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 [...]
SEOUL, Jan. 25 (Korea Bizwire) – South Korea’s agriculture ministry said Monday owners of fierce dogs are obligated to have insurance packages starting next month, in line with the country’s efforts to protect people from related incidents. The measure will go into effect on Feb. 12, according to the Ministry of Agriculture, Food and Rural [...]
SEOUL, Dec. 3 (Korea Bizwire) — The most common illnesses that insured pets are diagnosed with at veterinary clinics in South Korea are gastritis/enteritis and conjunctivitis. Meritz Fire & Marine Insurance Co., a South Korean non-life insurer, said Tuesday the number of pets insured by the company’s pet insurance product ‘Petpemint’ reached about 30,000 just [...]
SEOUL, Nov. 10 (Korea Bizwire) — South Korean insurance companies will now be obliged to undergo deliberations by internal committees before exercising indemnity rights against minors and economically vulnerable people and the result of the deliberations should be disclosed to the public. This move is part of efforts to prevent the recurrence of a controversy [...]
Boston, Nov. 2 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Zeta’s winds and storm surge will range from USD 1.5 billion to USD 3.5 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. Hurricane Zeta made landfall at 4 p.m. CDT on October 28 [...]
Boston, Oct. 14 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Delta’s winds and storm surge will range from USD 1 billion to USD 3 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. Hurricane Delta made landfall on October 9 around 6 p.m. CDT near Creole, Louisiana, as a [...]
Boston, Sept. 22 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril. This update also includes a new livestock module that adds [...]
Boston, Sept. 21 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Sally’s winds, storm surge, and inland flood will range from USD 1 billion to USD 3 billion, with wind representing the majority of the losses. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. After meandering across the Gulf, Sally made a [...]