Earticle

이 연구는 기업의 보험수요 결정요인은 어떤 것들이 있고 또 그간 어떻게 바뀌었는지를 살펴보았다. 특히, 기존연구에서 제시된 기업 보험수요 요인들이 현재의 데이터를 적용해도 통계적으로 유의한지와 또 그 밖의 새로운 요인은 없는지를 확인하는 데 연구의 목적이 있다. 이를 위해 한국증권거래소에 등록된 기업(금융업종 제외)을 대상으로 2001년부터 2011년까지 11년간 제조원가명세표 상의 보험료를 종속변수로 하고, 기업규모, 기업의 규모, 기업 소유구조, 법인세, 재무건전성, 파산비용, 비체계적위험, 유형고정자산비율을 독립변수로 선정해 기업의 보험수요 결정요인을 분석하였다. 분석결과, 기업의 제세공과금, 매출액대비 순익비율 등은 기업이 보험수요 요인으로 정(+)의 영향을 미치는 것으로 나타났고, 재무건전성 대리변수로 선정했던 유보율, 유동비율 등은 기업 보험수요에 부(-)의 영향을 주는 것으로 확인하였다. 아울러 비체계적 위험, 기업 신용도 기업 보험수요의 결정요인으로서 통계적으로 유의한 정(+)의 효과를 주고 있는 것으로 나타났다.

According to Standard Finance Theory Corporate has no interest in purchasing insurance. but most companies purchase corporate insurance and pay significant insurance premium each year in reality. This study aims to empirically test the factor influencing the demand for corporate insurance indicated in previous theoretical articles and empirical studies. This article employs KIS(Korean Investors Service) corporate financial statement and data of non-financial companies listed in the Korea Stock Exchange for 11 years during 2001∼2011. Findings of this study match previous studies regarding firm size, bankruptcy costs, leverage ratio, fixed asset ratio and corporate positive impact on the corporate insurance purchase, while reserve ratio and current ratio give negatively have an effect on the demand for it. Through this study, we have achieved that unsystematic risk of corporate and The trust of corporate are significant factors and have a positive effect on the demand for corporate insurance.

This paper proposes a model to analyze an incentive compatible regulation of capital adequacy requirement ratio and a risk-based deposit insurance premium for banks in a competitive financial market where information asymmetry resides. In this paper, there will be an examination of the effects of the change of allotment rules of the remaining assets of insolvent banks to depositors, creditors and shareholders on national tax revenue, stock value of banks, and an incentive compatible regulation. The results from our analysis are as follows: First, the incentive compatible combination of regulation was identified to be present in both PRS (the pro-rata sharing) and IDP (insured deposit preference) rules. The request demanding the gradually increasing capital adequacy requirement ratio of banks was revealed by following the order of highly probable successful loan portfolios from the baseline of mandatory minimum capital adequacy requirement ratio. Second, in the case of an institutional change from a PRS rule to an IDP rule where there exist an incentive compatible regulation, the average risk of a bank loan was found to be increasing along with the expansion of loans out to bad enterprises with high credit risk, such as small- and medium-sized corporations. Third, it was found that there could not be a consistent determination of the stock price of the overall banking business and the fluctuation of governmental tax revenue. However, through the numerical example analysis, it was identified that the stock value of banks would be decreased by the diminished used of marketable debt financing resulting from the increase of capital adequacy requirement ratio imposed on the banks realized by the institutional transition.

This paper proposes a model to analyze an incentive compatible regulation of capital adequacy requirement ratio and a risk-based deposit insurance premium for banks in a competitive financial market where information asymmetry resides. In this paper, there will be an examination of the effects of the change of allotment rules of the remaining assets of insolvent banks to depositors, creditors and shareholders on national tax revenue, stock value of banks, and an incentive compatible regulation. The results from our analysis are as follows: First, the incentive compatible combination of regulation was identified to be present in both PRS (the pro-rata sharing) and IDP (insured deposit preference) rules. The request demanding the gradually increasing capital adequacy requirement ratio of banks was revealed by following the order of highly probable successful loan portfolios from the baseline of mandatory minimum capital adequacy requirement ratio. Second, in the case of an institutional change from a PRS rule to an IDP rule where there exist an incentive compatible regulation, the average risk of a bank loan was found to be increasing along with the expansion of loans out to bad enterprises with high credit risk, such as small- and medium-sized corporations. Third, it was found that there could not be a consistent determination of the stock price of the overall banking business and the fluctuation of governmental tax revenue. However, through the numerical example analysis, it was identified that the stock value of banks would be decreased by the diminished used of marketable debt financing resulting from the increase of capital adequacy requirement ratio imposed on the banks realized by the institutional transition.

