SEOUL, Aug. 15 (Korea Bizwire) — A local bank’s refusal to open an account for a foreigner with a long name is discriminatory, South Korea’s human rights watchdog said Monday. The move came 13 months after a foreigner filed a petition with the National Human Rights Commission of Korea for being rejected by the bank [...]
SEOUL, Aug. 11 (Korea Bizwire) — The torrential rain that drenched the greater Seoul area resulted in thousands of cars being submerged, putting general insurance companies on alert. A record-breaking downpour that swept through Seoul, Gyeonggi Province and Incheon last Monday resulted in 12 general insurance companies receiving 9,189 reports of submerged cars as of [...]
SEOUL, Aug. 11 (Korea Bizwire) — The state rights watchdog on Wednesday ruled that it is discriminatory for insurance companies to deny people who take antidepressants while receiving psychotherapy treatments from subscribing to indemnity health insurance plans. The National Human Rights Commission of Korea (NHRCK) announced that it recommended that the CEOs of two local [...]
SEOUL, Aug. 10 (Korea Bizwire) — As a large number of vehicles have suffered from water damage due to the heavy rain that hit Seoul and surrounding regions late Monday, the share prices of non-life insurance companies slipped the following day. Shares of Lotte Insurance closed at 1,740 won on Tuesday, down 1.97 percent from [...]
SEOUL, Aug. 9 (Korea Bizwire) — The monthly income of life and non-life insurance planners has declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the COVID-19 pandemic, a research institute said. According to the latest report published by the Korea Insurance Research Institute, the average monthly [...]
SEOUL, Aug. 4 (Korea Bizwire) — Banks in South Korea have offered hefty bonuses to their executives on the back of the profits they chalked up by steadily raising interest rates over the past three years, a lawmaker said Wednesday. The aggregate value of bonuses given to the executives at the nation’s top four commercial [...]
SEOUL, Aug. 4 (Korea Bizwire) — Insurance companies in South Korea are increasingly competing over children’s insurance plans. About 60 percent of the children’s insurance market, currently sized at 4 trillion won (US$3.05 billion), is dominated by non-life insurer Hyundai Marine & Fire Insurance Co., industry sources said. As of May, the company has sold [...]
SEOUL, July 11 (Korea Bizwire) — Short-term saving products are gaining popularity as the stereotype of saving money by pouring money into deposit or installment saving products for more than one year has lost appeal. KakaoBank Corp., a South Korean internet-only bank, released the ’26 week-long installment saving product’ in June 2018, and the number [...]
SEOUL, July 5 (Korea Bizwire) — Loans issued to seniors over 60 years of age from insurance companies jumped last year, a lawmaker said Monday, citing data from the Financial Supervisory Service. Loans taken out by seniors over 60 years of age from insurance companies reached 11.16 trillion won (US$8.55 billion) as of late December [...]
SEOUL, July 5 (Korea Bizwire) — South Korea’s major insurance companies are posing a challenge to commercial banks by releasing mortgage loans with a maturity of up to 40 years. Kyobo Life Insurance Co., which is already selling policy-type 40-year mortgage products for youth and newly-wedded couples, is set to launch sales of general-type products. [...]