우리나라 보험산업의 생산성측정에 관한 연구

Abstract

This study tried to measure and compare the productivity of Korean insurance industry from 1990 t0 2009. This study can find the facts about the productivity of Korean insurance industry, which is worthwhile to be interested in.

First, relative efficiency levels and trends of life insurance industry and non-life insurance industry in Korea are similar during the past 20 years.

Second, Korean insurance industry has shown the decreasing trends of relative efficiency, in which non-life insurance industry are more serious than the life insurance industry during the past 20 years.

Third, the life insurance industry has shown steady trends of relative efficiency, but non-life insurance industry has shown decreasing trends of relative efficiency after 2000s.

Fourth, the life insurance industry has shown IRS in 1990s and DRS in 2000s, but non-life insurance industry has shown CRS in 1990s and DRS in 2000s.

Fifth, Korean insurance industry has pro-cyclical patterns of efficiency changes, which is consistent with the empirical results of standard business cycle theory.

Sixth, Korean insurance industry has shown the negative relationships between efficiency and total asset increase after 2000s.

Seventh, Korean insurance industry has received negative impacts from education, which is measured by the total years of official education.

From this finding facts, we can obtain the following implications.

First, Korean insurance industry needs to operate asset management more rationally, which means that Korean insurance industry should focus more on risk management against future uncertainty than the speculation desire of more short-run profits

Second, Korean insurance industry should know the seriousness of decreasing trends of efficiency and find out the discriminating strategies compared with other financial firms.

Third, Korean insurance industry will try to educate more specialized persons, specially to cope with the trends of more and more proportion of old people and the fast development of life science.

Fourth, Korean insurance industry should find out the good solutions about open trade markets and try to get global competitiveness of foreign advantages.

Notwithstanding with this finding facts and proposed implications, this study has the following limitations.

First, this study has comparatively short periods of research and needs to extend total periods of analysis form 20 years from 4-50 years, which means that the number of data observation should be increased to find the more stable characteristics of Korean insurance industry.

Second, this study focused on macro-economy of Korean insurance industry. So future researches would be necessary to analyse the individual firms’ relative efficiencies.

Third, this study would be necessary to extend this DEA models to econometric models, which is widely contributable to find out continuous changes of efficiency by using the models to measure the production frontiers of Korean insurance industry.