輸出保險 損害率 安定化方案에 관한 硏究

A study of stabilizing the loss of export insurance

Export insurance is regarded as one of the most effective means of indirect government support for export promotion, with which firms may be able to accelerate their deals without serious conflict with foreign partners. In a changing environment of international trade, however, export insurance is facing a new challenge. changing pattern of the payment methods in international trade has brought a new risk. In contrast to the L／C based payment, non-L／C payment such as remittance or collection has become popular payment method in recent years as the market has put its importance on the buyers’ convenience. Such a trend has increased the non-payment risk in international trade and it has also pushed the export firms and financial institutions to rely on the export insurance more. In its turn, however, it is highly probable that the loss ratio of export insurance be aggravated with higher non-payment risk. Loss ratio above some proper level will do harm the stability of export insurance business as evidenced in Korean case in 1990s. Thus, a systematic risk management is critical for stabilizing the loss ratio of export insurance. There is no doubt that the primary function of export insurance is to promote exports, but it can be exerted only when the efficiency of export insurance is maintained on the basis of its stable business. Procedure of systematic risk management of export insurance may be classified with the following three steps. First, it is essential that export insurer estimate loss ratios for its major products to cope with increasing non-payment risk and arrange some target loss ratios to control. Secondly, specific measures of risk management need to be taken either ex-ante or ex-post. Thorough credit inquiry about trade partners and elaborating underwriting functions are crucial factors for ex-ante risk management. The ex-post risk management consists of preventing the leakage of wrong loss payment through good inspection of a loss and enhancing the recovery efforts. Finally, regular inspection and improvement of the risk management system are essential to cope with changing environment of international trade.