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AIR Worldwide Estimates Insured Losses for Hurricane Sally Will be Between USD 1 Billion and USD 3 Billion

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 [...]

Insurers Launch Policies for Autonomous Vehicles

SEOUL, Sept. 18 (Korea Bizwire) — South Korean insurance companies will start selling autonomous car-related insurance products from late this month, the financial watchdog said Thursday. The Financial Supervisory Service announced that the nation’s 12 non-life insurance companies will start selling new insurance products that can cover the risk related to accidents involving commercial self-driving [...]

Non-life Insurance Product to Cover Infectious Diseases Available in 2021

SEOUL, Sept. 17 (Korea Bizwire) — A new non-life insurance product to compensate individuals and businesses for financial losses caused by the spread of infectious disease like COVID-19 is expected to be available late next year. The Korea Insurance Development Institute (KIDI) announced on Wednesday that it had started developing an infectious disease risk evaluation [...]

AIR Worldwide Estimates Insured Losses for Hurricane Laura Will be Between USD 4 Billion and USD 8 Billion

Boston, Aug. 31 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Laura’s winds and storm surge will range from USD 4 billion to USD 8 billion. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. “Although comparisons between Laura and Hurricane Rita (2005) have been [...]

Adopted Cats and Dogs Can be Protected by Companion Animal Insurance

SEOUL, July 6 (Korea Bizwire) — The number of companion dogs and cats in South Korea was estimated at about 5.98 million and 2.58 million, respectively, in 2019. Despite such huge numbers, insurance policies for companion animals have yet to become the norm, with pets’ illness and injuries becoming big burdens for the families who [...]

Insurance Premium Income Expected to Increase Despite Coronavirus

SEOUL, June 10 (Korea Bizwire) — Amid a shrinking economy due to the coronavirus, this year’s insurance premium income is expected to outstrip last year’s record. The Korea Insurance Research Institute (KIRI) reported Tuesday that income arising from insurance premiums, excluding retirement pensions, will reach 179 trillion won (US$150 billion) this year, up by 1.5 [...]

Owners of Dangerous Dogs Required to Purchase General Insurance Policies

SEOUL, April 22 (Korea Bizwire) — Owners of dogs of certain breeds will be required to sign up for general insurance to compensate for any physical or property damages starting in February next year. The Ministry of Agriculture, Food and Rural Affairs announced Tuesday it will hold a series of promotion campaigns with the private [...]

AIR Worldwide Estimates Insured Losses for Winter Storm Ciara-Sabine Will be Between EUR 1.1 Billion and EUR 1.9 Billion

BOSTON, Feb. 14 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that insured losses due to wind from Winter Storm Ciara-Sabine will range between EUR 1.1 billion and EUR 1.9 billion, the majority of which are expected in Germany, France, and the United Kingdom. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. Storm Ciara was [...]

Controversy Sparks After Insurance Bill Says Pets Equivalent to Humans

SEOUL, Jan. 28 (Korea Bizwire) — A bill has recently been proposed to consider pet insurance as equivalent to human insurance plans, raising new controversies as to how pets are to be identified in insurance programs. The bill, proposed by Rep. Kim Byung-wook of the ruling Democratic Party, intends to consider pet insurance plans as [...]

Alzheimer’s Insurance Increasingly Popular Among S. Koreans

SEOUL, Jan. 16 (Korea Bizwire) — Insurance plans for Alzheimer’s disease have jumped in sales after the illness gained public interest in recent months. The Korea Credit Information Services reported on Wednesday that the number of applications for Alzheimer’s insurance plans reached 1.3 million early last year, up threefold since the second half of the [...]