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.