The Non-Life Insurance Industry and the Korea Non-Life Insurance Association Prepare Support Measures to Prevent the Spread of COVID-19 and Strengthen Work Response
[Asia Economy Reporter Ki Ha-young] The non-life insurance industry has decided to grant payment deferrals for insurance premiums and loan principal and interest, as well as extend loan maturities, to support insurance consumers who have suffered direct or indirect damage due to the novel coronavirus infection (COVID-19).
Additionally, to ensure that insurance-related complaints and consultations related to COVID-19 are handled promptly, specialized counseling personnel will be deployed forward, and if building closures occur due to COVID-19 confirmations, counseling staff will switch to remote work to enable non-face-to-face consultations.
On the 27th, the General Insurance Association and the non-life insurance industry announced that they have prepared and will implement COVID-19 support measures including these contents.
The non-life insurance industry will first defer insurance premium payments, loan principal and interest repayments, and debt collection for a certain period, and extend loan maturities upon due dates. They plan to promptly provide insurance contract loans to support victims, assist with insurance subscription inquiries, and expedite insurance claim payments.
Support will also be provided for small business guarantees. In cases where tourism and travel are canceled due to COVID-19, the full amount of guarantee insurance premiums paid will be refunded.
The General Insurance Association plans to strengthen its operational response to participate in efforts to block the domestic spread of COVID-19.
Specialized counseling personnel for insurance complaints related to COVID-19 will be deployed forward, and if building closures occur due to COVID-19 confirmations, counseling staff will switch to remote work, enabling online and telephone consultations for non-face-to-face service.
Insurance advertisement reviews will also be strengthened. To prevent excessive anxiety about COVID-19 and the sale of insurance products exploiting this, advertisement reviews will be reinforced, including disapproval of insurance product advertisements that do not align with public sentiment.
Furthermore, the non-life insurance agent qualification exams scheduled for March will be canceled four times until the first week of March, and related group training such as the public-private joint insurance fraud investigation education planned for March will be postponed.
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