While the local health insurance and the employment-based insurance were integrated in July 2000, the insured is divided into employment-based insured and the local insured and the relevant premium has been applied to both groups. The health insurance premium having the feature of social solidarity has to be determined depending on income, that is, the ability to pay in accordance with the principles of social insurance. While employment-based insurance premium has been determined depending on the earned income, the local insurance premium for the local insured has been determined by scoring gross income(evaluated income), property and possession of automobiles. A variety of improvement approaches has been implemented including introduction of the employment-based insurance premium ceiling system (2002) and the change of property scoring system for the local insured (2006). However, the health insurance system which was merged in 2000 has been implemented up to now without significant change even though there were lots of socio-demographic change including increase of income level and the population structure such as low birth and aging. In other words, it is required to implement the premium rating system securing the income-based equity. Nevertheless, it was inevitable to apply the diverse rating standards in the early stage because it was very difficult to verify the income of the self-employed. Although the income verification rate was significantly increased from 23% in 1989 to 44% in 2010, the irrational standards including property, automobiles, living standard and activity rate have been still applied to the local insured because it is difficult to secure the validity of insurance premium rating system and it severely lacks of security. This paper investigated whether the current insurance premium rating system for the local insured imposing the premium on the basis of ‘gender’ and ‘age’ complies with the basic human rights secured by the current Constitution of the Republic of Korea with respect to the practical and theoretic irrationality of insurance premium rating system and standards for he local insured. In accordance with the analysis results, this paper proposed the approach to improve the system.

본고에서는 예금보험제도 설계의 중요한 요소 중 하나인 예금보험료 부과베이스를 결정함에 있어, 보호예금뿐만 아니라 부채구조를 포괄적으로 고려할 필요가 있음을 고찰하였다. 은행이 부실화되어 정리될 경우, 은행의 부채구조는 예금보험기구의 정리비용에 영향을 미친다. 뿐만 아니라, 비보호예금, 무담보 및 일반채권 등의 보유자들이 은행의 파산에 임박하여 담보채권으로 전환하거나 자금을 인출하는 등의 시장규율을 행사할 경우 예금보험기금의 손실에 영향을 미친다. 또한 최근의 글로벌 금융위기를 통해 은행의 부채구조가 은행의 위험추구 성향에 미치는 영향에 대해서도 활발한 연구가 진행되고 있다. 예금보험료 부과베이스로는 담보채권, 부보예금 그리고 후순위채권을 제외한 위험에 노출된 부채 등이 고려대상이 될 수 있다.

We review and recommend to consider bank’s liability structure when determining the deposit insurance premium assessment base, which is regarded as one of the important elements in setting up the incentive compatible deposit insurance system. Bank’s liability structure affects the resolution costs of the insolvent banks. The market discipline which is exercised by the unprotected depositors or unsecured creditors anticipating bank closure itself can increase the deposit insurer’s resolution costs. Wide body of research conducted after 2007-2008 demonstrates that the bank’s liability structure affects the bank’s risk taking behavior. Possible candidates as assessments base we can consider include those items such as secured credit, insured deposits or total debts excluding subordinate debts.

