The author(firstname.lastname@example.org) wishes to thank the journal referees, Soon-Jae Lee (Co-editor), and seminar participants at Asia-Pacific Risk and Insurance Association Conference and American Risk and Insurance Association meeting, both in 2002, for their comments. The author would also like to thank Thi Nha Chau for her support. This work is supported by KAIST Research Fund of 2004. In this paper, the exclusive agency system includes direct writing systems.
distribution systems; operating leverage; coexistence; insurance market
Asia-Pacific Journal of Risk and Insurance, Vol.1, no.1, pp.45-61