보험연구원

  The Korean economy is now undergoing the restructuring process after the economic turmoil of 1997. The Korean government launched a series of major reforms including monetary policy independence of the central bank and new regulatory structures in the financial industry. Thegovernment also lifted the foreign ownership cap of no more than the fifty percent of Korean companies in order to increase competition, transparency, and efficiency.

  The insurance industry is not outside this reforms. The Korean insurance market has experienced huge changes over the various issues including operation systems, market structures, and supervision systems in recent years, especially after the accession to the OECD in 1996 and the financial crisis in the end of 1997. Market opening and liberalization were implemented faster than scheduled during the process of the accession. The major changes included the introduction of the broker system, the liberalization of reinsurance industry, the remove of the ENT (Economic Necessity Test) system, and the allowance of cross-border transactions.

  The Korean government has introduced sustainable measures to deregulate the insurance market similar to them taken in other financial areas such as the banking and the security markets since 1998. The major measures include the remove of entry barriers, the enhancement of transparency in the licensing procedures, the introduction of variations in minimum paid-in capital, and the liberalization of a foreign liaison office and the establishment of insurance related institutions. However, the price liberalization is the most significant change in this deregulation process.

  These measures have significantly affected the insurers in operating their business. The insurance companies should have to improve their service quality to survive in the more competitive environment. 

  Furthermore, corporate governance and internal control rules require the insurers to satisfy consumers' needs more than ever before. On the other hand, the insurers begin to find themselves in the middle of the financial institute convergence, which accelerates competition in the financial industry.

  The purpose of this book is to meet many requests for the information about the rapidly changing Korean insurance industry. We hope this book can serve its purpose to many insurers and investors abroad.

  I would like to express my appreciation for the endeavor of Dr. Jaehyun Kim, Mrs. Kyong Hee Lee, Mr. Hae Sik Kim, Dr. Se Chang Jung, Mr. Soon Il Kwon in preparing this book. I also would likely to thank Mr. Seong Moon Yang for his helpful comments on the integrity of this book. Thanks must be extended to Mr. Alex Im who kindly read this book and gave useful comments.

  Thank You.

SVB 파산은 단기인 예금으로 자금을 조달하여 장기인 국채로 자산을 운용하였으나 금리위험과 유동성위험을 관리하지 않은 상태에서 금리가 빠르게 상승함에 따라 발생한 것으로, 기본적으로 ALM 부재가 가장 큰 원인임. 역대 보험회사 파산의 가장 큰 원인이 ALM 소홀이고, 부동산 PF 사태 역시 증권회사의 ALM 무시(CP로 자금 조달, 부동산 PF에 대출)에 있다는 점에서, SVB 파산은 금융산업 전체에 ALM의 중요성을 재인식시킴

While SVB had raised funds from short-term deposits and invested them in long-term treasury bonds, the bank had not managed interest rate and liquidity risks, which caused the collapse of SVB as interest rates rose rapidly. In other words, the absence of ALM was the most significant cause of the collapse. Along with the fact that the failure of ALM was the critical cause of insurers’ bankruptcies and the real estate PF crisis, the fall of SVB reminded the financial industry how crucial ALM is.

기후위기 심화로 환경 관련 신산업이 차세대 신성장 동력으로 부상함에 따라 EU 및 미국에서 관련 시장을 선점하려는 정책이 도입됨. EU와 미국은 각각 ‘탄소중립시대를 위한 그린딜 산업계획’(2023년), 『인플레이션 감축법』(2022년) 제정을 통해 신기술 발전 지원과 글로벌 공급망 재편을 추진함. 글로벌 사례를 참고하여 정부는 자국 기업 지원을 위한 통상정책을 검토하고, 보험산업은 탄소중립 경제 전환과정에서 지속가능 경영 및 성장 기회 발굴을 도모할 필요가 있음

As novel environmental technologies rise to address the worsening climate crisis and become a new growth engine for the global economy amid the net-zero transition, industrial policies are introduced in the EU and the US to foster their leadership in related markets. Both the EU’s “Green Deal Industrial Plan for the Net Zero Age(2023)” and the US’s “Inflation Reduction Act(2022)” are aiming to support green technology and reorganize the global supply chain. The Korean government should review these industrial plans to protect and support Korean companies affected by them. Accordingly, the insurance industry should proactively search for sustainable business and new growth opportunities amid the net-zero transition.

최근 국회 본회의를 통과한 보험사기방지 특별법 개정안에서는 보험사기행위의 알선·유인·권유·광고 금지, 금융위원회의 자료제공 요청권, 보험사기죄에 대한 징역형과 벌금형 병과, 입원적정성 심사 기준 마련, 자동차보험사기 피해사실 고지에 관한 내용을 신설하였음. 한편 법 개정과 별도로, 실제 보험사기의 처벌 및 제재에 있어 실효성을 높임으로써(보험사기에 대한 엄정한 수사 및 처벌, 행정제재의 적극적 활용 등) 보험사기에 대한 경각심을 높이고 보험사기를 감축·예방하기 위한 노력도 계속할 필요가 있겠음

2023년 5월 31일 세계 최초로 시행된 대환대출 인프라는 금융회사 간 경쟁을 제고함으로써 소비자의 금리 부담을 낮추는 데 소기의 목적을 달성하고 있는 것으로 평가됨. 아울러 정보 비대칭을 해소하는 여신심사 기능의 저하 가능성과 대출중개 플랫폼의 시장 집중에 따른 폐해 등에 대한 우려도 제기되고 있음. 이에 대환대출 활성화를 통하여 소비자 보호와 효율성 제고라는 긍정적인 정책 효과를 확보하면서 여신심사 기능의 저하와 시장 집중의 문제를 극복하기 위하여 정보 제공의 확대, 정당한 신용평가 절차의 확보, 특정 플랫폼 의존에 대한 리스크 관리 강화 등 대책이 필요함

The loan transfer infrastructure, which was implemented for the first time in the world on 31 May 2023, has been credited for promoting competition among financial institutions and thereby contributing to the reduction of interest burden on consumers. However, concerns have been raised about the potential deterioration of the credit assessment function, which aims to address information asymmetries as well as the negative impact on the market concentration of credit brokerage platforms. Loan-to-loan transfers should be promoted to enhance consumer protection and improve the efficiency. In addition, in order to address the issues on the deterioration of credit assessment functions and the concentration of the market, measures to expand information provision, ensure fair credit assessment procedures and strengthen risk management against reliance on specific platforms are necessary.