| Summary: | 碩士 === 逢甲大學 === 風險管理與保險學系 === 107 === With recently increasing disabled population in Taiwan, disability insurance has become more and more in demand and important. However, due to the lack of adequate actuarial evaluation during initial phase, the companies suffered financial loss and replace the original version of disability insurance before January 2019 with new version products accompanied by increasing premium rates, which impedes the popularity of the disability insurance. This paper focuses on this issue and discusses some product design strategies. Among the disabled population, up to 55% aged between 15-65 group, implying exposure of occupational hazard. So far, under Labor Insurance provide disability annuity with limited monthly payment based on the insureds’ salary, which can only provide the minimum living security. Comparing to commercial disability insurance, the disability benefits are more specific to work-related injury or disease but with lower limitation on the disease or injury payment claims. This study mainly uses data from Labor Ministry and implement actuarial evaluation model to compare the difference in actuarial premium rating between work-specific Labor Insurance and general commercial disability insurance.
As for actuarial evaluation technique, the Multiple State model was used to design the insurance policy of occupational injury disability insurance. Due to the limited data in occupational injury insurance, Whittaker model is implemented to smooth the disability rate and mortality rate of disabled people, and the disability rate and mortality rate of disabled people in the senior age group were extrapoluted by the Gompertz model. The premiums were calculated from the data of occupational injury insurance and compared with the normal disability rate and normal mortality rate of disabled people.
Evidence shows that, work-specific disability insurance attains lower premium rates than that of general commercial insurance. This study result suggests insurance company provide more work-specific or even design disability benefit with more connection to insured’s occupations, to decease the premium rate and overcome the difficulty in marketing.
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