【保險學術前沿】The Geneva Papers on Risk and Insurance 2025年第3期目錄與摘要

聲明：本系列文章基于原期刊目錄和摘要內容整理而得，僅限于讀者交流學習。如有侵權，請聯系刪除。

期刊介紹：

“Geneva Papers on Risk & Insurance- Issues and Practice”創刊于1976年，是日內瓦協會主辦的一本國際學術期刊，聚焦保險經濟學的前沿熱點問題，旨在為保險學術界和業界專業人士之間的交流提供橋梁，提升保險業的專業知識。該刊為季刊，每年4期，每期發表文章10篇左右，2024年影響因子為2。

本期看點：

●“戰爭除外責任”的網絡攻擊保險：引入一種包含政府參與的多層次保險安排，可以在發生網絡戰爭時為受害者提供更有保障的賠償機制，同時也能在合理范圍內限制保險公司的風險敞口。

●保險合同法中的如實告知義務與個人隱私保護：在私人健康保險承保過程中，是否以及在多大程度上應當對新技術在私人健康保險風險評估中的應用設定法律限制。

●歐盟引入新的人工智能應用法律與責任框架有助于保險公司更好地評估AI相關風險，法律不確定性、逆向選擇和道德風險仍可能持續存在，甚至加劇。

●保險業中機器人顧問日益廣泛應用的背景下，如何規范保險分銷、人工智能和數字服務的監管框架，以及這些框架如何適用于自動化咨詢工具。

●保險比價平臺的法律責任與監管框架，比價平臺如何提升風險評估和理賠管理。

●保險需求的“雙峰曲線”：其中兩個高彈性階段分別出現在19世紀末的人壽保險合同大規模擴張（應對死亡風險），以及20世紀后期向儲蓄型產品轉變的時期。

●保險公司在員工關系上的投資：投資水平與財務表現呈正相關，規模較小、資本較低的保險公司收益最大

●保險產品的可持續性屬性：消費者對可持續保險產品有著強烈的偏好，即便在價格水平較高的情況下，這種偏好依然存在。

Special Issue on Legal and Economic Issues of Digital Technologies in Insurance

保險業中數字技術的法律與經濟問題特刊

作者

Christophe Courbage（日內瓦商學院，瑞士西瑞士應用科技大學（HES-SO）），Piotr Tereszkiewicz（波蘭克拉科夫雅蓋隆大學）

保險行業的數字化轉型不僅僅是技術創新的問題，它更是一場深刻的變革，觸及了法律、經濟以及倫理等基礎性問題。隨著人工智能（AI）、大數據和自動化系統等數字工具逐漸成為承保、理賠、風險建模和分銷等保險核心職能的關鍵要素，它們正在改變保險業的運作方式。本期The Geneva Papers on Risk and Insurance特刊從法律和經濟的角度審視這些變化，特別關注數字化所帶來的新型監管與治理挑戰。本刊收錄了多篇論文，這些論文最初發表于2024年6月13–14日在克拉科夫舉行的第20屆歐洲法律與經濟學會（EALE）與日內瓦協會聯合研討會上。

數字技術為保險業帶來了巨大潛力。自動化和人工智能能夠提升效率、降低交易成本，并支持更精細的風險分層；大數據和數字平臺能夠拓展金融普惠性，通過觸達服務不足的市場并提供個性化保險方案來擴大覆蓋面。然而，這些收益同時伴隨著重大風險，包括算法偏見、網絡安全隱患、隱私喪失、監管套利，以及在一個人類、機器與國家行為體界限日益模糊的世界中關于可保性的一系列根本性問題。

現有的法律與監管體系正努力跟上這些變化。傳統的保險法與金融監管規則往往無法覆蓋數字化所帶來的新型風險及其與客戶交互的新方式。政策制定者面臨的挑戰是如何在支持創新的同時，不削弱信任、透明度和金融穩定性。此外，這些變化的經濟影響同樣深遠，涉及保險公司如何制定價格、參與市場競爭，以及在公共與私人部門之間如何分擔風險。

