SEOUL, Dec. 26 (Korea Bizwire) – Major insurance companies in South Korea are increasing their capital to prepare for new accounting rules set to take effect next year and more U.S. rate hikes, industry sources said Monday. Local insurance companies are estimated to expand their capital by a combined 1.41 trillion won (US$1.17 billion) this [...]
SEOUL, Jun. 4 (Korea Bizwire) — BNP Paribas South Korea sued its customers most frequently when facing disputes with them, among all the non-life insurance companies in Korea last year. According to the Financial Consumer Agency on June 3, BNP Paribas South Korea dealt with seven dispute cases at the court, with 26.9 percent of [...]
SEOUL, March 23 (Korea Bizwire) – Motorists in Korea most frequently call the emergency service provided by their insurance company when their car battery is dead or when they need a jump-start. According to the Korea Consumer Agency, which recently surveyed 1,000 drivers who subscribed to a roadside assistance service offered by an insurance firm, [...]
SEOUL, June 2 (Korea Bizwire) – There are still cases in which insurance companies refused to pay insurance money for unsubstantiated reasons. According to the Korea Finance Consumer Federation, consumers ended up getting nothing in one out of every 100 claims cases on average. In 2013, the ratio of claims non-payment was 1.02 percent for life [...]
SEOUL, Korea, April 30, 2014 (Korea Bizwire) – The Financial Services Commission said on April 30 that it would make an advance legislation notice on May 2 on revised enforcement ordinances related to insurance policy cancellation. According to the new rules, consumers will be able to cancel their insurance policies within 15 days after receiving [...]