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위험회피성향과 보험수요의 이론 및 실제

A Theory and Practice on the Association between Risk Aversion and Insurance Consumption

김대환
보험연구원 (Korea Insurance Research Institute)|2019.11|보험금융연구 (Journal of Insurance and Finance)|제30권 제4호|pp. 63-86|DOI 10.23842/jif.2019.30.4.003

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참고문헌

키워드

민영보험정보의 비대칭Information AsymmetryRisk AversionPrivate Insurance보험수요위험회피성향Insurance Consumption
주제분류경영학

초록

위험회피성향이 강할수록 보장성보험의 수요가 증가한다는 보험경제학 이론의 개발 이후 이론적 가설을 실증적으로 증명하려는 시도는 꾸준히 이루어져 왔다. 하지만 이론을 증명해 온 선행연구들은 데이터의 한계로 인해 모집단을 대표하지 못하거나 개인의 위험회피성향을 측정하기 위한 별도의 설문문항이 부재하다는 한계가 있었다. 반면 본 연구는 개인의 위험회피성향을 측정할 수 있는 별도의 설문문항이 존재하는 동시에 모집단을 대표할 수 있는 재정패널조사를 활용하였다. 분석 결과, 위험회피성향이 강할수록 상해, 질병, 사망 등을 보장하는 보장성보험의 수요가 증가하는 것으로 나타났다. 본 연구에서 측정한 위험회피성향이 개인의 실제 위험회피성향을 적절히 반영하고 있는지 여부를 추가 분석한 결과와 다수의 관련 선행연구를 비교한 결과, 위험회피성향 변수가 신뢰할 수 있는 정보라고 결론 내릴 수 있었다. 그럼에도 불구하고 단 하나의 설문문항만으로 위험회피성향을 측정하고 있기 때문에 측정 차원의 신뢰도나 타당도가 낮을 수 있으므로 향후 개인의 위험회피성향을 측정할 수 있는 설문문항을 추가하여 재분석을 시도할 필요가 있겠다.

Abstract

Attempts have been made to prove empirically the theoretical hypotheses since the development of economics of insurance theory that the stronger the risk averse propensity, the greater the demand for insurance products. However, previous studies that attempted empirical analyses had limitations due to the limitation of the data, hardness to generalize the results, or the absence of a separate questionnaire to measure the risk aversion of an individual. On the other hand, this study utilizes the National Survey of Tax and Benefit that represents a population while there is a separate questionnaire to measure the risk aversion of an individual. The empirical results show that the stronger the risk averse propensity, the greater the demand for insurance products to hedge the risk of injury, illness, and death. As a result of further analysis of whether the questionnaire properly measures the individual's actual hedging propensity compared to a number of related studies, it was concluded that the hedging propensity variable is reliable information. Nevertheless, the risk aversion is measured using only one questionnaire, so the reliability or validity of the measurement may be low.

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