本特刊中的前五篇論文為保險業數字化轉型所帶來的挑戰提供了及時且深刻的見解。每一篇文章都探討了這一轉型的特定方面，揭示了隨著技術不斷重塑保險格局而出現的法律沖突、監管不足與制度復雜性。

本特刊傳遞的一個核心信息是：需要在法律規則、經濟激勵與技術創新之間實現更好協調。隨著保險越來越依賴數據驅動和自動化，監管者與政策制定者必須確保體系依然公平、透明且可及。這要求保險公司、立法者、技術開發者與學者之間保持持續對話。

展望未來，保險業數字工具的監管方式將塑造二十一世紀社會風險的管理方式。我們希望本特刊能夠激發對這些重大問題的進一步研究與討論。

※ 本期目錄

●Insuring the “uninsurable” cyberwarfare: rethinking war exclusions in cyber policies and the role of insurance in global cybersecurity governance

●The collection and processing of health data upon conclusion of private health insurance contracts in the digital age

●The insurability of AI-related risks: implications from the recent legislation in the European Union

●Robo-advisory services in the insurance sector under the EU regulatory framework

●Digital platforms and the requirements of the IDD and of solvency II, in particular with regard to the duties of a platform operator to provide information and advice—a German perspective

●Insurance demand: a historical long-run perspective (1850–2020)

●Consumer perceptions and purchasing behavior of sustainable insurance products

●Addressing the talent crisis in the insurance industry: Does investment in employee relations pay off?

Insuring the “uninsurable” cyberwarfare: rethinking war exclusions in cyber policies and the role of insurance in global cybersecurity governancen

承保“不可保”的網絡戰爭風險：重新思考網絡保險中的戰爭除外條款及保險在全球網絡安全治理中的角色

作者

Qihao He（中國政法大學比較法學院），Michael Faure（馬斯特里赫特大學法學院METRO；鹿特丹伊拉斯姆斯大學法學院鹿特丹法律與經濟研究所），Chun-Yuan Chen（國立政治大學風險管理與保險學系）

摘要：This paper examines the insurance of cyber-related risks, concentrating on cyberattacks that fall under the war exclusion in insurance contracts. We argue that though it is understandable that insurers include war exclusions to limit their risk exposure, this seriously limits the availability of cover when it is most needed. One of the problems is that insurers do not engage as often in risk differentiation as is predicted by the theory holding that insurance is a governance system. We therefore argue that there is an important role for governments to play, similar to other major risks like natural catastrophes and terrorism where the state often acts as a reinsurer of last resort. This paper argues that a multilayered insurance arrangement with governments could play an important role in guaranteeing substantial compensation to victims in case of cyberwar, while also reasonably limiting the risk exposure of insurance companies.

本文探討了網絡相關風險的保險問題，重點關注在保險合同中被納入戰爭除外責任的網絡攻擊。我們認為，盡管保險公司為限制風險敞口而設置戰爭除外條款有其合理性，但這種做法在最需要保障的時候嚴重限制了保險的可得性。問題之一在于，保險公司并未像保險治理理論所預測的那樣，頻繁地運用風險差異化手段。因此，本文提出政府在其中應發揮重要作用，這與自然災害和恐怖主義等重大風險相似，在這些領域中，國家往往充當最后的再保險人。我們進一步主張，引入一種包含政府參與的多層次保險安排，可以在發生網絡戰爭時為受害者提供更有保障的賠償機制，同時也能在合理范圍內限制保險公司的風險敞口。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00346-3

The collection and processing of health data upon conclusion of private health insurance contracts in the digital age

數字時代私人健康保險合同中的健康數據收集與處理

作者

Nele Stroobants（魯汶大學）

摘要：This paper focuses on the tension between the duty to disclose, required by insurance contract law, obliging the potential policyholder to disclose all health-related information relevant to the insurer's risk assessment, and the protection of the potential insured’s privacy and personal data. This tension is ever increasing in the digital age as insurers have access to more information sources and more possibilities to process data. The aim of the paper is to determine whether and to what extent legal limits should be placed on the use of new technologies for risk assessment in private health insurance. In doing so, a balance is sought between the interests of the parties involved. These interests consist of the need for access to private health insurance (in particular, of potential insureds with a higher health risk) and the protection of potential insureds’ privacy and personal data on the one hand, and insurers’ need for information to match premiums and conditions of coverage to the insured risk on the other hand.

