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No More Insurance Coverage for Car Accidents Caused by DUI or Unlicensed Driving

No More Insurance Coverage for Car Accidents Caused by DUI or Unlicensed Driving

SEOUL, March 29 (Korea Bizwire) — Insurance payouts resulting from all accidents related to driving under the influence, unlicensed driving, or hit-and-runs will now be charged to the perpetrator for the full amount. The Ministry of Land, Infrastructure and Transport announced Sunday that it will come up with a revised car insurance policy as a [...]

Insurers Release Plans for Allergic Reaction to COVID-19 Vaccines

Insurers Release Plans for Allergic Reaction to COVID-19 Vaccines

SEOUL, March 26 (Korea Bizwire) — Insurance companies are coming up with plans that offer compensation for severe allergic reactions to coronavirus vaccines as South Korea begins inoculations. LINA Korea introduced a new short-term, micro-insurance plan on Thursday that offers compensation for various kinds of anaphylactic shock. If a subscriber suffers from anaphylactic shock for [...]

Main Channel for Sales of Insurance Products Differs by Product Type

Main Channel for Sales of Insurance Products Differs by Product Type

SEOUL, Feb. 17 (Korea Bizwire) — The main channel for sales of life insurance products is insurance consultants while that for non-life insurance products is online, according to a report released by the Financial Services Commission. The Korea Insurance Research Institute and market research firm Nielsen Korea carried out a joint survey of 1,026 insured [...]

Financial Authorities to Ease Minimum Paid-in Capital Requirements to Promote ‘Mini Insurance’ Market

Financial Authorities to Ease Minimum Paid-in Capital Requirements to Promote ‘Mini Insurance’ Market

SEOUL, Feb. 5 (Korea Bizwire) — The minimum paid-in capital requirements for the establishment of insurance companies will be greatly eased to stimulate the market for ‘mini insurance’ businesses that specialize in everyday life-related insurance products such as policies for pets and travelers, South Korea’s financial authorities said Thursday. The Financial Services Commission announced that it will [...]

Owners of Fierce Dogs Required to Hold Insurance Policy from Feb.

Owners of Fierce Dogs Required to Hold Insurance Policy from Feb.

SEOUL, Jan. 25 (Korea Bizwire) – South Korea’s agriculture ministry said Monday owners of fierce dogs are obligated to have insurance packages starting next month, in line with the country’s efforts to protect people from related incidents. The measure will go into effect on Feb. 12, according to the Ministry of Agriculture, Food and Rural [...]

Insured Pets Most Likely to Suffer from Gastritis and Enteritis

Insured Pets Most Likely to Suffer from Gastritis and Enteritis

SEOUL, Dec. 3 (Korea Bizwire) — The most common illnesses that insured pets are diagnosed with at veterinary clinics in South Korea are gastritis/enteritis and conjunctivitis. Meritz Fire & Marine Insurance Co., a South Korean non-life insurer, said Tuesday the number of pets insured by the company’s pet insurance product ‘Petpemint’ reached about 30,000 just [...]

Insurance Firms to Undergo Deliberations Before Seeking Indemnity Against Minors and Economically Vulnerable People

Insurance Firms to Undergo Deliberations Before Seeking Indemnity Against Minors and Economically Vulnerable People

SEOUL, Nov. 10 (Korea Bizwire) — South Korean insurance companies will now be obliged to undergo deliberations by internal committees before exercising indemnity rights against minors and economically vulnerable people and the result of the deliberations should be disclosed to the public. This move is part of efforts to prevent the recurrence of a controversy [...]

AIR Worldwide Estimates Insured Losses for Hurricane Zeta Will be Between USD 1.5 Billion to USD 3.5 Billion

AIR Worldwide Estimates Insured Losses for Hurricane Zeta Will be Between USD 1.5 Billion to USD 3.5 Billion

Boston, Nov. 2 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Zeta’s winds and storm surge will range from USD 1.5 billion to USD 3.5 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. Hurricane Zeta made landfall at 4 p.m. CDT on October 28 [...]

AIR Worldwide Estimates Insured Losses for Hurricane Delta Will be Between USD 1 Billion and USD 3 Billion

AIR Worldwide Estimates Insured Losses for Hurricane Delta Will be Between USD 1 Billion and USD 3 Billion

Boston, Oct. 14 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Delta’s winds and storm surge will range from USD 1 billion to USD 3 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. Hurricane Delta made landfall on October 9 around 6 p.m. CDT near Creole, Louisiana, as a [...]