Director

Director

Kwangmin Jung - CV

Kwangmin Jung, Ph.D. (정광민 교수)

Associate Professor

Office: +82-54-279-2194

kwjung@postech.ac.kr


Prof. Kwangmin Jung is an associate professor in the Department of Industrial and Management Engineering at Pohang University of Science and Technology (POSTECH), where he also serves as Director of the Master’s Program in Management Science. He holds an adjunct appointment in the Graduate School of Artificial Intelligence at POSTECH.

Prof. Jung's research lies in the intersection of insurance economics, actuarial science, and risk management. His research focuses on emerging risks, including cyber risk, climate change and extreme weather events, extreme event modeling, and the impact of technological innovation on insurance markets and regulatory frameworks.

He earned his Ph.D. in Finance (magna cum laude) from the University of St. Gallen, Switzerland, and holds master's degree in quantitative finance at Bayes Business School (formerly Cass) of City St. George's, University of London. Prior to joining POSTECH, he worked as Robb B. Kelley visiting assistant professor at Drake University in the United States.

Prof. Jung has contributed to his academic societies by publishing in leading journals of relevant fields such as the Journal of Risk and Insurance, Insurance: Mathematics and Economics and North American Actuarial Journal. His work has helped advance the understanding of cyber risk modeling, insurance risk aggregation, climate risk assessment and insurance operations. His research excellence has been recognized through numerous awards, including the AFIR-ERM Section Best Paper Prize of the International Actuarial Association (IAA), the SCOR Actuarial Prize (Asia-Pacific), and the Korea Insurance Academic Society Research Excellence Award (Han Dong Ho Award).

In addition to his academic contributions, Prof. Jung has actively led numerous policy and industry research projects in collaboration with government bodies (e.g., Financial Services Committee), financial institutions (e.g., Samsung Fire&Marine Insurance, HANA Bank, Korean Re, Korea Insurance Research Institute), and insurance associations, particularly in areas such as AI in insurance, cyber risk, climate risk, and insurance market innovations.

Appointments

  • 03/2024 – present : Associate Professor (Early promoted), Department of Industrial and Management Engineering, POSTECH, Korea
  • 10/2020 – present : Adjunct Professor, Graduate School of Artificial Intelligence, POSTECH
  • 10/2021 – present : Adjunct Professor, School of Convergence Science, POSTECH * Joint appointment
  • 09/2023 – present : Director of Master’s Program in Management Science, POSTECH
  • 07/2020 – 02/2024 : Assistant Professor, Department of Industrial and Management Engineering, POSTECH, Korea
  • 01/2020 – 12/2020 : Robb. B. Kelley Visiting Assistant Professor, Drake University, IA, USA * Joint appointment (07/2020 – 12/2020)
  • 10/2025 – 03/2026 : Advisor, Hanwha Geneal Insurance Co. Ltd.
  • 03/2024 – 09/2025 : Independent director, Carrot Geneal Insurance Co. Ltd.
  • 03/2020 – 03/2022 : Advisor, Cowbell Cyber, Inc, CA, USA

Education

  • 02/2020 : Ph.D. in Finance (magna cum laude), University of St. Gallen, Switzerland (Advisor: Prof. Dr. Martin Eling; Co-advisor: Prof. Dr. Enrico De Giorgi)
  • 06/2016 : MSc. in Management (Dual-degree program), EBS Business School, Germany
  • 01/2015 : MSc. in Quantitative Finance (Distinction), Cass Business School, U.K.
  • 02/2010 : BA. in Applied Statistics (Honors), Yonsei University, Korea

