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Roadzen Inc. to Begin Trading on Nasdaq After Successful Closing of its Business Combination

Roadzen Inc. to Begin Trading on Nasdaq After Successful Closing of its Business Combination

Roadzen, Inc. and Vahanna Tech Edge Acquisition I Corp. closed their business combination on September 20, 2023. Roadzen will start trading on Nasdaq tomorrow under the tickers “RDZN” and “RDZNW” for its ordinary shares and warrants, respectively. Roadzen’s mission is to transform the insurance experience for drivers around the world by giving them lower premiums, [...]

Financial Regulator to Improve Car Insurance Premium System

Financial Regulator to Improve Car Insurance Premium System

SEOUL, June 8 (Korea Bizwire) — South Korea’s financial regulator said Wednesday it will enhance the car insurance premium system to prevent the transfer of high repair costs from expensive at-fault vehicles to owners of less expensive victim vehicles through increased insurance premiums. In cases of traffic accidents involving expensive vehicles, which have an average [...]

Gov’t to Limit Use of Private Hospital Rooms for People Injured in Traffic Accidents

Gov’t to Limit Use of Private Hospital Rooms for People Injured in Traffic Accidents

SEOUL, Nov. 10 (Korea Bizwire) — The Ministry of Land, Infrastructure and Transport said Wednesday that the car insurance medical charge criteria will be revised, effective from next week, towards limiting the scope of eligibility for exceptional cases where victims of traffic accidents can use private or semi-private rooms at all kinds of medical institutions [...]

Samsung Fire & Marine Insurance Set to Cut Car Insurance Premiums in April

Samsung Fire & Marine Insurance Set to Cut Car Insurance Premiums in April

SEOUL, Feb. 16 (Korea Bizwire) — Samsung Fire & Marine Insurance Co., South Korea’s top non-life insurer, said Wednesday it will cut its auto insurance premiums by an average 1.2 percent in April on falling loss rates. It will mark Samsung Fire & Marine Insurance’s first premium reduction since 2020, when its car insurance premium [...]

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 [...]