the Korea Insurance Development Institute Archives

One in Three Auto Insurance Policies Are Purchased Online

SEOUL, June 2 (Korea Bizwire) – Buying of auto insurance policies online is increasing exponentially in Korea.On May 29, according to the Korea Insurance Development Institute, the premium income of online auto insurance services was 3,418.3 billion won in 2013, accounting for 29.2 percent of the total auto insurance premium income. This is a 2.2 percentage [...]

New Rules to Allow Consumers to Cancel Insurance Policies by Phone Call

SEOUL, Korea, April 30, 2014 (Korea Bizwire) – The Financial Services Commission said on April 30 that it would make an advance legislation notice on May 2 on revised enforcement ordinances related to insurance policy cancellation. According to the new rules, consumers will be able to cancel their insurance policies within 15 days after receiving [...]