施，並運用科技技術及專業團隊來大幅提升服務品質與作業效率。並且探討個案公司在完成每個階段的變革後，如何分析專案的執行成效，又如何持續提出還可再提昇改善的事項、問題以及未來可能的發展方向。個案公司的新契約作業演進過程摘要如下： 1.由於早期的人工作業已難以負荷大幅成長的業務量，故個案公司於1992年建置了「自動化核保系統」(Underwriting Automation)。然在專案推動過程中，面臨了〝如何建置完善的自動化系統〞、〝如何在兼顧成本與流程順暢下，決定最佳的系統建置方式〞及〝如何讓人員接受作業改造〞的問題， 透過專案小組以使用者的角度規劃系統流程，並且不斷地與相關人員進行充份溝通與宣導後，終於獲得所有人員的認同與支持。透過自動核保系統，不僅解決因業務量急速成長所面臨的作業瓶頸，也大幅提昇核保效率、降低人為核保錯誤率並且節省人力成本。 2.Underwriting Automation系統雖已提昇核保/發單效率，但仍面臨因產品的多元化以致業務員反應記不了這麼多的投保規則、以及無法在與客戶洽談保險當時即提供保戶確定的核保結果，因此，個案公司於2001年建置了「線上快速投保系統」(e-Application)。然在專案推動過程中，須克服的問題是〝如何提昇業務員使用系統的意願〞，透過專案小組不斷地與業務員進行溝通、並不斷地修正系統與持續地教育訓練及推廣，終於將e-Application系統使用率提昇到98%。透過e-Application系統，業務員不再有投保規則複雜的困擾，且不論上班/下班時間或例假日，都可隨時經由網際網路(internet)在客戶所在之處完成e受理、e核保，提供保戶即時的保障承諾，大幅提昇業務員的保險專業形象及行銷便利性。 3.e-Application系統雖可立即獲得核保結果，惟業務員仍須將要保文件寄達分公司才能處理後續作業。再加上投資型商品熱賣且作業較傳統型商品複雜，致核保人員的作業負荷增加。為了大幅提昇作業效率且運用有限的人力資源發揮最大的效益，個案公司於2006年建置了「影像線上作業系統」（Image ＆ Workflow）。然在專案推動過程中，面臨了〝如何改變核保人員的作業習慣 〞、〝如何將分公司人力順利移轉至簡易作業中心〞等問題，專案小組透過不斷地溝通及訓練，協助核保人員適應全程線上作業的變革；並提早一年與分公司溝通及規劃人力移轉事宜，讓人力及作業能夠順利移轉。透過Image ＆ Workflow系統，其快速便捷的e化流程，5秒鐘即可傳遞要保文件影像，不僅有效改善新契約受理高峰量之人力及作業負荷問題，且簡易案件的分流已大幅提昇核保效率且降低行政作業成本，並使核保員可更專注於複雜案件的處理與溝通，提供保戶及業務員更優質的核保服務。 保險是永續經營的服務事業，因此，流程變革是保險公司必須與時俱進且持續研討的重要課題。本研究藉由個案公司流程變革的過程、經驗及成效的分享，建議小型壽險公司推動核保自動化/影像化、中大型壽險公司全面e化/影像化/無紙化，並建議個案公司在邁入e化、影像化、無紙化的流程後，針對仍須仰賴人工處理的輸入作業，以及體檢核保人員養成不易的問題，可再進一步研議如何運用更精進的文字辨識技術與醫務專家系統，同時結合相關產業資源，採分階段方式逐步建置更科技化的系统平台，讓新契約作業邁向更快速、更專業的服務新里程。 / Along with the time evolution, the application of high technology and the spread of Internet are popular. The companies, currently are facing the competition environment in the era of globalization, all are looking for the modern technology aggressively to improve their service / operation in creative innovation way and to achieve the maximum benefit with limited resources. For the insurance companies, whose main focus is to provide customer service, they are facing more and more dramatic challenges and strict competition as the rapid growth of new business, variety of products, and diversity of promotion methods. Therefore, to maintain competitive advantage in the fast-changing financial-insurance market, the insurance companies need to strive for accelerated changes newly (as called re-engineering) not only to provide the innovative service which is beyond customer’s expectation, but also to manage the operation cost, besides promoting new business. This thesis is a case study of the new business process of the insurance company. It showed us how to break the process bottleneck, while the company faced the difficult situation that the business volume grown rapidly but no enough manpower can be added considered the cost/benefit justification. In addition, while the insurance company faced the difficulties and challenges of processing new business in each phase, how to evaluate the risks in advance and the corresponding countermeasures, adopting technology and professional team work to enhance the service quality and the operation efficiency. In these topics, we also discussed about how to evaluate the outcomes of re-engineering in each phase, included the way of reviewing the achievements / benefits of projects, continuously identifying the issues that can be improved, and the future development direction. The summary of the new business process evolution of the insurance company as below, 1.Considered the previous manual process barely handled the loading along with the huge growth of business volume, the insurance company implemented the Underwriting Automation system in 1992 to release the work load. However, the company faced several problems as “how to implement a comprehensive automation system”, “how to decide the best implementation way to achieve the objectives of that the cost is justified and the flow is smooth”, and “how to let the user to accept the process re-engineering”. Through planed the system workflow from user’s point of view and keep fully communicating with the stakeholders by the project team, this project gained all the stakeholders’ recognition and support eventually. By using the Underwriting Automation system, not only the process bottleneck caused by the huge growth of business volume can be solved, but also can large improved the underwriting efficiency, decreased the manual underwriting error rate, and saved the manpower cost. 2.Even though the Underwriting Automation system had improved the efficiency of underwriting and policy issuing, the agent still complained that they cannot remember so many underwriting rules and unable to provide the confirmed underwriting result timely when they sell the insurance product in front of the customer. Therefore, the company implemented e-Application system in 2001. However, the project team had to overcome the problem as “how to promote agent’s usage on this system” during the project implementation period. Through keep fully communicating with the agent, continuously enhanced the system features, training and promotion by the project team, the e-Application system usage rate finally raised up to 98%. By using the e-Application system, not only the agent’s persecution caused by the complex underwriting rule can be solved, but also can promise the protection to the customer in time as soon as the agent completed the e-submit, e-underwriting on customer site through the internet anytime. The professionalism and convenience of sales were big improved. 