자동차보험의 자기부담금제도 변경이손해율에 미치는 영향에 대한 연구

Abstract

Absolute amount deductible system with a maximum limit of ₩500,000 was maintained in Korean automobile insurance until the end of 2009. But to reflect recent economic environmental changes the insurance authority raised the threshold limit that triggers premium surcharge to ₩2,000,000 in January of 2010. As the authority might expect the increase of the threshold limit brought a lot of moral hazard, which soared the loss ratio of auto insurance. To curb this adverse situation the authority introduced a proportional deductible system in the following year in which the deductible amount becomes 20% of the total damage to your auto with maximum and minimum deductible of ₩500,000 and ₩100,000, respectively. This study analyzed loss ratio data of automobile insurance between 2005 and 2013 and found the following results. First, the past two times changes in auto insurance deductible system affected adversely to loss ratio of third party bodily liability, medical expenses, and damage to your auto coverages. Second, with the introduction of the proportional deductible system in 2011 third party property damage liability loss ratio dropped dramatically but the loss ratio of medical expenses increased. On the other hand the loss ratio of damage to your auto dropped but was not statistically significant. Third, these changes in the deductible system affected differently to the loss ratios of various sizes(big vs. midium small) and types(online vs. offline) of insurers. Finally, imprudent changes in the coverage system or erroneous decision making brought serious financial losses to insurers and auto insurance policyholders.