Research On The Impact Of Enterprise Risk Management On The Competitiveness Of Life Insurance Companies

With the rapid development of the economy and society,new risks are constantly emerging,and the internal and external environments faced by various companies are becoming more and more complex.Therefore,a company wants to achieve rapid development and industry leading position,and risk management capability is particularly important.Steady management and healthy growth in a complex environment are of great significance.Due to the characteristics of its business,risks and uncertainties are reflected in all aspects of the operation of insurance companies.AIG has also taken over the alarms for the entire industry.In the past,Xinhua Life Insurance and China United Property Insurance were successively due to internal control problems and operational problems.After taking over,Anbang Wu Xiaohui took over the occupation,which led to the company being finally taken over.Therefore,the implementation of comprehensive risk management by Chinese insurance companies should not only be a regulatory requirement,but also the company's own development needs.This paper first summarizes the theory of corporate competitiveness and comprehensive risk management theory,and learns and summarizes the literature findings of the company's competitiveness evaluation and the impact of comprehensive risk management on insurance companies.The cost and benefits of comprehensive risk management are objective.Comprehensive risk management is a complex process of whole system and whole process.It requires huge investment in organizational structure,personnel team and information system.Many companies therefore do not actively and actively promote comprehensive risk management work.The cost of risk management is greater than the benefits.In order to study the impact of comprehensive risk management on the company's competitiveness,this paper based on the quasi-experimental perspective,using the method of propensity score matching to match the samples,and the effect of comprehensive risk management on the company's competitiveness.The processing effect is based on the counterfactual framework,and the results based on this result are more convincing to the company.This paper selects the family insurance company from 2010 to 2017 as a research sample.Firstly,the principal component analysis method is used to obtain the comprehensive competitiveness score as the outcome variable,and the equity nature,firm size and asset-liability ratio are selected as the covariates to the experimental group.Match with the control group enterprises,and empirically study the impact of comprehensive risk management on the competitiveness of personal insurance companies.The empirical results show that after controlling the self-selection effect of comprehensive risk management,the competitiveness of implementing comprehensive risk management is 17.8%higher than that of the enterprises that have not implemented comprehensive risk management.The implementation of comprehensive risk management has the competitiveness of enterprises.Positive promotion can improve the company's competitiveness.On this basis,this paper uses panel data regression to test the robustness and further study the impact of comprehensive risk management on the company's competitiveness from the aspects of comprehensive risk management organizational structure and technical level.The results show that the implementation of comprehensive risk management is competitive to the company.There is a positive impact,the more comprehensive the overall risk management organizational structure,the higher the technical level,the higher the company's competitiveness.At the end of the thesis,the paper summarizes the full-text research,and combines the implementation status of the comprehensive risk management work of the personal insurance company,and puts forward reasonable suggestions on the overall risk management of the personal insurance company from four aspects:organizational structure,management culture,technical level,innovation ability and strategy.