중국에서는 현재까지 예금보험제도가 없는 대신 묵시적인 예금보험제도가 존재하였다. 이런 예금보험제도는 금융시스템의 안정성에 대한 기여도가 있지만 장기적으로는 부작용이 생길 수 있다. 본 연구는 먼저 중국 상 장된 은행의 데이터를 가지고 Ronn & Verma 옵션평가모형을 이용하여 14개 은행의 예금보험료율을 추정하 였다. 주요한 연구결과는 다음과 같다. 첫째, 추정된 은행별 평균 예금보험료율을 살펴보면 국가소유은행은 0.0314%로서 주식제 상업은행 및 시티 상업은행의 0.1654%, 0.0630%보다 낮음을 알 수 있다. 둘째, 추정된 예금보험료율의 타당성을 평가하기 위하여, 추정된 예금보험료율과 Moody’s사의 신용등급의 관계를 추정한 결과 일부 기간에 높은 양의 상관관계로 추정되었는데 이는 은행의 채무불이행 위험을 어느 정 도 반영할 수 있다고 판단할 수 있다. 셋째, 추정된 예금보험료율과 수익성 지표인 ROA, 그리고 자본적정성지표인 BIS 자기자본비율과의 관계를 분 석한 결과 일부 기간에 예상대로 음의 상관관계가 나타났고, 자산 건전성을 나타내는 지표인 부실여신비율과 관계는 예상과 반대로 음의 상관관계가 나타났다. 이는 일부 기간에는 예금보험료율이 은행의 수익성, 자본적 정성 및 자산건전성과 유의적인 관련성이 존재할 수 있음을 의미한다.

The lack of deposit insurance in China is related to the fact that most of the banks in the country are State-owned and the government offer confidence to depositors. But under the “implicit deposit insurance system” it is impossible to provide a fair and efficient institution framework to tackle the great risks in Chinese banking system. The important issue in deposit insurance system is how to determine the deposit insurance premium. In this paper we use Ronn and Verma model(1986) to estimate Chinese 14 listed bank’s deposit insurance premium. In addition, in order to judge whether the estimation of deposit insurance premium rate is appropriate, we do the correlation analysis between the estimates and Moody’s credit ratings, capital variables such as ROA, BIS capital ratios , and Non-performing loan ratio. The results show that the estimated deposit insurance premium of listed banks are great different. And we find an significant relationship between the estimates and Moody’s credit ratings as well as capital variables in some period. It means that the estimated deposit insurance premium has an appropriate information about insured bank's default risk and can be relative with insured bank's profitability, capital adequacy and capital forbearance.

본 연구에서는 상담(심리치료)의 활성화와 치료비의 개인부담률을 줄이는 하나의 방안으로 상담의 보험적용 가능성을 탐색해보았다. 이를 위해 상담이 국민건강보험에 포함된다고 가정할 때, 현재 보험료에서 어느 정도의 추가 비용을 지불할 의사가 있는지, 그리고 응답자의 지불의사에 영향을 미치는 요인은 무엇인지 75명의 중·고등학교 교사들을 대상으로 조사하였다. 연구 결과, 기존의 보험료보다 1% 증가된 보험료에 대해 39명의 응답자 중, 28명(71.8%)의 응답자가 지불의사가 있다고 응답하였으며, 이들 중 추가적인 질문인 2% 증가된 보험료에 대하여 지불의사가 있다고 한 응답자는 10명(35.7%)이었다. 이에 반해 2%의 추가 보험료를 낼 의사를 첫 질문으로 받은 36명의 응답자들에서는 13명(36.1%)만이 지불의사가 있다고 응답하였다. 또한 지불의사를 결정하는데 있어서 상담태도와 사회적 낙인이 유의미하게 영향을 주는 변인으로 분석되었는데, 상담에 대한 태도가 좋을수록, 사회적 낙인이 덜 느낄수록 추가 보험료에 대한 지불의사를 가지는 것으로 나타났다. 비록 적은 샘플이었지만 본 연구에서 총 75명 중 56명(74.6%)이 최소 1%의 추가보험료를, 33명(44.0%)이 1%와 2%의 사이의 추가보험료를 내더라도 일 년에 10회의 상담 서비스를 받고 싶어 하는 것으로 나타나 상담의 보험 적용 가능성을 보여주었다.

