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.

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。

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.