中文摘要：

如果按照年保费规模大小将我国财险公司分为大型公司和中小型公司两大类，这两类公司在保险市场上的经营情况和风险特征均呈现很大差异，这对于制定行业政策和监管标准都是一个巨大挑战。本文从风险形成的外部因素、内部因素和综合效应三个角度来分析大型公司和中小型公司面临的风险差异，发现中小型公司的风险比大型公司更为显著，建议监管机构在制定行业监管标准时，应基于大型公司和中小保险公司的数据分开计算，以此尽可能平衡其差异。

英文摘要：

If we divide China＇ s P＆C insurers into large insurers and medium-to-small insurers by their annual pre- mium income, there exist huge differences between the two categories in terms of their operation features and risk profiles, which will bring extraordinary challenges to regulators in setting industrial policies and regulatory stand- ards. We studied the risk differences between these two categories from the external and internal factors for risk for- mation and their combined effects. We discovered that medium-to-small insurers had more significant risks than large insurers. Therefore, when setting regulatory standards, the regulator should consider the differences and base decision-making on their separate data in order to balance their differences as far as possible.