지정학적 리스크가 해상보험 비즈니스에 미치는 영향에 관한 고찰

Abstract

Purpose – The purpose of this study is to examine the impact of recent geopolitical risks on the marine insurance business. Design/Methodology/Approach – This research utilizes academic literature, reports, and online resources to analyze the impact of geopolitical risk on not only war insurance but also the entire marine insurance business. Findings – Because war risk involves political elements, discrepancies in interests and risk assessments among reinsurers can arise, reducing reinsurance underwriting capacity and making it difficult for commercial insurers to underwrite war insurance. Consequently, it has become clear that the losses actually covered by war insurance tend to be limited to the initial impact, i.e., losses resulting from detainment during combat. Research Implications – Geopolitical risk, due to differences in economic sanctions between countries and regions driven by foreign policy, can lead to a lack of reinsurance underwriting capacity necessary to cover not only war risks but also maritime risks. Ocean-going vessels are vulnerable to geopolitical risks stemming from international political dynamics, are they engage in international commerce through maritime transport. For example, in marine war insurance, risks such as war, terrorism, and piracy fluctuate constantly due to military tensions between nations and regional conflicts. Consequently, the scope of insurance coverage and premiums may change accordingly. In addition, insurers (reinsurers) are vulnerable to geopolitical risks, as they may be unable to underwrite insurance (reinsurance) or pay payments claims (reinsurance payments) due to economic sanctions imposed by European, American countries, Japan, Korea, and international organizations.