本文聚焦于保險合同法所要求的如實告知義務與潛在被保險人隱私和個人數據保護之間的緊張關系。根據保險合同法，潛在投保人有義務披露所有與保險人風險評估相關的健康信息，而這一要求在數字時代日益引發矛盾，因為保險人能夠獲取更多的信息來源并具備更強的數據處理能力。本文的目標是探討是否以及在多大程度上應當對新技術在私人健康保險風險評估中的應用設定法律限制。在此過程中，本文力求在相關各方的利益之間尋求平衡：一方面是潛在被保險人對私人健康保險的可及性需求（尤其是高健康風險人群）以及其隱私與個人數據的保護；另一方面是保險人獲取信息的需求，以便將保費與保障條件與所承擔的風險相匹配。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00348-1

The insurability of AI-related risks: implications from the recent legislation in the European Union

人工智能相關風險的可保性：來自歐盟最新立法的啟示

作者

Shu Li（鹿特丹伊拉斯姆斯大學），Michael Faure（鹿特丹伊拉斯姆斯大學/馬斯特里赫特大學）

摘要：In recent years, the EU has been focussing on adapting its regulatory and liability regime to the challenges presented by various AI applications. The new legal framework will generate profound influence, not only on deterrence effects but also on demand for financial coverage. Insurance will continue to play an indispensable role in terms of shifting the different risks posed by AI. However, it remains unclear how the conditions of insurability will be improved or even worsened in the aftermath of new legislation. This article provides a comprehensive analysis to unveil how the new regulation and liability regime in the EU can help insurers to properly assess AI risks and, more importantly, explains the extent to which the new rules can still reduce the foreseeability of risks by presenting additional legal/casual uncertainties and adverse selection and moral hazard problems.

近年來，歐盟一直致力于調整其監管和責任制度，以應對各種人工智能應用所帶來的挑戰。新的法律框架不僅將在威懾效應上產生深遠影響，也會對金融保障的需求產生重大作用。保險將在分散人工智能所帶來的不同風險方面繼續發揮不可或缺的作用。然而，新立法出臺后，可保性的條件究竟會得到改善還是惡化，仍不確定。本文提供了系統的分析，揭示歐盟新的監管和責任框架如何幫助保險人更準確地評估人工智能風險，更重要的是，解釋這些新規則在多大程度上可能因增加法律和因果關系上的不確定性，以及帶來逆向選擇和道德風險問題，反而降低風險的可預見性。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00352-5

Robo-advisory services in the insurance sector under the EU regulatory framework

歐盟監管框架下保險業中的機器人投顧服務

作者

Piotr Tereszkiewicz（波蘭克拉科夫雅蓋隆大學），Szymon Skalski（波蘭克拉科夫雅蓋隆大學）

摘要：The paper explores robo-advisors under the European Union regulatory framework in the insurance sector. The article aims to analyse the framework established at the EU level with a view to its assumptions and possible implications for the self-determination of users deploying the services of robo-advisors. Specifically, the article analyses how the EU regulatory framework promotes or hinders user self-determination in deploying robo-advisory services. The article sets out by examining technological foundations of robo-advisors and their data-driven decision-making processes. Subsequently, it analyses respective EU legal frameworks governing robo-advisors and assesses user online experience, from the initial login to receiving product recommendations or referrals to different providers. In conclusion, the article analyses different regulatory approaches with a view to ensuring a high level of protection for user of robo-advisory services in the insurance sector.

