Impact of the Business Structure on Solvency of Property-Liability Insurance Companies and Its Mediating Effect

Table 2

Main variable definitions.

Variable type	Variable name	Variable definitions
Explained variable	Solvency	Solvency, solvency adequacy ratio
Explanatory variable	Nonauto	Business structure, proportion of nonauto insurance income to total premium income
Intermediary variable	Roa	Profitability, the return on assets
	Rein	Reinsurance, the ratio of ceding premium to income from insurance business
Control variable	Size	Company size, natural log of total assets
	Loss	Loss ratio, the ratio of claims to premium income
	Lev	Financial leverage, the ratio of total liabilities to total assets
	Geodiv	Geographic diversification, Herfindahl index
	Invest	Stable investment assets, the proportion of stable investment assets in total assets
	GDP	Gross domestic product, the natural log of GDP
	Interest	Market interest, Shanghai Interbank Offered Rate