This study aimed to explore the likelihood of insurance coverage for counseling/psychotherapy in order to increase in utilizing more counseling/psychotherapy service and reduce individual financial burden in receiving those servicesin South Korea. For this purpose, 75 middle and high school teachers were recruited to examine their willingness to pay more premiums for receiving counseling/psychotherapy service, if counseling/psychotherapy is added as another option to National Health Insurance. Findings of this study showed that people who showed positive attitude toward counseling/psychotherapy and exhibited less social stigma were more willing to pay more premiums for receiving those services. Among 75 participants, additionally, 56 (74.7%) participants were willing to pay 1% more premium to receive ten counseling/psychotherapy sessions per year and 33 (44.0%) teachers were willing to pay 1~2% more premiums to receive those service. Results of this study implied that insurance coverage for counseling/psychotherapy would be possible in Korea.

지방자치단체는 의료보장을 위해 2006년부터 국민건강보험제도 등 의료보장과 관련한 사회보험료를 지원하는 정책이 매월마다 시행되고 있다. 본 연구는 지방정부에서 노인세대 또는 저소득대가구 등의 국민건강보험료 등 공적 보험료를 지원하는 자치법규가 어떠한 내용으로 법규화되어 있는가의 특성 등에 대해 고찰하는 데 목적이 있다. 본 연구의 수행을 위한 방법으로서 국가법령정보센터의 웹사이트에 공표된 자치법규에서 조례와 조례규칙을 ‘건강보험료’의 검색어를 통해 검색한 결과를 통해 이루어졌다. 2019년 5월 현재 제정된 조례는 201건이었는데, 광역지방자치단체는 17개 중에서 8개의 시도에서, 기초지방자치단체는 226개 중에서 193개의 시군구에서 제정되어 있으며, 조례 시행규칙은 전체 37건이 제정된 것으로 조사되었다. 이 중 조례의 경우 목적, 조례 제정 시기, 사회보험료의 종류, 사회보험료의 지원 대상, 사회보험료 지원의 금액, 사회보험료 지원의 방법과 과정, 사회보험료 지원의 시기, 사회보험료의 재원 등으로 구성되어 있고, 이러한 조문 내용에 대해 분석하였다. 그리고 이러한 내용을 통해 정책적, 법적인 측면에서 논쟁이 될 수 있는 사안은 무엇인지에 대한 논의와 함께 개선 방향을 제시하였다.

Since 2006, local governments in Korea have been providing premiums for social insurance, such as the National Health Insurance System, for the health care of local residents. The purpose of this study is to analyze the content of self-governing legislation that defines these policies. The method of conducting the research was based on the articles of the ordinance related to the 'public health insurance premium' of the self-governing statutes published on the website of the National Law Information Center. As of May 2019, 201 municipalities have enacted ordinances to support public health insurance premiums. In the case of state local governments, 8 out of 17 were found, and in the case of basic local governments, 193 out of 226. The constitution of the ordinance consisted of purpose, time of enactment, type of social insurance premium, object of social insurance premium, amount of social insurance premium support, method and process of social insurance premium support, time of social insurance premium support. This study analyzed contents of these articles. Finally, this study presented issues that could be controversial from the policy and legal viewpoints and suggestions for improvement.

This study examined market size of private health insurance premium and individual characteristics associated with the market size change in Korea, using wave 1 (2008) and wave 2 (2009) of Korea Health Panel. The market size was 24.4 trillion Korean won in 2008 and 26.9 trillion in 2009. The increase rate of private health insurance premium among those who were the elderly, single, or the poor was higher than that among their counterpart respectively. Health status and utilization were insignificant in determining the increase rate of private health insurance premium. These findings were more obvious among the uninsured in 2008 than among the insured in 2008. The increase of private health insurance premium in Korea imply the increase of willingness-to-pay for health risk through private sector. The authors suggest policy intervention for accessability to health care for the underprivileged and weak through enlargement of Korean social health insurance benefit.

