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Research Monograph A Study on Systemic Risks in Insurance Sectors and Resolution Schemes of Insolvent Insurance Firms December 31, 2018

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Series No. 2018-05

Research Monograph KOR A Study on Systemic Risks in Insurance Sectors and Resolution Schemes of Insolvent Insurance Firms #Financial Supervisory and Policy #Consumer Finance
DOIhttps://doi.org/10.22740/kdi.rm.2018.05 P-ISBN979-11-5932-464-2 E-ISBN979-11-5932-478-9

December 31, 2018

  • KDI
    Rhee, Keeyoung
  • KDI
Summary
This paper provides analysis on insurance runs, which are defined as simultaneous requests to cancel insurance contracts by a large number of policyholders, as a potential source of systemic risk in insurance sectors. Contrary to runs on banks, the heterogeneity of risk management ability among policyholders enables insurance runs to have a direct impact on insurers’ solvency. We show that policyholders with high risk sensitivity are more likely to cancel their insurance contracts, which has a negative effect on the solvency of the insurer hit by a run. However, insurance runs may also induce the remaining policyholders to manage their own risks more prudently, which has a positive effect on the insurer’s solvency. We present numerical examples on whether or not the overall impact of the insurance runs exacerbates such solvency.

We further study how a resolution policy should be designed to maximize the social welfare, which is the sum of the consumer surplus and net worth of the insurer acquiring insurance contracts from the other insurer going bankrupt. An increase in the insurance premium may improve the net worth of the insurance contracts, but it may also accelerate the exit of policyholders managing their own risks more prudently. We numerically analyze how the optimal insurance premium varies with the coverage plans; the systematic risks and; the severity of the risks exposed to consumers without insurance.
Contents
발간사
요 약

제1장 서 론

제2장 인슈어런스 런(Insurance Run)의 발생 메커니즘과 보험회사의 건전성에 미치는 영향
 제1절 서론
 제2절 보험의 특성 및 인슈어런스 런 발생 가능성 고찰
 제3절 인슈어런스 런이 보험회사의 건전성에 미치는 효과
 제4절 보험감독정책 개선방향 및 분석 결과 논의
 제5절 결 론

제3장 부실 보험회사가 보유한 보험계약의 합리적인 정리제도에 관한 연구
 제1절 서 론
 제2절 국내 부실 보험계약 정리제도 현황
 제3절 부실 보험계약 정리제도에 관한 이론분석
 제4절 정책적 개선방향
 제5절 결 론

제4장 결 론

참고문헌
ABSTRACT
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