The influence of Integrated Risk Management(IRM) on the Non-Life Insurance Industry's Business Strategy
Date Issued
2007
Date
2007
Author(s)
Tai, En-Shiang
DOI
zh-TW
Abstract
The development of Taiwan Insurance industry has passed the stage of protection & deregulation, and now we are facing with the phase of complete liberalization. For the operation of Insurance industry, the rapid change of time creates more emerging risks than before. Even though, the traditional reinsurance still plays an important role of risk management. However, after September 11 terrorist attacks and lots of catastrophe effect, that has caused an impact in the capacity and environment involvement on global reinsurance market. The relationship between Insurer and Reinsurer has shifted from dependence to partnership. It has reveals the fact that insurance companies must have awareness of risk management; just same as an excellent athlete, he must keep challenging in reaching his ultimate.
The purpose of research is to present the development and utilization of risk management. Then, further analysis the consequence between insolvency of Insurer and Integrated Risk Management. Under the change of environment and regulation, it will belike to facing an extra and unavoidable legal risks. Thus, Scholar and Insurer must fully understand and control the trend of development in the future. The implement of IRM by Insurance industry has become the evaluating benchmark of International rating agencies in recent years.
As the result of research, Taiwan insurance industry have to face more and more complicate and difficult management risks; Fortunately, the talented and well trained professional with unique structure in Taiwan market, Insurer might have more advantage in operation if it could cooperate to improve the market discipline. To cope with the internationalization and further development, insurance companies have to emphasis the effective performance in IRM mechanism, which the company could avoid uncertain risks and fully utilize the resource to conform with the positioning and integration of strategy, then create the company’s maximum value. Besides, Insurer should consider the adequacy of risk capital in business operation and asset allocation in order to comply with the regulation and new trend.
At the end of this research, it presents some suggestions of IRM mechanism, however, the experience of IRM is immature at current stage, it still needs Insurer’s support and implementation. We believe that the development of IRM will have positive effects for insurance industry’s competitiveness in the future.
Subjects
整合型風險管理
策略定位
策略整合
風險資本
Integrated Risk Management(IRM)
Strategy Positioning
Strategy Integration
Risk Capital
SDGs
Type
other
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