생명보험산업의 경쟁과 효율성

In the life insurance industry, conflicting arguments on competition are prevailing that it serves to incentivize firms towards greater management efficiency while concurrently raising concerns regarding excessive risk-taking behaviors. This conflicting dynamics highlights the importance of establishing and regulating an appropriate competition framework as a focal concern for policymakers. However, a definitive and coherent resolution to this issue has yet to emerge in the literature. This study aims to investigate the effects of competition on management efficiency within the life insurance sector. To this end, the Boone index is utilized as a proxy for measuring competitive intensity, and efficiency scores are derived through data envelopment analysis. Empirical findings indicate that increased competition is positively correlated with enhanced management efficiency among life insurance companies. This effect is notably more pronounced in firms with lower market power and during periods characterized by higher GDP growth rates. Additionally, the analysis reveals that an increase in market concentration, as expressed by the Herfindahl-Hirschman Index(HHI), is associated with improvements in efficiency. The results of this research are expected to provide a basis for the formulation of effective competition policies within the life insurance industry, thereby promoting both operational efficiency and systemic stability.