| 초록 |
The purpose of this study is to evaluate our current government reinsurance program and find its improvement strategies for crop insurance. Our current reinsurance program as a pilot program during 3 years(2014~2016), which provides private insurance companies with different level of government guarantees for each of the three risk groups(high, medium, low) of agricultural items, replaced the previous program which provided the same guarantee level for all items. We compare the profit/loss of government reinsurance fund and private insurance companies between the currentand previous programs and estimate fair value of reinsurance premium through two different approaches, historical data analysis and simulation. To compare the stability of government reinsurance fund between the two programs, we also estimate default risk and required fund balance for each of various scenarios. The result shows that our current pilot program did not improve the previous one and, even worse, increased the loss and default risk of government reinsurance fund compared with the previous program. Therefore, we suggest to reform the overall structure of our reinsurace system to apply the U.S. system in order to develop stably our crop insurance program.
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