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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 [...]

AIR Worldwide Releases Updated Multiple Peril Crop Insurance Model for China

AIR Worldwide Releases Updated Multiple Peril Crop Insurance Model for China

Boston, Sept. 22 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril. This update also includes a new livestock module that adds [...]

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

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

Boston, Sept. 21 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Sally’s winds, storm surge, and inland flood will range from USD 1 billion to USD 3 billion, with wind representing the majority of the losses. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. After meandering across the Gulf, Sally made a [...]

Insurers Launch Policies for Autonomous Vehicles

Insurers Launch Policies for Autonomous Vehicles

SEOUL, Sept. 18 (Korea Bizwire) — South Korean insurance companies will start selling autonomous car-related insurance products from late this month, the financial watchdog said Thursday. The Financial Supervisory Service announced that the nation’s 12 non-life insurance companies will start selling new insurance products that can cover the risk related to accidents involving commercial self-driving [...]

Non-life Insurance Product to Cover Infectious Diseases Available in 2021

Non-life Insurance Product to Cover Infectious Diseases Available in 2021

SEOUL, Sept. 17 (Korea Bizwire) — A new non-life insurance product to compensate individuals and businesses for financial losses caused by the spread of infectious disease like COVID-19 is expected to be available late next year. The Korea Insurance Development Institute (KIDI) announced on Wednesday that it had started developing an infectious disease risk evaluation [...]

AIR Worldwide Estimates Insured Losses for Hurricane Laura Will be Between USD 4 Billion and USD 8 Billion

AIR Worldwide Estimates Insured Losses for Hurricane Laura Will be Between USD 4 Billion and USD 8 Billion

Boston, Aug. 31 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Laura’s winds and storm surge will range from USD 4 billion to USD 8 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. “Although comparisons between Laura and Hurricane Rita (2005) have been [...]

Insurance Premium Income Expected to Increase Despite Coronavirus

Insurance Premium Income Expected to Increase Despite Coronavirus

SEOUL, June 10 (Korea Bizwire) — Amid a shrinking economy due to the coronavirus, this year’s insurance premium income is expected to outstrip last year’s record. The Korea Insurance Research Institute (KIRI) reported Tuesday that income arising from insurance premiums, excluding retirement pensions, will reach 179 trillion won (US$150 billion) this year, up by 1.5 [...]