SEOUL, Apr. 24 (Korea Bizwire) – The persistently high interest rate environment in South Korea has triggered a wave of cancellations for low-yielding savings-type insurance policies, driving down the two-year policy retention rate at insurers to a mere 65% last year, according to data released on April 23. The Financial Supervisory Service (FSS), the government’s financial [...]
SEOUL, Mar. 7 (Korea Bizwire) – The trend of pet ownership in South Korea has surged to new heights, with a quarter of all households now boasting furry friends. This boom in pet adoption has had a remarkable ripple effect on the pet insurance industry, witnessing a substantial 50% increase in policies over the past year. [...]
Incorporating Azure OpenAI Service and using Duck Creek’s low-code platform empowers insurers to modernize responsibly BOSTON, Nov. 16, 2023 (Korea Bizwire) – Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces a breakthrough initiative in collaboration with Microsoft. This collaboration is poised to empower insurers [...]
SEOUL, Oct. 10 (Korea Bizwire) – Recent statistics show that premiums paid by customers for storm and flood damage insurance, providing protection against weather-related disasters such as typhoons, floods, and earthquakes, have seen an increase. However, the claim payout rates offered by insurers have remained static. According to data presented by the Financial Supervisory Service (FSS) [...]
BOSTON, Sept. 08 (Korea Bizwire) — The global modeled insured average annual loss from natural catastrophes is $133 billion, a new high captured in the latest analysis using Verisk’s extreme event solutions models. Not only should the insurance industry be prepared to experience total insured losses from natural catastrophes well in excess of $100 billion [...]
SEOUL, June 7 (Korea Bizwire) — The number of cataract surgeries in South Korea has significantly dropped due to a decrease in excessive treatments following a ruling by the top court last year, data showed Tuesday. As per indemnity insurance claim data collected by a non-life insurance company, the number of multifocal lens surgeries for [...]
Boston / London, May 9 (Korea Bizwire) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, has proudly published its second annual benchmark survey, the 2023 Global Consumer Insurance Insights. The survey reveals strong demand from global consumers for humanized insurance purchasing, switching and communication [...]
SEOUL, March 22 (Korea Bizwire) — The Seoul Metropolitan Government said Tuesday it will provide a year of free animal insurance for people adopting abandoned animals. Those adopting and registering an abandoned animal through 13 agencies and institutions including the Seoul Animal Care Center will benefit from a free animal insurance policy for one year. [...]
SEOUL, Aug. 23 (Korea Bizwire) — Insurance agencies and planners have voiced strong opposition to big tech companies’ entry into the insurance sales business, criticizing it as an infringement of their commercial rights. The Insurance Agency Association and the Labor Union Solidarity for Insurance Planners held a joint press conference in front of the presidential [...]
SEOUL, Aug. 4 (Korea Bizwire) — Insurance companies in South Korea are increasingly competing over children’s insurance plans. About 60 percent of the children’s insurance market, currently sized at 4 trillion won (US$3.05 billion), is dominated by non-life insurer Hyundai Marine & Fire Insurance Co., industry sources said. As of May, the company has sold [...]