보증보험시장 경쟁현황 및 개편방안

It is highly likely that discussions on the reform of Korea's guarantee insurance market will begin in earnest soon. This is because the Public Capital Redemption Fund Act sets the deadline for the redemption of the Public Fund that were raised to overcome the East Asian Financial Crisis as 2027. The redemption of the Public Funds is a problem that involves reforming the guarantee insurance market. There are various views on the industrial structure of the current guarantee insurance industry. However, considering that Seoul Guarantee Insurance(SGI) is the only mono-line insurance company under the Insurance Business Act, the guarantee insurance market should be regarded as an monopolistic market, and considering that the HHI is a concentrated market, the guarantee insurance market seems to be oligopolistic. This paper looks at policy issues related to the reorganization of the guarantee insurance industry. The reorganization task of the guarantee insurance industry involves various issues; the issue of redemption of the Public Fund, strategy to sale the SGI, ownership structure, timing of sale, and financial inclusion functions of the SGI. This paper argues that reforming the guarantee insurance industry is not only a matter of insurance(financial) policy but also a fiscal policy to maximize the redemption of the Public Funds. It is also a matter of the financial inclusion function carried out by SGI. There are four ways to reform the guarantee insurance market: Mono-line, Multi-line, Partial Opening, and the Status Quo. According to the quantitative analysis conducted in this paper, the welfare effect of opening the market exceeds the welfare effect of the current financial inclusion function performed by SGI. However, from the perspective of financial authorities, the highly feasible option is expected to be a multiple mono-line structure, considering various policy goals in a balanced manner.