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 [...]
SEOUL, April 18 (Korea Bizwire) – Car insurers in South Korea turned to a profit in 2021 for the first time in four years thanks to a pandemic-caused fall in loss rates and a rise in insurance premiums and subscribers, data showed Monday. According to the data by the Financial Supervisory Service (FSS), 12 car [...]
SEOUL, April 5 (Korea Bizwire) — The Ministry of the Interior and Safety said Monday it will subsidize the full cost of storm and flood insurance for some low-income households, thanks to a revision of the Storm and Flood Insurance Act. Storm and flood insurance refers to an insurance product that offers compensation for damages [...]
SEOUL, April 5 (Korea Bizwire) — The COVID-19 pandemic has dampened overall consumption in South Korea, but spending on insurance has been an exception, a report showed. Domestic households’ monthly insurance expenditures averaged 84,000 won (US$69.15) in 2019 but rose to 89,000 won in 2020 and 92,000 won in 2021, according to a report from [...]
SEOUL, March 18 (Korea Bizwire) — Electric vehicle (EV) drivers are increasingly concerned that the lack of liability insurance at charging stations may prevent them from receiving any compensation in case of a fire or explosion. There were 112 EV charging stations in South Korea as of June last year, with approximately 104,000 charging stands. [...]