• Korean Management Science Review
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• v.29 no.3
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• pp.23-43
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• 2012

Enacted for enhancing the competitiveness of the Korean capital market and financial industry, Capital Market Consolidation Act (CMCA) was intended to induce considerable changes such as adopting the concept of financial investment products, regulating financial investment functionally, extending financial investors' business areas and intensifying protection for investors. Employing DEA (Data Envelopment Analysis), this study measures and compares the efficiencies of domestic financial companies between the before and after the enactment of the Consolidation Act. We categorize the financial companies into 4 groups (banks, life insurance companies, property and casualty insurance companies and securities companies) depending on their business types, and evaluate how much and in which direction the Consolidation Act affects the efficiency of each group respectively. The study shows that there is no significant difference between the average efficiency of banks and that of property and casualty insurance companies due to the trade-off between opportunities and threats of the Act. To the contrary, it shows that the respective average efficiencies of life insurance companies and securities companies moved in the opposite directions to a considerable extent. Through empirical tests, we demonstrate the effect of the Act on the efficiency of Korean financial companies, and suggest the countermeasures for each financial group against the Act.

• Journal of the Korea Safety Management & Science
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• v.16 no.3
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• pp.307-316
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• 2014

In view of the increased threat arising terrorism, the International Maritime Organization(IMO) adopted the International Ship and Port Facility Security Code (ISPS Code) which attached to the SOLAS Convention. The ISPS Code requires a comprehensive set of measures to enhance the security of ships and port facilities. For example, a shipowner must obtain the International Ship Security Certificate(ISSC). If the carrying vessel has not ISSC, the ship may be detained by the contracting governments. The Joint Cargo Committee(JCC) in London adopted the Cargo ISPS Endorsement, in which the assured who knowingly ships the cargoes on a non-ISPS Code compliant vessel will have no cover. However, where there is no the Cargo ISPS Endorsement in a Marine Cargo Insurance Policy and the cargo is carried by a non-ISPS Code certified vessel, the legal problem is whether or not it would constitute a breach of an implied warranty of seaworthiness and/or an implied warranty of legality. The purpose of this article is to analyze the potential legal issue on the relations between non-ISPS Code compliant vessel and two implied warranties under Marine Insurance Act(1906) in U.K.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.66
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• pp.285-312
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• 2015

Export and import of food, agriculture, forestry, fishery products are suffering from low growth rate due to the European financial crisis, global recession, and Japan's 2012 export expansion following the aftermath of 2011 earthquake. Upon the signing and enactment of Free Trade Agreement with the U.S. and the EU, agriculture and fishery product have become the center of attention. Agriculture and fishery was reported to be 80million dollars, 1.46% of total national export, in 2012. Starting from2000, South Korea's government began its effort to expand agriculture and fishery export and as a result, export has steadily increased despite decreased consumption led by global recession. K-Sure has started an insurance program with the purpose of promoting SME business's export. It protects SME business against risk arising from credit, emergency, bad debt, and domestic price increase. This study aims to evaluate the service quality of K-Sure's insurance program via surveying SME businesses in the agriculture and fishery industry. Also this study will identify key service factors for SME businesses and explore ways to expand SME exports of agriculture and fishery by analyzing consumer satisfaction index. Results indicated service product quality factor, service communication quality factor, and social quality factor was key to improving consumer satisfaction for SME businesses in agriculture and fishery industry. Service product quality factor had a negative effect on consumer satisfaction in term of variety and results indicated that service communication quality factor's responsiveness element had minimal impact on consumer satisfaction. Conversely, all elements for social quality factor had positive effects on consumer satisfaction. Thus, leading to the conclusion that improvements in service product quality factor and service communication quality factor will indeed increase consumer satisfaction.

• Korea Trade Review
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• v.47 no.5
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• pp.289-304
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• 2022

Korea's LNG and crude oil are the most important energy and export raw materials, but 100% import resources by overseas. However, tanker shipping companies, which play the most crucial role in energy cargo security, are very small in number and size, which can be a factor in the supply chain crisis. Therefore, this paper studied the policy of expanding tanker transportation necessary for the transport of crude oil and LNG in Korea. In the existing literature, there was no policy study necessary for tanker ships, but referring only to the importance of overseas energy development and transportation, so we tried to derive various demands necessary for expanding the tanker fleet through expert interviews and AHP which was conducted on 89 related energy institutions to derive policies and their priorities. The results of the study are as follows. As for the policy, the financial support policy was the highest priority, followed by the business and the mutual cooperation policy of related agencies. Tax support (22.6%) and ship financing (19.4%) were the highest priorities, followed by the Energy Intermediate Promotion Act (11.9%), Tanker Guarantee Insurance (10.6%), Energy Budget Independence (9.3%), and Korea Trader Development (8.2%). Energy governance (6.3%), information center establishment (6.2%), and energy procurement committee (5.5%) ranked seventh, eighth, and ninth. The research results show that it is necessary to supply sufficient ships to the market through the expansion of ship finance for tankers and to follow business support policies such as guarantee insurance. In addition, it was also possible to derive that the financial resources need to be determined by law and independent budgets for consistency and continuity.

