최대보험료의 재무경제학적 분석
A Financial Economic Analysis of Maximum Premium
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초록
보험경제학에서, 보험수요이론의 많은 부분은, 과도하지 않은 보험료를 가정하는 최적 내부해(interior solution)를 분석한 결과들로 구성되어 있다. 본 논문은, 이런 내부해 접근방법에서 벗어나, 주된 관심사로 경계해(corner solution)를 조사한다. 그 이유는 경계해가 보험계약이 성립될 수 있는 보험료의 최대한도를 규정하기 때문이다. 요컨대, 본 논문에서는 비례보험 분석모형을 적용해 보험수요가 발생하는 보험료 한도에 관한 비교정태분석을 시도한다. 즉, 보험이용성이 있는 보험요율의 범위는 개인의 위험성향과 부, 부가보험료 요인 및 손실위험 확률분포의 함수임을 확인하고, 이들 각각 변수의 증감이 최대보험료 한도에 미치는 영향을 조사한다. 무엇보다, 본 연구결과는 최적보험규모를 결정하는 내부해와 보험수요의 발생범위를 파악하는 경계해의 분석이 함께 이루어져야 한다는 점을 강하게 시사한다. 내부해와 경계해의 동시적 분석을 통해 보험수요에 관한 보다 전체적인 국면을 파악할 수 있기 때문이다.
Abstract
In the existing financial economic theory of insurance, properties of insurance demand have been mostly obtained from the optimal interior solution given the assumption that insurance premium is not too large. This article departs from this traditional approach by considering a corner solution, which determines the maximum premium condition for a positive coverage. In particular, within the well-known co-insurance demand framework, it is shown that the magnitude of maximum premium is obviously not independent from the individual's risk preference and wealth, insurance loading and the distribution of insurable risk, and we further investigate how the conditions for maximum premium are affected by shifts of these four parameters, respectively. Most importantly, results of the present article strongly indicate that simultaneous analyses of the maximum premium (corner solution) and of optimal coverage of insurance (interior solution) allow for a more complete understanding of the demand for insurance.
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