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 [...]
SEOUL, Feb. 17 (Korea Bizwire) — The main channel for sales of life insurance products is insurance consultants while that for non-life insurance products is online, according to a report released by the Financial Services Commission. The Korea Insurance Research Institute and market research firm Nielsen Korea carried out a joint survey of 1,026 insured [...]
SEOUL, Feb. 11 (Korea Bizwire) — With new animal protection laws coming into effect this Friday, owners of fierce dogs will now be obligated to get liability insurance, the Seoul city government said. Any violation will be punished by a fine of up to 3 million won (US$2,700). South Korea categorizes Tosas, American pit bull [...]
SEOUL, Feb. 5 (Korea Bizwire) — The minimum paid-in capital requirements for the establishment of insurance companies will be greatly eased to stimulate the market for ‘mini insurance’ businesses that specialize in everyday life-related insurance products such as policies for pets and travelers, South Korea’s financial authorities said Thursday. The Financial Services Commission announced that it will [...]