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1、AMulti-ProductCostStudyoftheU.S.LifeInsuranceIndustryByDanSegalRotmanSchoolofManagementUniversityofToronto105St.GeorgeSt.Toronto,ONM5S-3E6Canada416-9465648dsegal@rotman.utoronto.ca1AMulti-ProductCostStudyoftheU.SLifeInsuranceIndustryAbstractThispaperreportsestimatesofoverallandproductspecificecono
2、miesofscale,aswellas,economiesofscopeforthemainoutputsofthelifeinsuranceindustry.Inaddition,thepaperpresentsanumberofstructuraltestsoftheproductiontechnology.Theresultsindicatethattheestimatedcostfunctionsatisfiestheregularityconditions,andthattheindustryexhibitsoverallandproductspecificeconomieso
3、fscale.Inaddition,wedocumentsignificanteconomiesofscopebetweenthemainlinesofbusiness.2Keywords:LifeInsurance,CostFunction,EconomiesofScale,EconomiesofScope3AMulti-ProductCostStudyoftheU.SLifeInsuranceIndustryThispaperpresentsanumberofstructuraltestsoftheproductiontechnologyoflifeinsurancecompanies
4、intheU.S.Afullsystemoftranslogcostequationsisestimatedusingdetailedcross-sectionaldataonlifeinsurancecompanies.Usingtheestimatedparameterswetestforeconomiesofscaleandeconomiesofscope.Economiesofscaleandscopemayaffectmanagerialdecisionregardingthescaleandmixofoutputs,andpotentialcostsavings.Thepote
5、ntialforcosteconomiesisimportantforlifeinsurersbecauseoftheimportanceofcostcontrolintheindustry.Thelifeinsuranceindustrycanbecharacterizedasmatureandhighlycompetitive,withfairlyhomogeneousproductsandservicesandcomparableprovidersofinsurance.Inaddition,Fewfinancialinventionscanbepatented,andmostinn
6、ovationsarecopiedshortlyaftertheirintroduction.Consequently,successinthisindustrydependsincreasinglyontheinsurer’sabilitytocontrolcosts.Lifeinsurancecompaniesmayoperateinoneormorelinesofbusiness,wherethemainlinesofbusinessarelifeinsurance,annuities,andaccident&health(A&H)policies.Theefficientopera
7、tionofallthreelinesofbusinessrequiresconsiderableamountsofeconomiesofscalegeneratedbybusinessvolume.ThelifeinsuranceandA&Hlinesofbusinessesareformsofinsurance,andtherefore,theyrelyonthelawoflargenumberstoinsureth