본 연구의 목적은 급여제한 사전통지제도가 건강보험료 체납자의 체납보험료 자진납부에 미치는 영향을 실증적으로 파악하는 것이다. 본 연구에서는 건강보험공단의 전산자료부터2010년 1월 21일에 실시된 제 8차 급여제한 사전통지 대상자 155만 명에 관한 자료를 표본으로 추출한 다음 표본을 체납자집단(사전통지 도달, 사전통지 미도달)과 비체납자집단(비대상 체납자, 차상위)로 분류하고 각 집단으로부터 체납자 규모의 10%에 해당하는 15만 명씩을 최종표본으로 추출하여 분석자료로 사용하였다. 다양한 로지스틱회귀분석모형을 추정한 결과, 급여제한 사전통지제도가 통계적으로 유의한 수준인 체납보험료 납부독려 효과를 가진 것으로 나타났다. 그러나 분석결과의 통계적 유의성과는 별개로 급여제한 사전통지제도의 효과는 매우 제한적인 것으로 나타났다. 연구대상 체납자 중 급여제한 사전통지를 받은 이후 체납보험료의 일부 또는 전부를 납부한 체납자는 직역 차이를 고려하더라도 25% 미만 수준에 불과한 것으로 밝혀졌다. 이처럼 체납보험료 납부율이 저조한 이유는 보험료 체납자 중 상당수가 빈곤으로 인해 보험료 납부능력이 없는 생계형체납자이기 때문이라 판단된다. 이러한 현실을 고려할 때, 건강보험공단이 실시하고 있는 급여제한 사전통지제도나 자진납부기간 운영 등은 일부 체납자에게는 보험료 납부독려 효과가 있으나 대다수의 보험료 체납자들에게는 효과가 없으며 오히려 보험료 체납자의 비용부담을 가중시켜 체납 상황에서 벗어나기 어렵게 만드는 결과를 가져올 수 있다. 본 연구에서는 이러한 연구결과를 바탕으로 급여제한 사전통지제도의 개선을 위한 일련의 정책방안을 제시하였다.

One of the challenging tasks of the National Health Insurance Corporation(NHIC). the only public insurance institution administrating the Korea’s compulsory national health insurance(NHI) system, is to make those NHI beneficiaries who fail to make a scheduled monthly premium payment to pay. For this purpose, the NHIC has been using a measure known as ‘Benefit Limit Measure(BLM)’ in which those who miss premium payment for six or more month’s in total are classified as ‘late payer’ and are sent warnings and late payer status notices. If the late payers fail to make a full payment of missed premiums even after receiving the written notices, the NHIC can order a temporary seizure of the late payer’s property until all missed premiums plus interest are paid. Recently, the BLM has been criticized by the public of its cruel nature, and its effectiveness has been questioned because no empirical evidence has been collected. In this study, the authors using the NHIC data set attempted to analyze the effectiveness of the BLM. Those late payers for whom the BLM was administered were compared to those not in terms of the likelihood of paying missed premium payments with a series of logistic regression analyses models. Data analyses results showed that the likelihood of paying one or more month’s unpaid premium of the former group was 14 to 46 times higher than the latter. It, however, was also found that the BLM was only effective to make no more than 12% of the late payers to pay at all. Based on the study findings, the authors made a few recommendations regarding the BLM.

예금보험 차등보험료율제는 부보 금융사의 경영 및 재무 상황을 고려하여 개별 금융사별로 보험료 율을 달리 적용하는 제도다. 2014년부터 시행 중인 예금보험 차등보험료율제는 부보금융사의 건전경영을 유 도하고 도덕적 해이를 방지하며 보험료 납부의 공정성 제고를 목표로 한다. 2021년 현재 손보업권 차등예보 요율은 표준요율 0.15%를 기준으로 ±10% 내에서 할인/할증이 가능한데, 현행 차등보험료율제 운용이 예보 제도의 효율성과 형평성 제고에 적절한지에 대해 논란이 있다. 본 연구는 옵션가격결정모형(OPM)을 활용하 여 일부 손해보험사의 위험 비례(risk based) 예보요율을 산정 비교해 보고 현행 예보요율 책정과 차등요율제 도 운용이 충분히 효율적이고 형평성 제고에 부합하는지를 검토했다. 4개 손보사를 대상으로 한 실증분석 결 과, 4개사 모두의 위험 비례 예보요율이 현행 손보업계 표준요율인 0.15%를 상당히 하회하는 것으로 나타났 다. 비효율적으로 높은 예보요율 책정과 운용은 과다한 기금 적립과 보험사 부담으로 연결돼 결국은 보험 소 비자에게 부담이 전가될 수 있다. 연구 분석에 따르면 금융사별 위험을 평가하여 운용되는 예금보험 차등요율 제가 소기의 형평성 제고에도 미흡한 것으로 평가되었다.

