企業全球化與風險多元化的發展趨勢下，企業集團所面臨之營運風險日益複雜。如何兼顧成本效益並有效管理風險，以支持營運目標達成與企業永續經營，已成為重要課題。專屬保險公司（captive insurance company）作為企業集團內部進行風險融通與轉移之制度性工具，其制度設計與運作模式逐漸受到關注。
本研究以某跨國企業集團為個案研究對象，探討該集團在傳統保險採購面臨議價能力受限與風險資訊分散等情況下，評估導入專屬保險制度之動機、運作機制與實際成效。研究結果顯示，專屬保險公司得以整合集團風險資訊、建立制度化之風險管理流程，並結合再保險市場之風險分散機制與適度自留策略，不僅可有效降低整體保險成本，亦能提升風險管理彈性與資本運用效率。
專屬保險具集團成員身分，較能克服部門本位主義所造成之協作阻力，並可將營運餘裕回饋於風險控管基礎建設，形成制度性槓桿效果。儘管台灣目前專屬保險制度仍處初期發展階段，但隨著企業風險意識提升及國際規範接軌需求增加，其制度發展潛力與應用價值值得持續關注與推展。

In the context of globalization and increasingly diversified risk exposures, business groups are confronted with growing complexity in operational risks. How to balance cost efficiency while effectively managing risks to support the achievement of corporate objectives and long-term sustainability has become a critical issue. Captive insurance companies, as institutional mechanisms for internal risk financing and transfer within business groups, have therefore attracted increasing scholarly and practical attention.
This study adopts a case-study approach of a multinational business group to examine the motivations, operational mechanisms, and actual outcomes associated with establishing a captive insurance company. The analysis focuses on circumstances in which traditional insurance procurement is constrained by limited bargaining power and fragmented risk information. The findings indicate that a captive insurer can consolidate group-wide risk information, institutionalize risk management processes, and, by combining reinsurance market instruments with appropriate risk-retention strategies, reduce overall insurance costs while enhancing managerial flexibility and capital efficiency.
Furthermore, given its status as an affiliated group entity, a captive insurer is better positioned to overcome coordination barriers arising from departmental silo behavior and can channel operating surpluses back into risk-management infrastructure, thereby creating institutional leverage effects. Although the captive insurance regime in Taiwan is still in an early stage of development, rising corporate risk awareness and growing demands for international regulatory alignment suggest that captives possess substantial potential and policy relevance for future development.

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