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Most Koreans have more than one insurance policy

All News 16:25 September 28, 2016

SEOUL, Sept. 28 (Yonhap) -- More than 9 out of every 10 South Koreans have more than one insurance policy, a survey showed Wednesday.

The survey on 1,200 South Korean adults released by the Korea Insurance Research Institute showed that 93.8 percent of people had individual life insurance coverage, down from 96.7 percent last year.

It also showed that 73.4 percent had individual life insurance while 76.2 percent owned individual non-life insurance.

The survey said that 81.8 percent of South Korean households had life insurance, while 88.9 percent had non-life insurance.

Still, South Koreans are reluctant to purchase life insurance through the Internet, though South Korea is one of the world's most wired countries.

Only 6.2 percent said they purchased insurance coverage through the Internet and 80.4 percent of the respondents said they had no experience in searching for insurance premiums or related information on the Internet, citing a lack of trust and their preference to have face-to-face meetings with life insurance agents.

The Korea Insurance Research Institute said that local insurers need to enhance public confidence in insurance information on the Internet.

Most Koreans have more than one insurance policy - 1


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