South Korea Insurance
Republic of South Korea is one located in East Asia with its peninsular region touching Sea of Japan and the Yellow Sea. If you are travelling to South Korea, you can enjoy the hilly terrains with wide coastal plains on either side of the country. The country has expanded after the Second World War and yet has managed to keep its old traditions intact. Insurance sector has also come long way from privately owned voluntary services to government mandated universal coverage. National Health Insurance was incorporated by the government and was applicable to all the employees and their dependants in large firms. It reached far and wide to the whole nation but the pharmaceutical was separated from medical care after July 2000. The health insurance applicable for employees of large firms (more than 500) was expanded to government employees, industrial workers, school teachers from private schools. Thereafter, it expanded to rural and urban residents. AIG insurance company is one of the largest insurance companies in the country. It has 12 major branches that offer full range of life and non-life insurances including South Korea auto insurance, South Korea Homeowner Insurance, overseas travel insurance, marine insurance and other liability coverage. AIG insurance companies comprise of AIG Korea Life insurance and AIG Korea General Insurance companies that cater to all types of customer needs for insurance covers. KLIA or Korean Life Insurance Association comprises of all the major insurance companies in Korea. You can find the details of all the major insurance companies in South Korea on the internet. Log on to the web to find the most competitive rates from all the major insurance companies. If you provide your details, an insurance agent would approach you with the most competitive quote for your needs. A competitive foreign health insurance quote can cost as low as under $50 for a person in South Korea.
If you are travelling to South Korea, you would need a South Korea travel insurance to cover you against the accidental hazards or any unforeseen mishaps. Travel insurance covers you against any missed connections, cancelled trips, lost baggage, etc. When you take a travel insurance cover, you need to read the terms and conditions carefully. Your cancellation clause should be effective immediately in the cover. If you are taking a cruise or travelling by plane, you would surely need an insurance cover. It would protect you if you fall sick on ship, meet an accident, or even if you wallet gets stolen with your identity proof. Opt for a good travel insurance cover offering comprehensive travel insurance in South Korea. If you are a budget traveller, you can opt for special backpackers travel insurance which would cost you less and would cover important aspects of your travel insurance. If you are travelling from South Korea to anywhere in the world, you need to take a comprehensive insurance cover for your travel as well. If you hold a driving license in South Korea, you can take a local driving license and hire a car as well. Most of the car rental agencies quote their rental rates for cars that usually include third party insurance cover. If you are studying in South Korea, check out with major insurance companies about your health insurance cover in the country and their rates for students.
Korea has about four social insurance systems are National pension under the National pension act, Industrial accident compensation insurance, Employment insurance and national medical insurance under the medical insurance act. Korean branch and its employees each are required to make contribution for the national pension payment. Korean branch would be required to pay about 4.50 percent of total payment of the branch for industrial accident compensation insurance Employment system regulates several components like employment stabilization programs, job skills development programs etc. Korea Life Insurance Company offers life insurance services in Korea. Korea life insurance Company Ltd. is based in Seoul, South Korea and Vietnam to conduct market research and seek alliances with Korea life and financial firms. AIG Korea insurance is a foreign insurance company whose headquarter is in Seoul.
Korea life insurance market grew sharply last year. According to Financial supervisory service, local life insurers' premium incomes reached 266 billion. Premium payments may be fixed as to timing and amount or changed by the policy holder. Prudential life Korea and Korea life insurance cooperation Ltd. each earn about 10 and 12 billion won. Oracle Korea has launched oracle insurance solution to address insurance market demand and increase its business in the insurance market. Oracle insurance solution has been localized by leading life and property insurance companies. This solution has achieved improved business performance and cost savings.
