Research On The Operating Efficiency Of Property Insurance Companies Based On DEA Tobit Model Under The Marketization Of Automobile Insurance Rate

Auto insurance is the largest insurance type in China,which occupies a very important position in the property insurance industry.The China Banking and Insurance Regulatory Commission gradually changes its regulatory to keep pace of the reform of the rate of China's auto insurance.It transforms from simple and rude administrative intervention to creating a fair market environment,that insurance companies could have virtuous competition and at the same time stimulate industry innovation.With the increasingly fierce market,product research and development,business model,business analysis,management efficiency and other aspects are all facing new challenges.The research on operating efficiency of insurance companies gets increasingly attention.On the basis of summarizing the literature at home and abroad and the current actual situation,this paper combs the problems existing in the previous reforms by studying the history of China's auto insurance rate reform,and focuses on the changes in the operating efficiency of China's property insurance companies before and after the auto insurance rate reform.We collect 44 property and casualty insurance companies in the industry from 2013 to 2019 as samples.We use DEA model,to analyse comprehensive technical efficiency,pure technical efficiency,and scale efficiency.The result shows that the rate reform leads to a decline in the operating efficiency of property insurance companies.Then,We use Tobit model to continue regression analysis with above three modelled influencing efficiency factors.We take the rate reform as the explanatory variable,human capital structure,auto insurance market share,and auto insurance loss ratio as control variables for analysis.According to the empirical research results,we make specific improvement proposals.Auto insurance rate reform is not only the development trend of the industry,but also a gradual long-term process.Paying attention to the operating efficiency and its influencing factors under the background of rate reform will help property insurance companies grasp the key factors and adopt targeted business strategies in combination with their own reality,so as to improve their market competitiveness.This paper selects the whole process data from before to the end of the auto insurance rate reform,and creatively combines the DEA model with Tobit model.The conclusion is more reasonable and accurate.