This study examined whether the option pricing model—a general equilibrium pricing model for contingent claim assets—can be applied to pricing Korean non-life insurance policies, and utilized the results to measure and analyze Korean non-life insurance policy pricing and its levels. According to the findings, a linear proportional relationship was observed between the earned premiums and model premiums for each line (sub-line) of marine insurance and fire insurance, thereby confirming the usefulness of the option valuation model as a non-life insurance policy pricing model. However, the usefulness for marine insurance was relatively lower due to differences in earned premium calculation methods. Moreover, the mean difference ratios between earned premiums and model premiums at each line (sub-line) level showed high negative values, indicating that model premiums were considerably higher than earned premiums, which represent market prices. These results were analyzed as stemming from structural factors in the insurance system related to premium calculation and the resulting biases in option model application.