SEOUL, Sept. 18 (Korea Bizwire) – As South Korea prepares for the launch of Wegovy, a highly anticipated weight loss medication, next month, questions are arising about its coverage under private health insurance plans. Wegovy, produced by Danish pharmaceutical company Novo Nordisk and famously touted by Tesla CEO Elon Musk as his weight management secret, is [...]
SEOUL, Sept. 6 (Korea Bizwire) – A recent government study has revealed startling disparities in the cost of medical procedures across South Korea, with some treatments varying in price by as much as 23 times between different healthcare providers. The Ministry of Health and Welfare and the Health Insurance Review and Assessment Service (HIRA) announced on [...]
SEOUL, Jul. 11 (Korea Bizwire) – In a surprising trend, half of the recent applicants for health insurance policies designed for individuals with pre-existing conditions are in their 60s, according to a recent analysis. This demographic, which has historically faced challenges in obtaining coverage, is emerging as a significant force in the insurance market, coinciding with [...]
SEOUL, Jul. 9 (Korea Bizwire) — A probe has found large-scale insurance fraud at a traditional medicine hospital involving more than 100 people, the financial regulator said Tuesday. Around 100 “fake” patients at the hospital are suspected of having made false insurance claims worth about 100 billion won (US$72.3 million), according to the Financial Supervisory [...]
SEOUL, Apr. 24 (Korea Bizwire) – The persistently high interest rate environment in South Korea has triggered a wave of cancellations for low-yielding savings-type insurance policies, driving down the two-year policy retention rate at insurers to a mere 65% last year, according to data released on April 23. The Financial Supervisory Service (FSS), the government’s financial [...]
SEOUL, Mar. 7 (Korea Bizwire) – The trend of pet ownership in South Korea has surged to new heights, with a quarter of all households now boasting furry friends. This boom in pet adoption has had a remarkable ripple effect on the pet insurance industry, witnessing a substantial 50% increase in policies over the past year. [...]
Incorporating Azure OpenAI Service and using Duck Creek’s low-code platform empowers insurers to modernize responsibly BOSTON, Nov. 16, 2023 (Korea Bizwire) – Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces a breakthrough initiative in collaboration with Microsoft. This collaboration is poised to empower insurers [...]
SEOUL, Oct. 10 (Korea Bizwire) – Recent statistics show that premiums paid by customers for storm and flood damage insurance, providing protection against weather-related disasters such as typhoons, floods, and earthquakes, have seen an increase. However, the claim payout rates offered by insurers have remained static. According to data presented by the Financial Supervisory Service (FSS) [...]
BOSTON, Sept. 08 (Korea Bizwire) — The global modeled insured average annual loss from natural catastrophes is $133 billion, a new high captured in the latest analysis using Verisk’s extreme event solutions models. Not only should the insurance industry be prepared to experience total insured losses from natural catastrophes well in excess of $100 billion [...]
SEOUL, June 7 (Korea Bizwire) — The number of cataract surgeries in South Korea has significantly dropped due to a decrease in excessive treatments following a ruling by the top court last year, data showed Tuesday. As per indemnity insurance claim data collected by a non-life insurance company, the number of multifocal lens surgeries for [...]