The 17 non-life insurance companies in Korea collectively filed 880 lawsuits last year, while 19 life insurance companies only filed 98 lawsuits. (image: Korea Bizwire)
SEOUL, Jun. 4 (Korea Bizwire) — BNP Paribas South Korea sued its customers most frequently when facing disputes with them, among all the non-life insurance companies in Korea last year.
According to the Financial Consumer Agency on June 3, BNP Paribas South Korea dealt with seven dispute cases at the court, with 26.9 percent of its 26 disputes cases with customers over insurance coverage.
MG Non-Life Insurance and AXA General Insurance brought 12.10 percent and 11.85 percent of their dispute cases to the court respectively.
Samsung Fire & Marine Insurance and The-K Non-Life Insurance sued its customers at rates of 2.30 percent and 2.72 percent respectively.
NongHyup Property & Casualty Insurance did not bring a single dispute case to the court last year.
The agency said that some companies are clearly overusing lawsuits. When facing legal disputes, customers tend to drop their stand and agree with their insurance company, out of fear of losing money on both the lawsuit and the insurance payout.
However, companies have nothing to fear as they don’t have to make insurance payouts when they win.
The 17 non-life insurance companies in Korea collectively filed 880 lawsuits last year, while 19 life insurance companies only filed 98 lawsuits.
By John Choi (johnchoi@koreabizwire.com)
