The Impact of Business Structure on Financial Stability in Property Insurance Companies—A Threshold Effect Based on Insurtech

本文以2013~2020年我国51家财险公司为研究对象，通过固定效应和门槛效应，实证考察了财险公司业务结构对其财务稳定性的影响。研究发现：非车险业务占比的提高能够提升财险公司财务稳定性。异质性分析发现，非车险业务占比的提高能够显著地增强中资财险公司财务稳定性，而与外资财险公司财务稳定性的正向关系并不显著；相比于大型中资财险公司，小型中资财险公司非车险业务占比的提高会对财务稳定性产生更明显的正向影响。此外，保险科技在财险公司业务结构对财务稳定性的影响过程中存在单一门槛，且当保险科技高于门槛时，非车险业务占比的提高对财务稳定性的正向促进作用更加明显。This paper examines the impact of the business structure of property insurance companies on their financial stability using a fixed-effects model and threshold regression model, based on data from 51 property insurance companies in China from 2013 to 2020. The study finds that an increase in the proportion of non-auto insurance business enhances the financial stability of property insurance companies. Heterogeneity analysis reveals that the increase in the proportion of non-auto insurance business significantly improves the financial stability of domestic property insurance companies, while the positive relationship with the financial stability of foreign-funded property insurance companies is not significant. Compared to large domestic property insurance companies, small and medium-sized domestic property insurance companies experience a more pronounced positive impact on financial stability from an increase in the proportion of non-auto insurance business. Additionally, the study identifies a single threshold effect of Insurtech in the relationship between business structure and financial stability. When the level of Insurtech exceeds the threshold, the positive effect of an increase in the proportion of non-auto insurance business on financial stability becomes more significant.