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. [...]
SEOUL, Dec. 20 (Korea Bizwire) — The top court has opened the way for the beneficiaries of those who commit suicide in a state of deep depression to be eligible for insurance payouts. Thus far, the beneficiaries of policyholders who commit suicide have been excluded from the payment of insurance money. According to the latest [...]
NEW YORK, Oct. 26 (Korea Bizwire) — A new partnership is riding to the rescue of would-be motorbike owners who have been unable to purchase a bike in the past due to poor credit ratings. Micro Insurance Company (MIC), which specializes in offering custom insurance solutions, has teamed up with CrediOrbe to create an innovative [...]
SEOUL, July 29 (Korea Bizwire) — South Korea’s financial regulator said Wednesday that all of the nation’s insurance companies will start selling riders from early next month to offset the entire cost of replacing electric vehicle (EV) batteries. When EV batteries are damaged, partial repair is almost impossible. In most cases, accordingly, batteries need to [...]
SEOUL, July 28 (Korea Bizwire) — The insurance premiums for high-priced vehicles such as imported cars turned out to be similar to those of domestic vehicles although the former are typically much more costly to repair, the state audit agency said Tuesday. Owners of imported cars and large trucks have enjoyed insurance benefits more than [...]
Boston, May 20 (Korea Bizwire) — Catastrophe modeling firm AIR Worldwide announced that newly established international insurance and reinsurance companies from the “Class of 2020,” have selected AIR as their modeler of choice to help manage their catastrophe risk. The so-called Class of 2020 is a group of insurance, reinsurance and specialty companies formed in [...]
SEOUL, March 29 (Korea Bizwire) — Insurance payouts resulting from all accidents related to driving under the influence, unlicensed driving, or hit-and-runs will now be charged to the perpetrator for the full amount. The Ministry of Land, Infrastructure and Transport announced Sunday that it will come up with a revised car insurance policy as a [...]
SEOUL, March 26 (Korea Bizwire) — Insurance companies are coming up with plans that offer compensation for severe allergic reactions to coronavirus vaccines as South Korea begins inoculations. LINA Korea introduced a new short-term, micro-insurance plan on Thursday that offers compensation for various kinds of anaphylactic shock. If a subscriber suffers from anaphylactic shock for [...]