Research On The Impact Of Managerial Heterogeneity On Risk Taking Of Insurance Companies

As an important part of the modern financial system,the insurance industry is of vital importance to the national economy and the people's livelihood.However,insurance companies also act as commercial institutions,and there is a interest-driven instinct.Once excessive pursuit of higher interests leads to neglecting underwriting,loose policies of undertaking insurance and a large number of high-risk investments,the insurance company and policyholders will face risks together.Moreover,as one of the key support industries in the country,the insurance industry has received wide attention from all walks of life,especially for the insurance companies.Based on the characteristics of managers,this paper selected the data of 24 Chinese-funded personal insurance companies established before 2009 as samples,using theoretical analysis,regression and other research methods to different characteristics of managers and insurance companies.The relationship between the two is focused on research.The empirical results show that managerial heterogeneity significantly affects insurance company risk exposure.The specific performance is that,in terms of underwriting risk,the expert power represented by the senior professional title is more authoritative than the manager without the senior professional qualification,and is more biased towards risk avoidance;The company's part-time managers have a tendency to take on more underwriting risks;managers who have studied or worked abroad are more likely to be cautious about underwriting risks than managers who have not studied or worked abroad.As far as investment risk is concerned,managers with higher academic qualifications are more inclined to take risks;managers with senior professional titles tend to choose conservative business strategies in the face of risks;the longer the term of the managers,the more they are willing to undertake more investment risks;managers who are younger,they have a tendency to take less investment risk,a conservative business strategy will be chosen.