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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Oct. 4 (Korea Bizwire) — The Seoul Metropolitan Government announced on Thursday that it will introduce a Citizen’s Safety Insurance policy which will disburse as much as 10 million won (US$8,300) to victims of various accidents starting next year. The city government will be in charge of signing an insurance contract with an insurance [...]
SEOUL, Sept. 25 (Korea Bizwire) — Insurance policy-backed loans grew more than 20 percent over the past three years, data showed Wednesday, indicating that more people took out loans despite the risk of canceling insurance schemes before maturity amid a slowing economy. According to the data compiled by the Financial Supervisory Service, insurers’ outstanding policy [...]
SEOUL, Sept. 18 (Korea Bizwire) — Following an announcement from the government that animal registration policy will be subject to stricter implementation, experts are anticipating an increase in demand for pet insurance. The Ministry of Agriculture, Food and Rural Affairs announced on Tuesday that it will come up with stricter animal-related regulations to ensure implementation [...]
LONDON, Sept. 8 (Korea Bizwire) — Xceedance, a global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, announces the availability of On-Demand Catastrophe Modelling Services, using the Oasis Loss Modelling Framework (Oasis LMF). The offering comprises several global and regional catastrophe modelling companies that implement models on the Oasis platform. It [...]