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S. Koreans' average insurance coverage tops 47 mln won

All Headlines 07:00 August 29, 2016

SEOUL, Aug. 29 (Yonhap) -- South Korea's insurance policyholders can receive coverage worth 47.5 million won (US$42,600) on average through their life insurance contracts, industry data showed Monday.

According to the Korea Life Insurance Association, last year's figure represents a sharp rise from 5.44 million won in 1993, when related data began to be compiled.

The comparable figures were 21 million won in 2001, 31.6 million won in 2006 and 40 million won in 2012, the data showed.

The average coverage is obtained by dividing life insurance coverage and other benefits by the country's population.

Separate data also showed that insurance policyholders paid an average 2.16 million won in insurance premiums for the year that ends March 31.

Meanwhile, life insurance policyholders canceled contracts worth 18.5 trillion won last year, the highest annual figure in recorded history, due to continued financial woes amid a protracted economic slump, a trade association said.

The 2015 cancellations mark a jump from 13.8 trillion won in 2002 and 17.2 trillion won in 2014, according to the association.


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