SEOUL, Oct. 16 (Korea Bizwire) – A new insurance program designed to protect businesses vulnerable to adverse weather conditions is currently being developed by the South Korean insurance industry, according to industry sources. Sources close to the South Korean insurance sector on Monday said a special task force formed by the Korea Insurance Development Institute [...]
SEOUL, May 4 (Korea Bizwire) — AIA Life and Hyundai Life have been selected as the insurance companies that provide the most comprehensible insurance contracts, according to a May 3 report conducted by the Korea Insurance Development Institute. The institute assessed contracts from 24 insurance companies in terms of their clarity, comprehensibility and brevity. AIA [...]
SEOUL, March 24 (Korea Bizwire) — Imported car owners in their twenties are increasingly fixing their own cars amidst a growing controversy over car importers overpricing imported car parts and repair costs. According to the online retailer Auction, the sales of imported car parts through the website from February 19 to March 18 increased 32 [...]
SEOUL, March 23 (Korea Bizwire) — The Financial Supervisory Service (FSS) has caught 20 individuals who faked car accidents using scrapped imported cars to seek insurance payouts. The suspects, who are not related to each other, received a total of 1.3 billion won (US$ 1.16 million), or 65 million won (US$ 58,200) in compensation on average, by [...]
SEOUL, March 20 (Korea Bizwire) — The popularity of professional indemnity insurance products is rapidly increasing in Korea. The size of the professional indemnity market, calculated as the overall sum of the original premiums, was 115 billion won (US$ 102.4 million) in 2008 and 140 billion won (US$ 124.7) in 2012. It has been growing at [...]