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Benefit Adequacy in Workers’Compensation Insurance

  • Journal of Insurance and Finance
  • 2008, 19(3), pp.119-163
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

마승렬 1 김명규 2

1대구대학교
2한국손해사정사회

Accredited

ABSTRACT

The payment methods of permanent disability benefits and survivors benefits in workers’compensation insurance comprise both lump sum and pension payments in Korea. However, workers’actual losses resulting from occupational injuries and illnesses have been greatly underestimated in lump sum payments while workers’actual losses have been significantly overestimated in pension payments. By way of rider, the current payment methods also have the problem of unfairness among age groups. After confirming the adequacy of cash benefits paid, we suggest a plan to improve the current payment methods in workers’compensation insurance. On ahead, we suggest the methods of pension payments reflecting the injured workers’actual losses. And then, we also suggest the methods of lump sum payments considering the properties of age groups.

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