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Traditional insurance economics derives some definite conclusions using the neoclassical economics method. However, those conclusions are too abstract to explain the phenomena in the real insurance market. In other words, a number of anomalies remain that are not explained by traditional insurance economics. To solve this problem, the paper proposes the development of a behavioral insurance theory that is influenced by the establishment of behavioral finance, which emerged from behavioral economics, in which the analysis is less bound by subjects in the market. This proposal means a paradigm shift in the traditional insurance theory. [ABSTRACT FROM AUTHOR]