LONDON, Jan. 12 (Korea Bizwire) — The insurance industry is in a state of flux. For one, it’s adapting to a new era of risk, in which a cyber attack could be as economically damaging as a hurricane. On top of this, the modern tools of big data, mobile phones and advanced analytics are ushering [...]
SEOUL, Nov. 20 (Korea Bizwire) — The number of car accidents caused by senior drivers more than quadrupled over the past 10 years, insurance data showed Monday, leading to 304.8 billion won (US$277.21 million) in damage. The accident tally for private drivers from the Korea Insurance Development Institute showed there were some 29,000 accidents caused [...]
SEOUL, July 19 (Korea Bizwire) – The loss ratio in the automobile insurance industry refers to the total loss paid by an insurance company in the form of claims out of total collected premiums, for which the ratio must be kept at 78 percent for insurance companies to avoid incurring losses. However, the car insurance industry in [...]