Journal of Insurance and Finance 2021 KCI Impact Factor : 0.67

Korean | English

pISSN : 2384-3209

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2003, Vol.14, No.1

  • 1.

    생명보험사의 예정이율및 가격변동리스크평가

    keonshik Ryu , 천일영 | 2003, 14(1) | pp.3~33 | number of Cited : 1
    Abstract PDF
    This study is focused on the estimation of the interest rate risk and asset price risk related with the market interest in solvency margin institutes. The estimation of interest rate risk and asset price risk is the most important risk among other risks in Risk Based Capital institutes. And the systems and methodologies of these risk are necessary to study systematically and previously because these risks are more variable and complicated than other risks. As the empirical result, the estimated ratio of asset price risk was ordered with real asset, foreign securities, and domestic securities. And there are no asset price risks in domestic government bond and corporate bond. On the contrary, the risk ratio of traditional product was higher than that of floated product in the estimation of expected interest risk. However, there were many limits in the estimation of expected interest and asset price risk because of the imperfection of legal and institutional instruments, the lack of database, etc.
  • 2.

    해상보험계약상보험료 미지급과 보험자의 보상책임

    LeeJayBok | 2003, 14(1) | pp.35~65 | number of Cited : 0
    Abstract PDF
    The purpose of the English law and practice clause is to give the court, irrespective of the place of jurisdiction, a guide for interpretation of the cargo clauses attached to the policy. Even under the Korean Commercial Law as well as under the English law the liability of the marine underwriters is subject to the provision applicable of marine insurance clauses By the wording of the ancient Lloyd's S.G. policy the underwriter confessed himself paid, or acknowledged having received, the consideration due to him, though as a matter of fact the premium, unless the circumstances were exceptional, was by custom never actually paid when the policy was issued, but at some subsequent date. By the opening words of the new MAR form of policy the insurers agrees to fulfil their obligations under the contract of insurance " in consideration of the payment to us by or on behalf of the Assured of the premium." In contracts of marine insurance this consideration is the payment of a sum, called the "premium", to the underwriter who thereupon promises to indemnify the assured against loss by the perils insured against. The Korean customary form of debit note in respect of the premium states that payment is to be made on or before the 5th of the month following the effecting of the insurance. Due to the 5 days grace periods, the underwriters are liable for the loss without the payment of the premium by the Assured. The 5 days grace periods printed on the invoice and the relevant article 141 of the supervisory regulations of insurance business should be deleted.
  • 3.

    국내 손해보험사의 경영평가와 시사점

    Jung Young Jeong | 2003, 14(1) | pp.67~92 | number of Cited : 2
    Abstract PDF
    Consumers, investors, regulators, and researchers use insurer ratings to evaluate the strength of insurers. Insurer financial strength ratings provide a rating agency's opinion of the insurer's overall financial strength and ability to meet its policyholder obligations. As such, ratings are meant to be a summary of insurer's financial strength. The purpose of this paper is to assess the financial strength of domestic property-liability insurers by using Best's rating technique. Nine domestic non-life insurers, which are classified into 2 groups (large group vs. small group) by direct premium volume, and two leading American insurers, AIG and Allstate, are selected as examples. A quantitative evaluation of 9 domestic insurers' financial strength and operating performance relative to the Best's top group and two leading company is carried out. The quantitative evaluation is done in 5 key areas; growth, efficiency, profitability, safety, and liquidity. This study indicates that advanced foreign insurers maximize their profit by focusing on efficient asset management and underwriting performance in order to take comparative advantages in a competitive industry. However, the nine domestic insurers have to improve profitability and efficiency areas to endure as a competitive going-concern. Domestic insurers should have a strong financial structure with quality management. They should strive to strengthen financial soundness through profitability and efficiency. It also provides evidence that there is a big gap between domestic large insurers and small insures in all areas. Therefore, small domestic insurers especially, should focus on long-term management objective. In order to survive and cope with rapid changes of financial environment, they should be concerned with competition by the market share and with operation efficiency and profitability.
  • 4.

    Bancassurance effects and its Implications for Insurance Companies

    정세창 , 이정환 | 2003, 14(1) | pp.93~125 | number of Cited : 23
    Abstract PDF
    The purpose of this paper is to find out various business factors to affect insurer's operation under bancassurance, and suggests useful implications for the strategies of insurance companies. DEA is employed to measure the actual and bancassurance scenario cost efficiency of insurance companies. We also regress firm-characteristic variables on the both cost efficiencies and compare the two regression results. The regression results show the following findings. Firstly, the more an insurer focuses on insurance sales activities rather than on insurance production activities, the more the insurer raises its cost efficiency through distribution alliance with banks. Secondly, term insurance may not be appropriate for distribution alliance with banks. Thirdly, the small and medium size insurers had better engage in distribution alliance than never. Finally, similar to the small and medium size insurers, it may be desirable for the geographically predominant insurers to participate in distribution alliance.