Contents
Status quo bias in ocean marine insurance and implications for Korean trade / Hongjoo Jung ; Soyoung Lim 1
Abstract 1
1. Introduction 1
2. Literature Review 3
2.1. Behavioral Bias 3
2.2. Status Quo Bias 4
2.3. Ocean Marine Insurance(OMI) 5
3. Development of OMI Contracts and Their Use in Foreign Countries 6
3.1. Overview of the Global OMI Market 6
3.2. Development of OMI contracts 7
4. Use of OMI Contracts in Korea 10
4.1. Data and Basic Questions 10
4.2. Usage Analysis 10
5. Interviews with OMI Underwriters and a Survey of Insureds 13
5.1. Focus-group Interviews with OMI Underwriters 13
5.2. Supplementary in-depth interview with one underwriter 15
5.3. Insured Survey 15
6. Conclusion and Implications 16
References 17