새로운 위험에 대처하기 위한 효율적인 보장장치로서 지수형 보험 도입방안에 관한 연구

In Korea, discussions on index-based (parametric) insurance remain largely confined to conceptual understanding and preliminary assessments of its potential incorporation into the existing insurance framework. This limited progress can be attributed to several structural constraints. First, legal and regulatory uncertainty persists, particularly with respect to the compatibility of index-based insurance with the indemnity principle under the Insurance Business Act and the absence of clearly articulated supervisory standards. Second, the underdevelopment of data and technological foundations—including insufficient long-term statistical data, limited representativeness of regional weather indices, and the lack of a mature reinsurance market—poses significant challenges to the construction of reliable index models. Third, consumer acceptance remains low, as basis risk may result in discrepancies between actual losses and insurance payouts. For index-based insurance to be viable, it requires more than innovative product design; it presupposes the existence of infrastructure capable of generating, verifying, and operating objective indices in a stable and transparent manner. Such infrastructure encompasses public meteorological observation networks, satellite and remote-sensing technologies, on-site sensors and data integration platforms, risk modeling and automated payout systems, as well as legal and institutional mechanisms that formally authorize and regulate index-based triggers and payout structures. Potential areas for the application of index-based insurance in Korea include:(1) weather- and climate-related disaster risks, such as heavy rainfall, localized torrential rain, typhoon wind-speed-based coverage, and heat-index-based insurance;(2) agricultural risks, including crop yield indices and soil moisture or rainfall-based insurance, which could be integrated with existing programs operated by the Agricultural Policy Insurance & Finance Service (APFS);(3) renewable energy risks, such as shortfalls in wind power generation or insufficient solar irradiation; and(4) operational interruption risks triggered by weather events, affecting subways, railways, ports, aviation, large-scale events, and sporting competitions. The feasibility of introducing index-based insurance should be assessed on a sector-specific basis. From a legal perspective, index-based insurance targeting natural disasters and climate risks may satisfy the elements of fortuity and risk transfer, and where objective public indices are employed, there is limited justification for denying its character as an insurance contract. Nevertheless, given that the current Insurance Business Act is premised on traditional indemnity-based insurance, comprehensive adoption in the absence of explicit legal authorization entails significant supervisory and regulatory uncertainty. From a technological and institutional standpoint, Korea possesses substantial foundational capacity for operating index-based insurance, particularly in light of its advanced meteorological data infrastructure and electronic payment systems. Accordingly, index-based insurance demonstrates considerable potential in public disaster response and policy-oriented insurance schemes. In contrast, in the domain of private retail insurance, a more cautious approach is warranted due to limited consumer understanding and acceptance of basis risk. In conclusion, rather than pursuing wholesale adoption across the Korean insurance system, a phased and supplementary introduction of index-based insurance, focused primarily on public disaster and climate-risk domains, represents a realistic and legally sound approach. Index-based insurance has the potential to modify traditional insurance principles and enhance accessibility, particularly in areas where losses are difficult to substantiate, risks are typically excluded from coverage, or objective indices can be reliably assessed due to technological advancements associated with the Fourth Industrial Revolution. Moreover, the development of hybrid insurance products combining index-based and traditional indemnity-based insurance should be actively explored. Successful implementation will require the parallel advancement of technological infrastructure, legal and institutional reform, and strengthened consumer protection mechanisms.