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1、05/31/07CompetitionandRegulationintheKoreanAutomobileInsuranceIndustryWondonLee*SogaEwedemi***AssociateProfessorofInsurance,DaeguUniversity,SouthKoreawlee@daegu.ac.kr**ProfessorofFinance,ClarionUniversityofPennsylvania,U.S.Aewedemi@clarion.edu241.Introdu
2、ctionTheKoreanpropertyandliabilityinsuranceindustryhadassetsofUS$49billionanddirectpremiumswrittenofUS$25billionin2005,whichwasthesecondlargestmarketinAsiaand10thintheworld(SwissRe,2006).Automobileinsuranceaccountedfor35.2%ofthetotalpremiumswritten,which
3、istheimportantbusinesslineintheKoreanpropertyandliabilityinsuranceindustry.In2005Koreanproperty-liabilityinsurancestatisticsshowsthattheshareofdirectpremiumoflong-terminsuranceis47.9%.However,long-terminsuranceissimplyaproductinwhichanassumedinterestrate
4、isusedforrate-makingandofwhichinsuranceperiodisusuallygreaterthanorequalto3years.Long-terminsuranceproductshavebeenusuallydevelopedforaccidentalandsicknessinsurance,generalpropertyinsurance,andevenindividualannuity.Duetolargepremiumincomeinnaturelong-ter
5、minsurancehasgrownuprapidlysinceitsadventin1969.Thatisthereasonwhyaportionofdirectpremiumfromautomobileinsuranceisquitelessthanaround50%unlikeothercountrieswiththefullydevelopedproperty-liabilityinsuranceindustry.Sincethemonopolizedmarketwasopenedtoallth
6、epropertyandliabilityinsurancecompaniesin1983,AlthoughsomepropertyandliabilityinsurancecompanieswerelicensedtosellautomobileinsuranceaftertheKoreanWar(1950-1953),therewasnoactualbusinessduetoalackofexperienceanduncertaintyaboutitsprofitability.In1957theg
7、rowingsocialconcernaboutprotectingpersonsinjuredbyautomobileaccidentsledtoestablishKoreaAutomobileInsuranceCompanyoperatedbytheNationalAutomobileTransportationAssociation.After4yearoperationthecompanywentbankruptcyduetomismanagement.Rightafterthat,in1962
8、,anewKoreaAutomobileInsuranceCompanywasestablishedintheformofaninsurancepoolby10propertyandliabilityinsurancecompanies.Thecompanywasconvertedtoastockcompanyin1968.Since1962,theKoreanautomobileinsuranceindustryhasbeenmonopo
