Abstract
The purpose of this paper is to determine whether the personal injury and property damage loss ratios of automobile insurance showed statistically different movements during the COVID-19 when traffic volume decreased and when it did not, and to speculate on the cause. As a result of a study applying the Difference in Difference model, It was found that during the period of COVID-19 when traffic volume decreased, the loss ratio of property damage decreased significantly, while the loss ratio of personal injury decreased less. This may be due to the expansion of over-treatment of automobile insurance due to the spread of telecommuting and decreased sales of self-employed people and medical institutions due to the strengthening of social distancing during the COVID-19. Meanwhile, when the same analysis was conducted by dividing personal injury into personal injury 1, which is mandatory insurance, and personal injury 2, which is voluntary insurance, personal injury 1 did not show a significant difference, but personal injury 2 loss ratio showed more significant results. These results are interpreted as supporting the possibility of changes in over-treatment behavior during the COVID-19
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