Study on the financial and institutional effects of natural disasters on insurance companies

• Project/Area Number: 15K21158
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance; Management
• Research Institution: Kobe University
• Principal Investigator: YAMASAKI TAKASHI 神戸大学, 経営学研究科, 教授 (30403223)
• Project Period (FY): 2015-04-01 – 2019-03-31
• Project Status: Completed (Fiscal Year 2018)
• Budget Amount: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000); Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: リスクマネジメント / 損害保険 / 自然災害 / 企業価値 / 火災保険 / 地震保険 / 保険加入行動 / 台風

Outline of Final Research Achievements

The aim of this research project is to clarify the following questions about the relation between catastrophes caused by natural disasters and insurance companies: (1) what factors of catastrophes influence the firm values of insurance companies, (2) whether the effect of catastrophes on the firm values differs according to the characteristics of insurance companies.
The conclusions of these questions are as follows. (1) There is a possibility that insurance companies gain from the occurrence of natural disasters and their firm values increase. However, they tend to decrease when natural disasters cause serious damage. (2) Insurance companies with a larger capital buffer or of greater financial soundness are evaluated relatively higher around natural disasters especially since the deregulation of the insurance industry.

Academic Significance and Societal Importance of the Research Achievements

本研究の特徴は，一連の自然災害と保険会社の企業価値との関係に焦点を当て，それらの関連性について包括的な分析を試みた点にあった。これまでの多くの先行研究では単独の自然災害（例えば，「東日本大震災」）の分析に特化していたことから，自然災害そのものの特徴に焦点を当てることができなかった。そのため，自然災害の規模や保険会社の特性によって保険会社の企業価値への影響に変化が生じる点を示したことは，本研究の大きな意義であったといえる。

Research Products

• [Journal Article] わが国地震保険の現状と課題 (2018)
  • Author(s): 山崎 尚志
  • Journal Title: 国民経済雑誌 Volume: 218 (2) Pages: 61-74
• [Journal Article] Do Typhoons Cause Turbulence in Property-liability Insurers' Stock Prices? (2016)
  • Author(s): Takashi Yamasaki
  • Journal Title: Geneva Papers on Risk and Insurance - Issues and Practice Volume: Vol.41, No.3 Issue: 3 Pages: 432-454
  • DOI: 10.1057/gpp.2015.29
  • NAID: 120005848169
  • Peer Reviewed / Open Access / Acknowledgement Compliant
• [Journal Article] 自然災害が損害保険会社の保険料収入に及ぼす影響 (2016)
  • Author(s): 山﨑尚志
  • Journal Title: 国民経済雑誌 Volume: 第214巻第3号 Pages: 69-78
• [Presentation] Do typhoons cause turbulence in property-liability insurers’ stock prices? (2016)
  • Author(s): 山崎尚志
  • Organizer: 保険学セミナー
  • Place of Presentation: 生命保険協会（東京都千代田区）
  • Year and Date: 2016-01-30
  • Invited
• [Book] リスクマネジメント (2018)
  • Author(s): 柳瀬 典由、石坂 元一、山﨑 尚志
  • Total Pages: 260
  • Publisher: 中央経済社
  • ISBN: 9784502256912