本文探討了在歐洲聯盟監管框架下，保險行業中機器人投顧（robo-advisors）的應用。文章旨在分析歐盟層面建立的監管框架，重點考察其制度假設及其對使用機器人投顧服務的用戶自決權可能產生的影響。具體而言，文章分析了歐盟監管框架在多大程度上促進或阻礙了用戶在使用機器人投顧服務時的自主決策。文章首先審視了機器人投顧的技術基礎及其數據驅動的決策過程；隨后分析了規范機器人投顧的相關歐盟法律框架，并評估用戶的在線體驗，從最初的登錄到接收產品推薦或被引導至其他服務提供商。最后，文章比較了不同的監管路徑，旨在確保保險業機器人投顧用戶能夠獲得較高水平的保護。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00358-z

Digital platforms and the requirements of the IDD and of solvency II, in particular with regard to the duties of a platform operator to provide information and advice—a German perspective

數字平臺與《保險分銷指令》（IDD）和《償付能力II指令》的要求——尤其關于平臺運營方在提供信息和咨詢方面的義務：德國視角

作者

Christian Armbrüster（英國倫敦）

摘要：This article explores the legal implications of digital platforms in the insurance sector, with a focus on the duties of platform operators to provide information and advice from a German perspective. Insurance comparison platforms function as intermediaries, necessitating a business license, as German law recognizes only brokers and agents. Since comparing insurance products qualifies as brokerage, platform operators are subject to corresponding obligations and liabilities. They must disclose if significant market segments, such as direct insurers, are excluded from rankings. If an operator excludes the ongoing duty to advise policyholders, this responsibility shifts to the insurer. Insurers may operate comparison platforms as non-insurance businesses under Art. 18(1) of the Solvency II Directive. The scope exception in Art. 3(5) of the Digital Content Directive applies to both insurance comparison and embedded insurance platforms. While sector-specific rules are justified in some cases, such as under the Digital Content Directive, they are not in others. Non-compliance with Art. 18 and 20 of the IDD may result in injunctive relief from competitors. Additionally, digital platforms can enhance risk assessment and claims settlement processes.

本文從德國的視角探討了保險行業中數字平臺的法律影響，重點關注平臺運營方在提供信息和咨詢方面的義務。保險比價平臺作為中介機構運作，因此需要獲得營業執照，因為德國法律只承認經紀人和代理人的身份。由于保險產品比較構成經紀行為，平臺運營方需承擔相應的義務和責任。例如，他們必須披露排名中是否排除了重要的市場主體（如直銷保險公司）。如果運營方排除了對投保人的持續咨詢義務，該責任則轉移至保險公司。根據《償付能力II指令》第18(1)條，保險公司可以將比價平臺作為非保險業務來經營。《數字內容指令》第3(5)條的適用范圍例外同時涉及保險比價平臺和嵌入式保險平臺。雖然在某些情況下（如《數字內容指令》下）特定行業規則是合理的，但在其他情況下則未必如此。不遵守《保險分銷指令》第18和20條可能導致競爭對手提起禁令救濟。此外，數字平臺還可在風險評估和理賠處理流程中發揮積極作用。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00350-7

Insurance demand: a historical long-run perspective (1850–2020)

保險需求：一個歷史的長期視角（1850–2020）

作者

Sebastian Kohl（柏林自由大學），Matthias R?mer（柏林自由大學）

摘要：Existing research on how international insurance demand varies with income is largely driven by cross-sectional variation post-1970. Drawing on newly collected historical long-run data on life insurance premiums starting as early as 1850 to 2020 for 20 OECD countries, we evaluate the ‘S-Curve’ predicting insurance demand as each country transitions through different income levels. In contrast to predictions in the literature, we reject the ‘S-curve’, but identify a two-bump curve with two high-elasticity episodes, one driven by a massive expansion of life insurance contracts at the end of the 19th century to ensure mortality risks and the other in the late 20th century driven by a shift to savings products. This could imply that the longitudinal catching-up process of countries with low insurance density may be steeper than what the cross-sectional ‘S-Curve’ would suggest.