Risk-based premium rate system has been adopted since 2014 for Korean deposit insurance to promote equity of rate making and to prevent moral hazard of financial institutions and they differentiate deposit insurance premium rate based upon business performance and financial condition of each insurance company. Setting 0.15% for standard deposit insurance premium rate for insurance business, they can scale up or down the final rate for each insurer within ±10%. It is controversial whether the current risk-based premium rate mechanism is good enough for promoting efficiency and equity of the Korean deposit insurance system. This study is to test efficiency and equity of the Korean deposit insurance system using the data of 4 major P&L insurance companies according to OPM(Option Pricing Model) analysis. Data analysis shows that the risk-based premium rates of all 4 companies are much lower than 0.15%, the current standard deposit insurance premium rate for insurance business. Inefficiently high deposit insurance premium rate is a serious problem causing too much reserving and business burden to insurance companies and eventually burden to insurance consumers. Also, the current risk-based premium rate mechanism is found not good enough to meet the goal of promoting equity of deposit insurance system.

본 연구는 보험회사의 차별적 마케팅전략으로써 CSR활동의 가능성을 규명하기 위하여 보험회사의 CSR활동이 고객기반 브랜드자산과 고객의 프리미엄가격 지불의도에 미치는 영향을 살펴보았다. 보험가입 경험이 있는 국내 소비자 를 대상으로 설문하여 최종 510부를 선정 및 분석한 결과, 경제적, 자선적 책임활동은 고객기반 브랜드자산에 영향을 주었고, 경제적, 환경적 책임활동은 프리미엄가격 지불의도에 영향을 주었다. 또한 고객기반 브랜드자산의 매개역할은 경제적, 자선적 책임활동과 프리미엄가격 지불의도 간의 관계에서 확인하였다. 마지막으로, CSR활동과 고객기반 브랜 드자산 관계에서 SNS 활용수준의 조절효과는 경제적 책임활동에서 영향이 있었다. 이러한 결과를 바탕으로 본 연구는 보험회사에서의 CSR 프로그램 효율성을 높이는 마케팅전략 수립에 중요한 시사점을 제공해준다.

This study examined the effects of insurance company's CSR activities on customer-based brand assets and customers' intention to pay premium prices in order to identify the possibility of CSR activities as an insurance company's differentiated marketing strategies. Throughout collecting 510 surveys, this study has proved that economic and charitable activities had a effect on customer-based brand assets, also economic and environmental activities had a effect on intention to pay premium prices. In addition, the mediating role of the customer-based brand asset between economic and charitable activities and intention to pay premiums was proved. Lastly, it was confirmed that the level of SNS usage moderates the relationship between economic activities and customer-based brand assets. Based on the results, this study provides insurance companies with an effective marketing strategy of the CSR program.

인구 노령화 및 수익률 하락에 따른 국민연금 제4차 재정추계 결과 3차 재정계산보다 3년 빠른 2057년도에 기 금이 소진되는 것으로 추계되었다. 이에 따라 정부에서는 4차 제도개혁 방안으로 보험료율을 즉시 2% 인상하고 소득 대체율 45% 유지하는 (가)안과 보험료율을 13.5%로 단계적 인상 후 소득대체율을 2028년에 40%까지 줄이는 (나)안 을 제시하였다. 이와 같은 형식으로 보험료율을 인상하고 소득대체율을 줄여나가면 이전의 낮은 보험료율에 높은 소 득대체율을 적용받던 기존가입자와는 다르게 새로 가입하게 되는 젊은 세대들은 높은 보험료율과 적은 소득대체율을 적용받게 된다. 이에 본 연구는 연령별로 다른 보험료율과 소득대체율을 적용하여 노년층과 젊은층의 부담을 완화하 고자 한다.

