확률적 프런티어 방법론을 이용한 손해보험사의 기술효율성 측정
Estimating the Technical Efficiency of Korean General Insurance Firms: A Stochastic Frontier Approach
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본 연구에서는 확률적 프런티어 방법론 및 비효율성에 영향을 미치는 각 보험사의 특성 변수들을 함께 고려하여 효율성을 측정하는 새로운 기법을 사용하여 1998년부터 2005년까지의 국내 손해보험회사들의 기술효율성을 측정하고 분석하였다. 연구 결과 분석 기간 동안 대부분의 손보사들은 향후 성장 및 생존을 위하여 상당한 효율성의 제고가 필요한 것으로 나타나고 있다. 전체적으로 대형 손보사들이 중소형 손보사들보다 높은 기술효율성을 보이고 있어 향후 효율성 제고를 위한 손보사들의 규모 증가가 필요한 것으로 밝혀졌다. 아울러 손보사들의 마케팅채널의 구성이 비효율에 상당한 영향을 주어 온 것으로 분석되고 있으며, 특히 모집인이나 대리점제도는 직급제도 등 기타 판매방식들에 비하여 평균적으로 볼 때 비효율적인 방식으로 나타나고 있다. 본 연구에서는 유가증권투자비중의 확대는 오히려 효율성을 저하한 것으로 나타나 운용자산의 구성이 효율성에 상당한 영향을 미치는 것으로 나타나고 있다. 또한 보험영업을 다양한 종목으로 분산한 손보사들이 특정 종목에 집중한 손보사들보다 상대적으로 높은 효율성을 보이고 있는 것으로 분석되었다.
Abstract
This study estimates and analyzes the technical efficiency of Korean general insurance firms for the period 1988-2005 by utilizing a recently developed stochastic frontier model. This model differs from traditional stochastic frontier models in that factors affecting efficiency are included in the model in efficiency estimation rather than treated as independent variables. Results show that most general insurers need significant efficiency improvement for future growth and survival in the industry. Most large insurers exhibit higher level of technical efficiency than midium or small insurers. The result implicates the size of insurers play an important role in insurance operation. Marketing channels, asset portfolios, and the diversification of insurance lines are found to be crucial factors for the technical efficiency of general insurers.
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