• The Korean Journal of Applied Statistics
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• v.26 no.6
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• pp.857-871
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• 2013

Export credit insurance is a policy tool for export growth. In the era of free trade under the governance of WTO, export credit insurance is still allowed as one of the few instruments to increase exports. This paper, using data on short-term export insurance contracts issued to foreign subsidiaries of Korean companies, calculates the expected loss per exposure by combining the effect of risk factors (credit rate of foreign importers, size of mother company, and payment period) on loss frequency and loss severity in different levels. We, applying generalized linear models (GLM), first fit loss frequency and loss severity to negative binomial and lognormal distribution, respectively, and then estimate the loss frequency rate per contract and the ratio of loss severity to coverage amount. Finally, we calculate the expected loss per exposure for each level of risk factors by combining these two rates. Based on the result of statistical analysis, we present the implication for the current premium rate of export insurance.

• Journal of Korean Society for Quality Management
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• v.50 no.3
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• pp.387-405
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• 2022

Purpose: This study aims to develop a communality model to measure the service quality that the customers encounter on face-to-face and non-face-to-face automobile insurance before and after insurance purchase. Methods: For these purposes, we conduct a five-step program to develop a comprehensive communality model to measure service quality except insurance purchase channels. Results: As a result, we find five communality factors: value-added service for automobile maintenance, value-added service for drivers, quickness, dispatch service, and convenience of the service process. And the relative importance of service quality factors was in the order of value-added service for drivers, the convenience of the service process, quickness, and dispatch service, respectively. Conclusion: This study developed the opportunities to enhance service quality to attract customers. And it contributes to the academic literature by reporting the industry-specific service quality model, which maintains a theoretical gap in the online and offline automobile insurance industry.

• International Area Studies Review
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• v.13 no.2
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• pp.643-666
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• 2009

When it comes to current balance, both of Korea and China enjoy the trade surplus in goods while both countries suffer trade deficit in service. This facts demonstrate that two countries have comparative disadvantages in service industry. In order to identify the international competitiveness of trade in service between Korea and China, several indexes such as TSI, RSCA and IMS was calculated, using the IMF's balance of payments (BOP) statistics as proxy. The results of this analysis are as follows. Korea has a comparative advantage in four sectors (Transportation services, Financial services, Royalties & license fees and Personal cultural recreation), while China has a comparative advantage in five sectors (Travel, Communication services, Insurance services, Computer & information services and Other Business services). Construction services are indeterminate. However, the competitiveness of the two sectors-communication and computer & information-which China has a comparative advantage will be transferred to Korea if some effort to reinforce the competitiveness is added because the gap is being narrowed.

• International Commerce and Information Review
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• v.13 no.3
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• pp.377-401
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• 2011

Under the WTO system, direct export support system that provides financial and tax related support is altogether prohibited. This presented an obstacle in strengthening competitiveness of Korean export business and in increasing exports continuously. One of the methods used to solve this problem was to actively leverage export insurance. In Korea, export insurance services have been conducted by the Korea Trade Insurance Corporation (k-sure) to promote export. Korea has been among the world's active users of the export insurance system. Given this situation, this paper examines the effectiveness of the Korea export insurance system in the promotion of export. In particular, this study analyzed about discriminating effects of the export insurance on the export of big and small-medium business. In order to analyze, We introduce a Export Supply Function model. In this paper, We construct two model. The one is about big business, the other is small-medium business. For empirical analysis, unit-root test was conducted to understand the safety of time series. The results show that all variables are not I(0) time series. Instead, they are I(1) time series. To this, cointegration verification was conducted based on the use of Johansen verification method to define the existence (or non-existence) of long-term balance relationship among variables. The results come out as follows. The export insurance of big business has a stronger effect on export than that of small-medium business. The cause of these results is due to the distinct structure of Korea industries. In view of the fact that the insurance can make the risk decreased. We can say that the export insurance affects the export of a high-risk country.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.32 no.2
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• pp.158-170
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• 2009

This paper considers how the optimal export level is influenced by export risk, the degree of risk-averseness for exporting firms, and those firms' cost structure. In addition, export insurance is incorporated into some simple theoretical model to analyze the optimal export level. This paper applies genetic algorithm simulation to show that the exporting firms'risk-averseness do not affect the optimal export decision while export risk and cost function characteristic have relatively more significant effects on the optimal export level. Finally, our findings suggest that the most influential factor for the optimal export levels seems to be the monopoly power of exporting firms.

• The Journal of Information Technology
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• v.8 no.2
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• pp.27-42
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• 2005

The S.G. Policy form contains the words "the good ship or vessel called the.....". The words "good ship" mean that the ship is deemed to be seaworthy at the commencement of the voyage and this was very necessary in the day when a separate policy was issued for each voyage. In fact the warranty do seaworthiness still applies to all voyage policies. Nevertheless, the law does not apply an absolute warranty of seaworthiness to a time policy, so a ship is not required to be seaworthy at the time the hull policy is effected. The implied warranty of seaworthiness does not extend to good, for the underwriter is not responsible for their condition, apart fro the action of the perils insured against. The implied warranty of seaworthiness is limited to the vessel herself, and does not extend to a lighter or other craft used to convey the goods to the ship. The underwriters waive any breach of the implied warranties of the seaworthiness of the ship and fitness of the ship to carry the subject-matter insured to destination, unless the assured or their servants are privy to such unseaworthiness of unfitness.