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파생상품가격이론을 이용한 보험계약의 경제가치 평가모델에 관한 연구

A Study on the Economic Value Evaluation Model of Insurance Contracts Using Derivatives Price Theory

김일태|박석강
한국경제통상학회 (The Korean Economic and Business Association)|2020.11|경제연구 (Journal of Economics Studies)|제38권 제4호|pp. 145-172

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참고문헌

키워드

보험계약Financial Information금융규제파생상품가격이론경제가치금융정보Insurance ContractDerivatives Price TheoryEconomic ValueFinancial Regulation
주제분류경제학

초록

본고는 파생상품가격이론을 이용하여 보험계약의 경제가치에 대한 평가모델에 대한 이론모형을 구축하였다. 특히 파생상품가격이론과 옵션가격이론의 응용을 통해 금융상품이 가지고 있는 pay off에대한 합리적인 경제가치 평가에 대한 이론모델의 정합성을 유도하기 위해 보험회사의 재무정보 및투명성의 비교분석을 통해 새로운 경제가치평가 모델을 제시하였다. 특히 파생상품가격이론을 토대로 생명보험의 계약평가에 주목하여 실무단계에서의 적용가능성과 문제점에 대한 이론분석을 통해보험계약에서의 경제가치 평가 방법의 도입이 생명보험업계에 미치는 영향을 분석하였다. 또한 자본시장에서 생명보험산업의 발전과 금융규제 및 감독방법의 방향성에 대한 이론모델구축이 향후 보험회사의 가치평가에 대해 계량경제학 방법론을 이용한 실증분석을 시도하는데 중요한 의의를 가지고있다.

Abstract

In this paper, the theoretical model of the evaluation model for the economic value of insurance contract was established by using derivative price theory. Namely, by applying the derivative price theory and option price theory, a new economic value assessment model was presented through a comparative analysis of the financial information and transparency of insurance companies in order to induce consistency of the theory model in a reasonable valuation of economic value for pay off that financial instruments have. Focusing on the contract evaluation of life insurance based on derivative price theory, the theoretical analysis of the applicability and problems in the working stage were analyzed the impact of the introduction of the economic value evaluation method in insurance contracts on the life insurance industry. In addition, the development of the life insurance industry and the construction of a theoretical model on the direction of financial regulation and supervision methods in the capital market have important significance in attempting empirical analysis using the quantitative economic methodology for the valuation of insurance companies in the future.

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