現有關于國際保險需求與收入關系的研究，大多依賴于1970年之后的橫截面數據。本文基于新收集的長期歷史數據，涵蓋1850年至2020年間20個經合組織（OECD）國家的人壽保險保費，評估了預測保險需求的“S曲線”，該曲線假定各國在收入水平變化過程中會呈現相似的保險需求路徑。與文獻中的預測相反，我們的研究否定了“S曲線”，但識別出一條“雙峰曲線”。其中兩個高彈性階段分別出現在19世紀末的人壽保險合同大規模擴張（應對死亡風險），以及20世紀后期向儲蓄型產品轉變的時期。這一發現表明，保險密度較低國家的縱向追趕過程，可能比橫截面分析所預測的“S曲線”更為陡峭。

原文鏈接：https://link.springer.com/article/10.1057/s41288-024-00339-8

Consumer perceptions and purchasing behavior of sustainable insurance products

消費者對可持續保險產品的認知與購買行為

作者

Jonas R. Jahnert（瑞士圣加侖大學，保險經濟研究所），Hato Schmeiser（瑞士圣加侖大學，保險經濟研究所），Meike Zehnle（瑞士圣加侖大學，保險經濟研究所）

摘要：Insurers are beginning to change their business practices and add sustainable attributes to their insurance products. However, little is known about consumers’ reactions to such sustainable attributes in insurance contracts. In three surveys, of which the main study is incentive compatible, we investigate how sustainable attributes affect consumers’ purchase decisions and examine the mediating roles of trust, quality, brand image and perceived consumer effectiveness on purchase intentions. Our results provide converging evidence of a strong preference for sustainable insurance products. Surprisingly, this preference exists even at higher price levels. This can be explained by improved perceptions of the insurance company in terms of brand equity, product quality, and perceived consumer effectiveness.

保險公司正在逐步調整其業務實踐，并在保險產品中加入可持續性屬性。然而，消費者對保險合同中此類可持續屬性的反應仍知之甚少。本文基于三項調查（其中一項為激勵相容的主研究），探討了可持續性屬性如何影響消費者的購買決策，并考察了信任、質量、品牌形象以及感知消費者效能在購買意愿中的中介作用。研究結果一致表明，消費者對可持續保險產品有著強烈的偏好。令人意外的是，即便在價格水平較高的情況下，這種偏好依然存在。這一現象可以通過消費者對保險公司在品牌價值、產品質量以及感知效能方面的改善認知來解釋。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00345-4

Addressing the talent crisis in the insurance industry: Does investment in employee relations pay off?

應對保險行業的人才危機：員工關系投資是否值得？

作者

Xin Che（美國加州州立大學）

摘要：The US insurance industry is facing a critical talent crisis that demands immediate attention. Utilizing a specialized reporting requirement, our study delves into US property-liability insurance companies’ investments in their employee relations and evaluates the influence of these investments on their financial outcomes. Our study reveals a positive correlation, with a standard deviation increase in investment (USD 4.18 million for an average insurer) correlating with a 0.36% rise in return on assets and a 1.10% rise in return on equity. Various tests, including a difference-in-differences event study, validate these findings. Additional tests demonstrate that benefits slightly diminish at higher investment levels but remain significant. Smaller, less capitalized insurers gain the most.

美國保險行業正面臨一場亟需關注的人才危機。本文利用一項專門的報告要求，研究了美國財產與意外保險公司在員工關系上的投資，并評估了這些投資對財務結果的影響。研究結果顯示，投資水平與財務表現呈正相關：投資增加一個標準差（平均保險公司為418萬美元）會帶來資產回報率（ROA）上升0.36%，股本回報率（ROE）上升1.10%。通過差分法事件研究等多種測試驗證了這一結果。進一步分析表明，投資水平較高時收益略有下降，但仍具有顯著性。規模較小、資本較低的保險公司收益最大。

原文鏈接：https://link.springer.com/article/10.1057/s41288-025-00351-6

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