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Gov’t to Subsidize Full Cost of Storm and Flood Insurance for Low-income Households

Gov’t to Subsidize Full Cost of Storm and Flood Insurance for Low-income Households

SEOUL, April 5 (Korea Bizwire) — The Ministry of the Interior and Safety said Monday it will subsidize the full cost of storm and flood insurance for some low-income households, thanks to a revision of the Storm and Flood Insurance Act. Storm and flood insurance refers to an insurance product that offers compensation for damages [...]

Micro Insurance Company Partners with CrediOrbe to Ride to the Rescue of Would-Be Motorbike Owners in Colombia

Micro Insurance Company Partners with CrediOrbe to Ride to the Rescue of Would-Be Motorbike Owners in Colombia

NEW YORK, Oct. 26 (Korea Bizwire) — A new partnership is riding to the rescue of would-be motorbike owners who have been unable to purchase a bike in the past due to poor credit ratings. Micro Insurance Company (MIC), which specializes in offering custom insurance solutions, has teamed up with CrediOrbe to create an innovative [...]

Imported Cars Have Similar Insurance Premiums to Domestic Cars Despite Significantly Higher Repair Costs

Imported Cars Have Similar Insurance Premiums to Domestic Cars Despite Significantly Higher Repair Costs

SEOUL, July 28 (Korea Bizwire) — The insurance premiums for high-priced vehicles such as imported cars turned out to be similar to those of domestic vehicles although the former are typically much more costly to repair, the state audit agency said Tuesday. Owners of imported cars and large trucks have enjoyed insurance benefits more than [...]

Insurance Industry Continues to Select Verisk’s AIR as its Modeler of Choice for Catastrophe Risk Management, Including Class of 2020

Insurance Industry Continues to Select Verisk’s AIR as its Modeler of Choice for Catastrophe Risk Management, Including Class of 2020

Boston, May 20 (Korea Bizwire) — Catastrophe modeling firm AIR Worldwide announced that newly established international insurance and reinsurance companies from the “Class of 2020,” have selected AIR as their modeler of choice to help manage their catastrophe risk. The so-called Class of 2020 is a group of insurance, reinsurance and specialty companies formed in [...]

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 [...]