• Proceedings of the Korean Institute of Building Construction Conference
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• 2019.05a
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• pp.125-126
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• 2019

This study aims to recognize damage indicators of typhoon and to develop damage function's indicators, using information derived from the actual loss of typhoon Maemi. As typhoons engender significant financial damage all over the world, governments and insurance companies, local or global, develop hurricane risk assessment models and use it in quantifying, avoiding, mitigating, or transferring the risks. For the reason, it is crucial to understand the importance of the risk assessment model for typhoons, and the importance of reflecting local vulnerabilities for more advanced evaluation. Although much previous research on the economic losses associated with natural disasters has identified the risk indicators that are indispensable, more comprehensive research addressing the relationship between vulnerability and economic loss are still called for. Hence this study utilizes and analyzes the actual loss record of the typhoon Maemi provided by insurance companies to fill such gaps. In this study, natural disaster indicators and basic building information indicators are used in order to generate the vulnerability functions; and the results and indicators suggest a practical approach to create the vulnerability functions for insurance companies and administrative tasks, while reflecting the financial loss and local vulnerability of the actual buildings.

• International Commerce and Information Review
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• v.14 no.4
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• pp.297-315
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• 2012

In this paper, we explore the effects of export insurance on the Korea's export by using the gravity model with the data of 112 countries that Korea exports on years of 2005 and 2009. For this model, we used the Korea export as a dependent variables and real GDP, distance between the two nations, export insurance, country credit rating of the Korea's counterpart countries and FTA were used as an independent variables. The results show that the underwriting performance of the export insurance and the sovereign credit rating of the export counterpart countries have the positive impact on Korea's export. Also, the impact of the export insurance is more increasing to the Korea exportation but the importance of the economy size of the export counterpart countries decreased after 2008 global financial crisis. Particularly, the influence to the export by the sovereign credit rating has diminished in that period and this seems to be due to the export insurance has increased. These results imply that the export insurance plays an important role to promote the Korea's exportation since 2008 global recession. Especially, if the recession continues, then there will be more crippling impact to the small-mid size companies rather than large size companies. Therefore, Korea government should do their best to continuously expand the export insurance for the purpose of increasing Korea exportation, expecially to the small-mid size companies.

• Journal of health informatics and statistics
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• v.43 no.4
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• pp.318-328
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• 2018

Objectives: People are living longer, but often with diseases or chronic conditions. As a consequence, interest in resolving insurance blind spots is growing. This study provides substandard risk-relevant statistics to help substandard risks who are likely to fall in insurance blind spots obtain insurance coverage, such as the reimbursement of medical costs, as well as to stimulate insurance product development. Methods: This study uses National Health Insurance Service (NHIS) cohort data to determine the relevant statistics. The incidence rates of severe diseases are derived and compared against standard risks to establish a set of relative risk factors. These incidence rates of standard and substandard risks are then compared. Results: Currently, an individual's cancer history is used in the underwriting process for simplified issue insurance. However, underwriting focusing on hospitalization and procedures related to serious illnesses could lower premiums for substandard risks. Moreover, the statistical results could be used to expand the coverage of health insurance products. Conclusions: This study's relative risk factors can be used to derive simplified issue premium rates for substandard risks. They can also be used to implement discount and loading schemes for medical reimbursement insurance and help insurance companies implement proactive risk management.

• Journal of the Korean Data and Information Science Society
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• v.20 no.6
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• pp.1029-1048
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• 2009

The purpose of this study is to diagnose the level of perception of domestic construction companies about the US & Korea FTA completed in 2007. According to the survey results, the more innovative the construction company is and the stronger ownership the construction company has, the more actively preparing for FTA. Altogether, our construction companies have well recognised the inevitable impacts on the domestic construction industry. On the other hand, most of them are more or less negative about whether or not the FTA gives us a good chance to switch from domestic companies into global companies.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

• The Journal of the Korean life insurance medical association
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• v.27 no.2
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• pp.80-84
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• 2008

Now, we have experienced that the loss ratio of cancer insurance with prevalence of cancer increased. The insurance companies interest how the loss ratio of cancer insurance decrease. To decrease the loss of ratio of cancer, underwriting is very important. The underwriting of cancer are very important factors which are family history, habitual behavior and past history. We have spend the most of time under the occupational situation. Occupation may be very important factor causing cancer. But we neglect the occupation history. This article show how the underwriting of the occupational cancers in the field of occupation are managed Generally, Occupational cancers show special characteristic features. We know the characteristics of occupational cancer under the variety of occupation. For the underwriting of occupational cancer in Korea, we also understand the epidemiology of Korean occupational cancer with the varieties of occupation This article shows the characteristics of occupational cancer and epidemiology of Korean occupational cancers.

• Journal of the Korean Society of Safety
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• v.16 no.2
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• pp.103-109
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• 2001

When workers get accidents in doing their works, industrial accident insurance covers the compensation for the accidents. Generally, this kind of costs is applied in terms of Direct Cost. In our society circumstance to terminate the accident, many kinds of cost (Non-Insurance Cost) are also discharged. Non-Insurance Cost resulted from additional compensation for insurance allowance, is the important basic data source to estimate Loss Cost. Several studies have been done for the output of accident cost, but companies have difficult to apply these studies into practice and generalize the amount of accident loss cost. This study means to suggest improving solutions for the output of Accident Loss Cost and to reduce Opportunity Cost caused by Industrial Accident.

• Asia Marketing Journal
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• v.17 no.4
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• pp.89-104
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• 2016

Based on the observation that insurance companies in Korea, unlike those in other financial sectors and those in other countries, dominantly use the agent-based push-type marketing strategy, this paper hypothesizes that difference in distribution systems originating from characteristics of financial products can lead to welfare asymmetry between financial institutions and customers, merely due to their financial matching. For this analysis, we employ a simple matching theoretic model, try to understand the welfare implications of distribution systems from a matching theoretic perspective, and analyze the bottom of negative perceptions of insurance industry. The proposed model suggests that this welfare asymmetry derives mainly from financial matching through the distribution systems, which implies that any efforts to improve the insurance industry must consider changes in the matching process, namely the distribution system. We hope that this paper complements and extends the existing literature on insurance distribution systems in terms of methodologies and research subjects.

• Asia Marketing Journal
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• v.11 no.3
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• pp.225-249
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• 2009

Hyundai Marine & Fire Insurance has achieved its goal of revenue growth while most of insurance companies have failed. It is because Hyundai Marine & Fire Insurance continued to make sincere efforts to increase employee satisfaction. The service-profit chain posits that employee satisfaction is linked to customer satisfaction and to revenue growth. The case shows how Hyundai Marine & Fire Insurance put the service-profit chain to work and how different its internal marketing strategy is.

• The Korean Society of Law and Medicine
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• v.10 no.2
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• pp.37-82
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• 2009

Korea has gained the much more performances in the fields of pubic health laws and related policies on the basis of the substantial economic achievements. In 1977, the social medical insurance was established for companies with more than 500 employees, and in 1989, Korea successfully achieved the national medical insurance system covering the total population within only 12 years beginning with multiple insurers. There remained some problems, however, to be improved such as both the low level of contribution rates and benefit packages due to the inefficiency in utilizing limited medical resources. In 2000, all insurers were unified into a single insurer (National Health Insurance Corporation), and special independent Health Insurance Review & Assessment Service (HIRA) was also established. From the origin of medical insurance system in 1977, the Korean reimbursement system has been fee-for-service system, and after the establishment of HIRA, it has been providing objective and expert medical cost review services and health quality assessment services.