국내손보산업의 언더라이팅주기 분석 및 시사점 = Analysis of underwriting cycle in Korea nonlife insurance

다국어 초록 (Multilingual Abstract)

Many studies found that the patterns of underwriting characterized by insurance pricing and loss records had their own cycles. As the ratemaking is deregulated the importance of underwriting is increased. Actually the ratemaking in Korea insurance industry is going to be fully liberalized from the April of 2002 yr. In this context, this study has examined the underwriting cycle of various line of Korean property and casualty industry. The test was based the earned based loss ratio data for thirty years (1970~1999). Hull, cargo, accident and multi-peril package insurance, which were examined using data for 1970~1989, shows weak statistical significance of underwriting cycle. In the whole property and casualty (except long term and surety), fire, auto, general liability and engineering line which were based on 1990~1999 data, there also has been weak statistical evidence of underwriting cycle. These results, however, shows the existence of underwriting cycle, which also implies that it should be the primary factor in insurance pricing.