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首页> 外文期刊>The journal of risk and insurance >Risk Governance in the Insurance Sector-Determinants and Consequences in an International Sample
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Risk Governance in the Insurance Sector-Determinants and Consequences in an International Sample

机译：保险行业的风险治理-国际样本中的决定因素和后果

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摘要

We analyze the relation between risk governance, risk, and performance measures for a global sample of 107 insurance companies from 2004 to 2012. Our risk governance index (RGI) covers several Solvency II provisions and includes the existence of chief risk officer on the executive committee, risk committee characteristics, and board industry experience. We find that in the crisis period 2008-2009, firms with a higher RGI generally have lower expected default frequency. We conclude that during noncrisis years, risk governance does not have a risk-reducing effect but is positively associated with buy-and-hold returns, risk-adjusted performance measures, and Tobin's Q. Our findings therefore support the role of risk governance as a business enabler rather than inhibitor. Insurance companies typically upgrade their risk governance following a negative shock, especially in countries that are well regulated and have weaker shareholder rights.
机译：我们分析了2004年至2012年间107家保险公司的全球样本中的风险治理，风险和绩效指标之间的关系。我们的风险治理指数（RGI）涵盖了偿付能力II的几项规定，并包括执行委员会首席风险官的存在，风险委员会的特征以及董事会行业的经验。我们发现，在2008-2009年危机期间，RGI较高​​的公司通常具有较低的预期违约频率。我们得出的结论是，在非危机年代，风险治理没有降低风险的作用，但与购买和持有收益，风险调整的绩效指标以及托宾Q呈正相关。因此，我们的发现支持风险治理作为风险管理的作用。业务推动者，而不是阻碍者。保险公司通常会在受到负面冲击后升级其风险管理，尤其是在监管良好且股东权益较弱的国家。

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  • 来源
    《The journal of risk and insurance》 |2019年第2期|381-413|共33页
  • 作者

    Magee Shane; Schilling Cornelia; Sheedy Elizabeth;

  • 作者单位

    Macquarie Univ, Grad Certificate Finance, Sydney, NSW, Australia|Macquarie Univ, M Appl Finance Program, Sydney, NSW, Australia;

    Tech Univ Munich, Chair Math Finance, Munich, Germany;

    Macquarie Univ, M Appl Finance, Sydney, NSW, Australia;

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