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Kakaopay to Suspend Car Insurance Comparison Service

Kakaopay to Suspend Car Insurance Comparison Service

SEOUL, Sept. 10 (Korea Bizwire) — Kakaopay Corp., a financial unit of tech giant Kakao Corp., will suspend its car insurance comparison service later this month after providing an unauthorized brokerage service, industry sources said Friday. Kakaopay’s service to help customers find the best deal among six partnered car insurers, including Hyundai Marine and Fire [...]

Patients Injured in Electric Kickboard Accidents Can Seek Compensation from Car Insurers

Patients Injured in Electric Kickboard Accidents Can Seek Compensation from Car Insurers

SEOUL, Oct. 12 (Korea Bizwire) — The treatment cost for pedestrians injured due to the fault of electric kickboard users will be paid in advance by the car insurance of the pedestrians or their families. The Financial Supervisory Service is known to have issued a notice of amendment last month stating that the definition of [...]

Growth in S. Korea’s Car Insurance Market Slows in 2017

Growth in S. Korea’s Car Insurance Market Slows in 2017

SEOUL, Apr. 18 (Korea Bizwire) — Growth in South Korea’s auto insurance market slowed last year due to intensifying competition and lower premiums, data showed Wednesday. The car insurance market grew 2.7 percent on-year to 16.8 trillion won (US$15.7 billion) in 2017, according to the data by the Financial Supervisory Service. The figure contrasts with [...]

More Car Owners Opt for Online Insurance

More Car Owners Opt for Online Insurance

SEOUL, Sept. 19 (Korea Bizwire) — An increasing number of South Korean consumers are buying auto insurance online in search of lower premiums and more convenience, an industry think tank said Tuesday. According to the Korea Insurance Development Institute, 20.5 percent of the nation’s 15.4 million car insurance policyholders filed their applications through cyber marketing [...]

2 Million Koreans Received Medical Treatment for Car Accidents Last Year

2 Million Koreans Received Medical Treatment for Car Accidents Last Year

SEOUL, Jun. 30 (Korea Bizwire) — Approximately 2 million Koreans received medical treatment following car accidents last year, with the total medical costs paid out by car insurance companies amounting to approximately 1.7 trillion won. Of those requiring medical care, 6 out of 10 were diagnosed with neck injuries. The average medical cost per person [...]

Electric Vehicles Expected to Have Lower Insurance Rates in South Korea

Electric Vehicles Expected to Have Lower Insurance Rates in South Korea

SEOUL, June 7 (Korea Bizwire) – With the Korea Insurance Development Institute due to reveal its reference net premium rates for electric cars by the end of June, industry watchers are speculating that premiums for EVs will be some 10 percent lower than gasoline or diesel-powered vehicles.  The reference premium rate will be based on [...]

Report Says Korea Should Look to UK for Autonomous Car Insurance Model

Report Says Korea Should Look to UK for Autonomous Car Insurance Model

SEOUL, March 20 (Korea Bizwire) – One of the industries that self-driving vehicles will reshape is the insurance sector, and the question of who should take responsibility in the event of an accident is still being debated in several countries, including South Korea, where autonomous vehicles are just starting to be introduced to the market. [...]

Insurance Comparison Website Offers More Vehicle Options

Insurance Comparison Website Offers More Vehicle Options

SEOUL, Jan. 2 (Korea Bizwire) – Starting Monday, consumers will have more options available when they search for car insurance on Boheom Damoa (e-insmarket.or.kr), a comparison website for various insurance products (including car, health, travel, etc.).  According to the Financial Services Commission, the website, which in the past only allowed insurance premium comparisons for domestic [...]

Korea Expecting Massive Drop in Insurance Payouts from Autonomous Vehicles

Korea Expecting Massive Drop in Insurance Payouts from Autonomous Vehicles

SEOUL, Sept. 26 (Korea Bizwire) – Amid rapid automotive innovation that has promoted enhanced driving safety, car insurance may gradually become nonessential. According to a KIDI report released Monday, if 50 percent of domestic vehicles are equipped with level 1 function-specific automation (NHTSA), including autonomous emergency and autonomous reverse braking technologies, annual insurance payouts will [...]

Loss Ratio of Automobile Insurance Industry Evens Out

Loss Ratio of Automobile Insurance Industry Evens Out

SEOUL, July 19 (Korea Bizwire) – The loss ratio in the automobile insurance industry refers to the total loss paid by an insurance company in the form of claims out of total collected premiums, for which the ratio must be kept at 78 percent for insurance companies to avoid incurring losses. However, the car insurance industry in [...]