Journal Publications

  • Cho, J., Eling, M., & Jung, K. (2025). Spatial cyber loss clusters at county level and socio-economic determinants of cyber risks. North American Actuarial Journal, 29(2), 345–389.
  • Jung, K., & Bae, K. (2025). A classification and statistical analysis on systemic cyber risks. Korean Journal of Insurance (Korean), 142, 1–34.
  • Eling, M., & Jung, K. (2025). Optimism bias and its impact on cyber risk management decisions. Risk Sciences, 1, 100001.
  • Jung, K., Kim, C., & Yun, J. (2025). The effect of corporate risk management on cyber risk mitigation: Evidence from the insurance industry. The Geneva Papers on Risk and Insurance-Issues and Practice, 50(2), 259–301.
  • Jung, K., & Park, S. (2024). Optimal reinsurance for cyber risk transfer. Financial Stability Studies (Korean), 25(2), 124–153.
  • Jung, K., & Park, S. (2024). Optimal reinsurance with a systemic surplus shock. Economics Letters, 244, 112013.
  • Jung, K., Han, S., & Yoon, J. (2024). A study on the association between corporate ESG policy and business efficiency of insurance companies. Korean Journal of Insurance (Korean), 138, 1–39.
  • Jung, K., Kam, J., & Lee, S. (2024). Tropical cyclone risk assessment reflecting the climate change trend: The case of South Korea. Natural Hazards, 120(6), 5841–5867.
  • Song, J., Jung, K., & Kam, J. (2023). Evidence of time-varying impacts of the COVID-19 pandemic on online search activities of shopping items in South Korea. Humanities and Social Sciences Communications, 10(699), 1–12.
  • Cho, J., Jang, J., & Jung, K. (2023). Heterogeneity in cyber risks with the U.S. cases: An application of the Lee and Carter model. Journal of Risk Management (Korean), 34(3), 1–31.
  • Han, S., & Jung, K. (2023). CEO Political preferences, risk-taking and firm performance: Evidence from the U.S. property-liability insurance industry. Economics of Governance, 24(1), 1–39.
  • Eling, M., & Jung, K. (2022). Heterogeneity in cyber loss severity and its impact on cyber risk measurement. Risk Management–An International Journal, 24(4), 273–297.
  • Jung, K., Kam, J., & Lee, S. (2022). Local-level prediction of tropical cyclone losses in South Korea: Climate change scenarios and machine learning approaches. Korean Journal of Insurance (Korean), 131, 23–56.
  • Eling, M., Jung, K., & Shim, J. (2022). Unraveling heterogeneity in cyber risk using quantile regressions. Insurance: Mathematics and Economics, 104, 222–242.
  • Jung, K., Kim, D., & Yu, S. (2022). Next generation models for portfolio risk management: An approach using financial big data. Journal of Risk and Insurance, 89(3), 765–787.
  • Jung, K. (2021). Extreme data breach losses: An alternative approach to estimating probable maximum loss for data breach risk. North American Actuarial Journal, 25(4), 580–603.
  • Jung, K. (2021). Determinants of cyber loss occurrence and the financial impact of data breach risk in the U.S. market: Implications for the Korean insurance industry. Korean Journal of Insurance (Korean), 127, 1–41.
  • Eling, M., & Jung, K. (2020). Risk aggregation in non-life insurance: Standard models vs. internal models. Insurance: Mathematics and Economics, 95, 183–198.
  • Eling, M., & Jung, K. (2018). Copula approaches for modeling cross-sectional dependence of data breach losses. Insurance: Mathematics and Economics, 82, 167–180.

Awards

  • 2024 Outstanding Reviewer Recognition by North American Actuarial Journal
  • Top Cited Article 2022-2023 in the Journal of Risk and Insurance
  • The Korea Fire Protection Association (KFPA) Contribution Award
  • 2021 Korea Insurance Academic Society (KIAS) Han Dong Ho Research Excellence Award (Best paper)
  • The AFIR-ERM Section of the IAA Research Paper Prize 2019
  • SCOR Actuarial Prize in Asia-Pacific (at the 2018 IRFRC-APRIA Joint Conference in Singapore)
  • 2019 S. S. Huebner Doctoral Colloquium Fellowship Award

Editorial Service

  • Guest Editor, Risks, Special issue on Cyber Risk Modelling and Insurance
  • Guest Editor, China Finance Review International, Special issue on Cyber Risks in the Era of AI
  • Editorial Board, Korean Journal of Insurance (Korea Insurance Academy Society), since June 2025
  • Editorial Board, Journal of Risk Management (Korea Risk Management Society), since Aug 2022