부동산 개발사업의 리스크 관리방안 : 부동산관련 손해보험 상품을 중심으로 = A Study on Method of Risk Hedge of Real Estate Development

다국어 초록 (Multilingual Abstract)

The recent global financial crisis has greatly affected the real estate market. PF(Project Financing) loans of savings banks achieved around 20% profits between 2003 and 2006, but at the moment (June, 2008) the late payment rate has risen from 2.7% to 14.3% compared to the end of last year. The savings banks’ net income of fiscal year 2007 has declined 30.3% decreasing the profitability greatly. The slump of the real estate market has given people the feeling of insecurity of the real estate finance market. The housing price has lost its upward tendency since the 4th quarter of 2007, and unsold apartments are surging indicating contraction in the real estate market. Price adjustment due to the real estate market cycle, weakened purchasing power, risk enlargement due to interest rate increase, and suppression of buying on margin of real estate has brought contraction to the real estate market. In addition, the research done for three months starting from December of 2008 by the finance committee and the financial supervisory commission on the fiscal health of the financial sector’s real estate PF loans showed a deficiency of 470 million Won which amounts to 5.7% of the entire PF loans.
The anxiety is present among construction businesses such as the fear that the PF establishment is insolvent has put the construction market into depression. This has led to the increase of the probability of the bankruptcy of the construction businesses as well as the insolvency of the financial sector. Even though the economic depression and the risk inside and out exists in the real estate development finance, there are no concrete plans to deal with the risk, and to avoid these risks, businesses are using financial agencies, trust companies, insurance companies, and construction companies for guarantee.
This paper defines the risks present in the real estate development project and defines the types of risks of the financial agency, developer, and construction company, and shows the ways to reduce the risk by spreading the hazards appropriately. By analyzing the risk of the type of insurance goods and security, which are related to the real estate development project, the paper verified the effectiveness of the insurance goods. The role of the insurance goods of the real estate development project was analyzed by researching the title insurance and the assured value insurance offered by insurance companies.
The real estate related insurance goods were split into two stages for analyzation: development stage and sales stage. First, the insurance good approval, the applied rate, and the reinsurance organization for the development stage of the insurance goods were analyzed and checked for problems. Second, the guaranteed details and the requests of the insurer of the real estate insurance goods were compared to see the difference. Additionally, the problems due to the laws and regulations of the financial supervisory service and the insurance companies to satisfy the insurer’s request existed.
Research of the new risks of the rate application of the real estate related insurance goods and training of professional proposed to complement these problems. Also, to reflect the insurer’s request of the insurance goods, improved insurance goods policy and relaxed regulation by the financial supervisory service were proposed. Through these improvements mentioned above, the paper shows a realistic plan for the real estate development project to reduce the risks that could occur.
keyword : title insurance, assured value insurance, reinsurnace, risk

목차 (Table of Contents)

• 제1장 서론 = 1
• 제1절 연구의 배경 및 목적 = 1
• 제2절 연구의 범위 및 구성 = 2
• 제2장 부동산개발사업과 금융 = 4
• 제1절 부동산개발사업의 개념 = 4
• 1. 부동산개발사업의 정의 = 4
• 2. 부동산개발사업의 종류 = 5
• 3. 부동산개발사업의 추진 주체 = 7
• 4. 부동산개발사업의 단계 및 절차 = 7
• 제2절 부동산개발금융 = 13
• 1. 부동산개발금융의 의의 = 13
• 2. 부동산개발금융의 유형 = 14
• 3. 부동산개발금융의 의사결정 요소 = 16
• 제3장 부동산개발사업과 위험 = 20
• 제1절 위험의 개요 = 20
• 1. 위험의 정의 = 20
• 2. 위험의 개념 = 21
• 3. 위험의 분류기준 = 23
• 4. 위험관리의 개념 = 29
• 제2절 부동산개발사업의 위험과 유형 = 32
• 1. 부동산개발사업의 위험 개념 = 32
• 2. 부동산개발사업의 위험 요인 = 32
• 3. 부동산개발사업관련 위험의 종류 = 34
• 제3절 부동산개발사업의 위험 관리방안 = 41
• 1. 추진주체별 위험관리 방안 = 41
• 2. 금융기관의 위험관리 방안 = 43
• 제4장 부동산개발사업관련 보험의 종류 = 46
• 제1절 시행자를 위한 보험상품 = 47
• 1. 부동산 권원보험 = 47
• 2. 공사이행 보증보험 = 50
• 3. 분양보증보험 = 51
• 제2절 부동산개발금융업자를 위한 보험상품 = 52
• 1. 분양손실보험(Contingency Insurance Policy) = 52
• 2. 부동산보장가액보상보험 (Assured Value Insurance) = 55
• 3. 주택사업자보증 = 58
• 제3절 시공사의 위험을 담보하는 보험상품 = 60
• 1. 건설공사보험(Contractor's All Risks Insurance) = 60
• 2. 리모델링 공사보험 = 64
• 3. 완성토목공사물 보험 = 65
• 제5장 부동산개발사업관련 보험의 활성화 방안 = 67
• 제1절 권원보험의 활성화 방안 = 68
• 1. 권원보험의 시장규모 = 68
• 2. 권원보험의 문제점 = 69
• 3. 권원보험 활성화 방안 = 72
• 제2절 부동산보장가액보상보험의 활성화 방안 = 75
• 1. 부동산보장가액보상보험(AVI)의 시장규모 = 75
• 2. 부동산보장가액보상보험의 문제점 = 75
• 3. 부동산보장가액보상보험의 활성화 방안 = 81
• 제6장 결론 = 85
• 참고문헌 = 89
• ABSTRACT = 91