손해보험회사 경영정보의 가치관련성에 관한 실증연구

Abstract

To aim at advancing the Korea’s insurance industry, new regulations such as business expense disclosure, RBC solvency, and allowance for sales of bancassurance have been introduced in the 2000s. In this regard, this study empirically analyzes whether the value of insurance companies reflects KOSPI, characteristics of insurance product portfolios, proportion of bancassurance sales, representative management effectiveness indices such as loss ratio, expense ratio, surrender value ratio, and risk-based capital ratio. For casualty insurance companies listed on the Korea stock market, we develop a regression model based on Ohlson model, and our new model includes additional explanatory variables reflecting characteristics of insurance companies. We subdivided the model into two regression models, which are a level-based model generalized from the Ohlson model, and a logistic incremental model. The analysis shows that the new model accounts for the value of insurance companies better than the Ohlson model that has only summarized accounting information. In the level-based model, the value-relevant explanatory variables amongst which are additionally included in the model are KOSPI, surrender value ratio, proportion of bancassurance sales, proportion of long-term insurance sales, and loss ratio in the decreasing order of relevance. Similarly, in the logistic incremental model, proportion of long-term insurance sales, surrender value ratio, and loss ratio have showed significant explanatory power.