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(Seoul=Yonhap Infomax) Soo Yong Lee—As insurance products increasingly focus on individual needs, South Korean insurers are broadening their coverage to areas previously unconsidered.
According to the insurance industry on the 26th, Hanwha General Insurance Co. has recently developed a product that covers legal expenses for divorce litigation arising from domestic violence and similar incidents.
This marks the first time a non-life insurer in South Korea has offered insurance related to divorce. Hanwha General Insurance has applied for exclusive rights to this product.
If a crime such as domestic violence occurs and the case is referred to prosecutors by the police, the insured can claim reimbursement for actual legal expenses incurred when filing for judicial divorce against their legal spouse.
Hanwha General Insurance has also strengthened consumer protection by defining victims of crimes such as domestic violence as all family members, ensuring coverage even when the perpetrator is a relative within the family.
While insurance has traditionally been purchased to protect families left behind after accidents or losses, the market is now seeing more personalized products, expanding the scope of coverage.
To drive new contracts beyond essential insurance, insurers are seeking to capture emerging customer demand.
This year, the non-life insurance sector has introduced a range of innovative products to attract policyholders’ attention.
Samsung Fire & Marine Insurance Co., South Korea’s largest non-life insurer by market value, launched a subway delay insurance product that compensates for taxi or bus fares if subway operations are delayed by more than 30 minutes.
Insurance for pets is also on the rise. DB Insurance Co. has developed a product that covers behavioral correction training costs in the event of dog bite accidents caused by pets.
As insurance increasingly serves as a safety net for unexpected incidents, insurers are diversifying their offerings and working to build distinct brand images.
Hanwha General Insurance is expanding its image as a company specializing in products for women and families. DB Insurance and Meritz Fire & Marine Insurance Co. are competing to strengthen their positions in the pet insurance segment.
An industry official said, “The scope of the non-life insurance business is extremely broad, allowing insurers to develop products in various areas and expand their unique domains.” (Finance Department, Soo Yong Lee)
sylee3@yna.co.kr
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