3.Even though e-Application can reply with the underwriting result immediately, the agent still need to mail out the signed copy of the application documents back to branch office for further process. Furthermore, the hot sale of Investment Link Product (ILP) and more complicated process of ILP product than the traditional product that caused the underwriter work load increased. In order to improve the operation efficiency and elaborate the best effectiveness under the limited human resource, the insurance company implemented the Image & Workflow system in 2006. However, the company faced several problems as “how to change the usual practice of underwriter”, “how to smoothly transfer the manpower from branch to the simple processing center” during the project implementation period. The project team was not only keep training and fully communicating with the underwriter, helped them accommodate to the change to entire on-line process, but also well planed the transformation and communicated with the branches one year ahead to smooth out the transfer of process and manpower. By using the Image & Workflow system, the fast convenient auto-flow that enable the document image be delivered in five second, not only can effectively solve the work load problem caused by the new business peak volume., but also can separate the simple case process to improve the underwriting efficiency and lower the operation cost. So the underwriter can more focus on the complicated case handling and communication to provide the best underwriting service quality to the agent and customer. Since insurance is the business of providing sustainable service, the process re-engineering is important task to the insurance company and has to be examined and modified concurrently with the times. In this thesis, with sharing with the experience and the achievement of the insurance company’s re-engineering process, it is suggested to implement the underwriting automation and imagelization within the small scale of insurance company, and fully implemented the electronic, imagelizing and paperless process within the medium or large scale of insurance company. After the insurance company had done the process re-engineering in electronic, imagelizing and paperless ways, it is also suggested that for those key-in works still rely on the manual process and the difficulties of developing and training medical underwriting personnel, the company can further study how to apply more advanced handwriting identification (OCR) technology and medical specialist system to solve the problems. Through utilizing the resource from the related industries to implement the highly technological system platform by phases, so as to the new business process toward more rapid and professional service milestone.

隨著高科技產業的興起，電子產業因應市場快速與客戶滿意度的高度需求，供應鏈物流業的快速發展，使得傳統運送模式之風險形態產生戲劇性的變化，損失頻率及損失幅度均已隨著運籌模式物流的風險由傳統運輸Door to Door構成線性的低度風險，轉變為Hub、組裝中心、物流倉庫、承攬人、次承攬人等複雜的關係方所構成，網狀物流模式的高度風險區塊。而運輸保險長期以來處於保險業者、保險經紀人的惡性競爭市場，高科技電子業基於風險成本考量，強勢壓縮保險費，使得電子業運輸保險損失率居高不下。 本研究透過個案電子公司之重大損失案例研究，歸納高科技電子業物流損失的發生原因，提出核保、理賠管理、及物流倉庫、運送人損防、管理建議供保險業界，物流業者參考。 未來，保險業面對全球運籌業物流風險經營，除積極運用核保策略，加強同業間的共保協商機制，以分散風險外，針對此特殊業務的核保應加強倉庫管理人風險查勘及物流運送人之委任規範、以達到風險預防之效果。更重要的是，保險經營者應修正，以利潤導向的經營理念代替市場佔有率的迷思，方是杜絕市場惡性競爭的根本。 關鍵字：電子業、全球運籌、供應鏈、風險管理、 損失頻率、損失幅度、核保策略、理賠管理、 損失率。 / With the blooming growth of high-tech industry, the electronic industry pursued for swiftness and clients satisfaction as well as the fast development of logistics business, risk of cargo distribution had transformed from the traditionally low-risk lineal “door to door” model to a high-risk complex structure of network composed by Hubs, Configuration Centers, warehouses, contractors, and sub-tractors. Moreover, the intense competitiveness among insurers and insurance agents as well as the cost-down strategy on cargo transit insurance premium of high-tech companies even make the loss-claim ratio have stayed high for such a long time. By studying cases of specific high-tech company claiming for great loss amount, we herby conclude several main causes of loss during transit and bring up suggestions on Underwriting, Claim Adjustment, Logistics Warehouse, Carrier Loss Prevention, and Logistics Management for your reference. In the future, in terms of risk management and diversification, we should not only aggressively adjust our underwriting strategy, enhance co-insurance policy but also strengthen investigations on the warehouse staffs and designate supplier adequate responsibilities. Besides, what’s more important is to alter the myth of being purely interest-oriented and to discard the thought of expanding market percentage by cutting prices, only then we could really make a sound foundation at the market instead of suffering malignant competition with each other. Key Word：Electronic Industry，Global Logistic，Supply Chain，Risk Management，Loss Frequency，Loss Severity，Underwriting Strategy，Claim Management，Loss Ratio。