손해보험사의 투자성과 배분과 공시이율

Abstract

Insurance companies sell various interest-sensitive insurance products that reflect the purchase desire of insurance consumers, and these interest-sensitive insurance products are linked to different applied rates for each insurance company and for each insurance product. Interest-sensitive products generally apply the crediting rate that appropriately reflects investment returns and benchmark returns, and it is very important to operate the crediting rate to enhance the company’s earnings and the satisfaction of policyholders. Reasonable allocation of investment performance between insurers and policyholders may be possible if reasonable compensation is made to attract an increase in the insurer’s management efforts. Therefore, this study empirically analyzes the relationship between the excess return and crediting rates by using the excess return as an observable indicator of the insurer’s effort level and using the non-life insurer’s performance data. In addition, the empirical analysis also considers variables that could represent the insurance company’s bargaining power over insurance consumers. The results of this empirical analysis could be used in the valuation of liabilities and the risk management plans in the interest-sensitive insurance contract.