insurance Archives | Be Korea-savvy
Insurance Agents, Planners Strongly Opposed to Big Tech Insurance Sales

Insurance Agents, Planners Strongly Opposed to Big Tech Insurance Sales

SEOUL, Aug. 23 (Korea Bizwire) — Insurance agencies and planners have voiced strong opposition to big tech companies’ entry into the insurance sales business, criticizing it as an infringement of their commercial rights. The Insurance Agency Association and the Labor Union Solidarity for Insurance Planners held a joint press conference in front of the presidential [...]

Insurance Firms Compete in Children’s Insurance Market

Insurance Firms Compete in Children’s Insurance Market

SEOUL, Aug. 4 (Korea Bizwire) — Insurance companies in South Korea are increasingly competing over children’s insurance plans. About 60 percent of the children’s insurance market, currently sized at 4 trillion won (US$3.05 billion), is dominated by non-life insurer Hyundai Marine & Fire Insurance Co., industry sources said. As of May, the company has sold [...]

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 [...]