SEOUL, June 8 (Korea Bizwire) — South Korea’s financial regulator said Wednesday it will enhance the car insurance premium system to prevent the transfer of high repair costs from expensive at-fault vehicles to owners of less expensive victim vehicles through increased insurance premiums. In cases of traffic accidents involving expensive vehicles, which have an average [...]
SEOUL, June 7 (Korea Bizwire) – With the Korea Insurance Development Institute due to reveal its reference net premium rates for electric cars by the end of June, industry watchers are speculating that premiums for EVs will be some 10 percent lower than gasoline or diesel-powered vehicles. The reference premium rate will be based on [...]
SEOUL, April 12 (Korea Bizwire) – Obtaining discounts on health insurance premiums will become much easier for South Koreans starting in July. Discounted contracts, which provide up to 20 percent discounts on existing installments, are offered by 14 insurance companies for healthy individuals who meet certain health standards. However, only 3.8 percent of the subscribers [...]
SEOUL, March 21 (Korea Bizwire) – Those insured who don’t smoke or have normal blood pressure will now be able to get discounts on their premiums, as part of the government’s effort to encourage more healthy people to get on board. The government is focused on spreading the word about existing policies of private insurance [...]