Korea Insurance Development Institute Archives | Be Korea-savvy
Weather-Based Business Insurance Program Under Development

Weather-Based Business Insurance Program Under Development

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 [...]

AIA and Hyundai Life Insurance Contracts Easiest to Understand

AIA and Hyundai Life Insurance Contracts Easiest to Understand

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 [...]

20 People Faked 117 Car Accidents Using Scrapped Imported Cars for 5 Years

20 People Faked 117 Car Accidents Using Scrapped Imported Cars for 5 Years

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 [...]