The fourth fiscal estimate of the national pension following the aging of the population and falling yields estimated that the fund ran out in 2057, three years earlier than the third fiscal calculation. Accordingly, the government proposed a plan to immediately raise the insurance premium rate by 2 percent and maintain the income replacement rate by 45 percent, and to reduce the income replacement rate by 40 percent in 2028. In this form, increasing premiums and reducing income replacement rates will allow younger generations to sign up differently from existing subscribers, who previously had higher income replacement rates at lower rates. Therefore, the study aims to ease the burden on the elderly and younger by applying different insurance rates and income replacement rates for different ages.

This paper aims to investigate the risk-based premium rates of the Korea Deposit Insurance Corporation (KDIC), particularly focusing on life insurance firms. To accomplish this, we employ the exchange option model based on the assumption that assets and liabilities follow lognormal diffusion processes. Further, we incorporate the discount rate of expenses based on a purchase-and-assumption to consider the characteristics of the life insurance sector. To estimate premium rates between 2010 and 2017, we use the empirical data of Korean life insurance firms and asset indexes from 2000 to 2016. The result provides evidence that life insurance companies in Korea have been generally charged higher premium rates than they should be charged. The result also shows that most of the healthy life insurance companies aid a smaller number of risky companies in Korea. Finally, our result indicates that premium rates tend to be more sensitive to correlation between assets and liabilities under capital deficiencies.

We apply a microeconomics model of the insurance firm designed to provide insight into firm price reaction to changes in loss probability. Based on the optimal insurance quantity and price from both consumer and firm points of view, comparative statics is shown in which buyer and seller interact to determine the insurance premium due to changes in the probability of loss. To test the theoretical model, we use a panel data set of 11 Korean liability insurance firms from 2008 to 2015. The regression results show that the insurance premium charged by the firm with more coverage benefit is more responsive to the probability of loss than that of the firm with less coverage benefit, in line with our theoretical result.

This study investigates the determinants of premium income in the Indonesian life insurance sector by integrating product portfolio segmentation with macroeconomic and firm?level financial analyses. Using annual data for 48 Indonesian life insurers from 2006 to 2023, K-means clustering on 2023 premium-income shares across eight product categories identifie d four distinct portfolio profiles: endowment-focused, term insurance-focused, investment product-focused, and diversified portfolios. Panel data regressions were then estimated to quantify the influence of inflation, GDP growth, insurance penetration, lagged investment yield, lagged equity, and lagged policy count on total premium income at both the industry level and within each cluster. At the industry level, economic growth and all three lagged financial indicators exert significant positive effects on premium income. Cluster-specific results reveal that endowment-focused firms derive growth primarily from investment returns, equity, and policy count; term-insurance firms benefit from all three financial indicators and economic growth; investment-linked firms depend critically on investment yield, number of policies, and insurance penetration, and diversified firms rely on strong investment performance and capital adequacy. These findings offer strategic insights for companies, regulators, and investors to optimize growth strategies and strengthen the resilience of Indonesia's life insurance industry.

This study, using discrete choice experiments (DCE) method, tries to figure out the characteristics of the decision-making for cancer treatments and investigates the attributes affecting the respondents’ choice. Also it ascertains marginal willingness to pay (MWTP) and relative preferences for cancer treatments among the general population. The nested-logit model using full maximum likelihood allows us to estimate multi-levels of dependent variables. The empirical results show that the respondents are willing to pay more about 20.8% than they are paying now in order to increase their expected survival rate by 10 percentage points. The paper also considers the effect of several individual and socio-economic variables on the size of MWTP of insurance premium for increasing cancer survival rates. Most interestingly, the MWTP is shown to be monotonically decreasing as the people became old. We also found out that there exists severe discrepancy of estimates of MWTP of between payers and dependents and across different occupational groups.

In this paper, we propose the pure premium rate of reliability insurance policy for radiators under the assumption of Weibull physics of failure. We also describe the performance factors which have an effect on failure characteristics of radiators. The maximum likelihood estimates of scale and shape parameters for assumed distribution are obtained by using accelerated life test data of sample sizes 5 using MINITAB.