금리연동형 저해지종신보험의 보증비용에 관한 연구

A Study on the GMxB Costs of Interest Sensitive Low Surrender Whole Life Insurance

저해지환급형 종신보험상품은 처음에는 금리확정형으로 판매되었으나 추후 이율이원화 종신보험형태로 개발되어 판매됨에 따라 GMDB와 GMSB가 나타나게 된다. 2023년부터 우리나라는 IFRS17 하에서 보험부채의 계약자행동을 반영해야 한다는 점을 고려하면 금리연동형 저해지환급형 종신보험의 GMDB와 GMSB 보증비용 산출 시 보험부채 평가와 일관성을 유지하기 위해 계약자행동을 반영하는 것이 바람직할 것이다. 본 연구에서는 저해지환급형 종신보험상품에 대해서 동적해지율과 완납 Shock 해지율 모형을 정의하고 현금흐름에 반영해 GMDB와 GMSB의 보증비용 산출 및 분석하였다. 분석 결과 동적해지율 반영 시 금리연동형 저해지종신보험의 GMDB 및 GMSB의 보증비용이 증가하는 것으로 분석되었으며, 완납 Shock 해지율 반영 시 동적해지율만 반영했을 때 보다 GMDB 및 GMSB 보증비용이 감소하는 것으로 분석되었다.

The low surrender whole life insurance product was initially sold in a fixed interest rate, but the low surrender whole life insurance was also developed sold in a floating interest rate. As a result, GMDB and GMSB guarantee options were provided. Considering that South Korea must reflect policyholder behavior in insurance liability evaluations under IFRS 17 starting in 2023, it is desirable to reflect policyholder behavior in calculating GMDB and GMSB guarantee costs to maintain consistency with insurance liability evaluations. In this study, dynamic lapse rates and premium paid-up shock lapse rate models were defined for surrender-type whole life insurance products, and the guarantee costs of GMDB and GMSB were calculated and analyzed by reflecting them in cash flows. The analysis results showed that when dynamic lapse rates were considered, the guarantee costs of GMDB and GMSB for interest sensitive low surrender whole life insurance products increased, and when premium paid-up shock lapse rates were considered, the guarantee costs of GMDB and GMSB decreased compared to when only dynamic lapse rates were considered.