insurance Archives | Be Korea-savvy
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 [...]

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 [...]