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Insurers Launch Policies for Autonomous Vehicles

Insurers Launch Policies for Autonomous Vehicles

SEOUL, Sept. 18 (Korea Bizwire) — South Korean insurance companies will start selling autonomous car-related insurance products from late this month, the financial watchdog said Thursday. The Financial Supervisory Service announced that the nation’s 12 non-life insurance companies will start selling new insurance products that can cover the risk related to accidents involving commercial self-driving [...]

Non-life Insurance Product to Cover Infectious Diseases Available in 2021

Non-life Insurance Product to Cover Infectious Diseases Available in 2021

SEOUL, Sept. 17 (Korea Bizwire) — A new non-life insurance product to compensate individuals and businesses for financial losses caused by the spread of infectious disease like COVID-19 is expected to be available late next year. The Korea Insurance Development Institute (KIDI) announced on Wednesday that it had started developing an infectious disease risk evaluation [...]

Daily Money Transfers via Mobile Payment Apps Up 20 pct in H1 amid Pandemic

Daily Money Transfers via Mobile Payment Apps Up 20 pct in H1 amid Pandemic

SEOUL, Sept. 14 (Korea Bizwire) – The value of daily money transfers via mobile payment apps in South Korea rose 20.3 percent in the first half from six months earlier as online financial transactions increased amid the new coronavirus outbreak, central bank data showed Monday. The value of daily money transfers via smartphone apps, such [...]

Banks’ Household Loans Increase by Record Amount in August

Banks’ Household Loans Increase by Record Amount in August

SEOUL, Sept. 9 (Korea Bizwire) — South Korean banks’ household loans increased by the largest amount on record in August amid rising home prices and a rally in the stock market, central bank data showed Wednesday. Outstanding bank loans to local households came to 948.2 trillion won (US$796.9 billion) as of end-August, up 11.7 trillion [...]

S. Korea to Implement Law on P2P Lending

S. Korea to Implement Law on P2P Lending

SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s new law on peer-to-peer (P2P) lending is expected to help address deceptive practices and better protect consumers, industry watchers said Wednesday. The law, which takes effect Thursday, requires all P2P lenders to have paid-in capital of at least 500 million won (US$421,000) each and register with the [...]

Banks Seen to Continue Support for Virus-hit Smaller Firms

Banks Seen to Continue Support for Virus-hit Smaller Firms

SEOUL, Aug. 18 (Korea Bizwire) — South Korea’s major banks are likely to continue to provide financial support for smaller firms and one-man operations to help them tide over the fallout from the coronavirus outbreak, industry sources said Tuesday. The country’s five key lenders — KB Kookmin, Shinha, Hana, Woori and NH Nonghyup — have [...]

Insurance Premium Income Expected to Increase Despite Coronavirus

Insurance Premium Income Expected to Increase Despite Coronavirus

SEOUL, June 10 (Korea Bizwire) — Amid a shrinking economy due to the coronavirus, this year’s insurance premium income is expected to outstrip last year’s record. The Korea Insurance Research Institute (KIRI) reported Tuesday that income arising from insurance premiums, excluding retirement pensions, will reach 179 trillion won (US$150 billion) this year, up by 1.5 [...]