Non-Life Insurance Industry and Non-Life Insurance Association Prepare Support Measures to Prevent COVID-19 Spread and Strengthen Work Response
Life Insurance Industry Implements Support Measures to Overcome COVID-19 Crisis
[Asia Economy Reporter Ki Ha-young] The insurance industry has rolled up its sleeves to support victims of the novel coronavirus infection (COVID-19). Life insurance companies and non-life insurance companies have decided to grant payment deferrals on premiums and policy loan interest for insurance consumers who have suffered direct or indirect damage due to COVID-19.
According to the Life Insurance Association, the General Insurance Association, and the insurance industry on the 27th, life insurers plan to provide timely support to citizens and small business owners affected by COVID-19 through premium and policy loan interest payment deferrals and prompt payment of insurance claims.
The Life Insurance Association has temporarily suspended nationwide monthly life insurance qualification exams (for agents and variable insurance) to prevent the spread of COVID-19.
The industry also plans to strengthen self-regulatory efforts to prevent cases of insurance fear marketing, such as encouraging unnecessary insurance subscriptions by exploiting COVID-19 infection anxieties. To this end, they intend to actively work to prevent exaggerated advertisements using provocative phrases and incomplete sales.
Relief supplies and regional economic revitalization will also be supported. Each life insurer will provide emergency relief supplies such as masks and hand sanitizers to COVID-19 affected areas and vulnerable groups including children and elderly living alone, according to their capabilities and characteristics. They will also actively promote early procurement of necessary goods to contribute to domestic demand revitalization.
To practically support small business owners through stimulating traditional market consumption, the use of Onnuri gift certificates at insurance companies’ own award events will be actively encouraged.
Non-life insurers will also defer premium payments, loan principal and interest repayments, and debt collection for a certain period, and extend loan maturities when due. They plan to promptly provide insurance policy loans to support victims, assist with insurance subscription inquiries, and expedite insurance claim payments.
Support for small business guarantees will also be provided. In cases where tourism and travel are canceled due to COVID-19, the full refund of guarantee insurance premiums will be granted.
The General Insurance Association plans to strengthen its operational response to participate in efforts to block the domestic spread of COVID-19.
Specialized insurance complaint consultation personnel related to COVID-19 will be deployed forward, and if building closures occur due to confirmed COVID-19 cases, consultation personnel will switch to telecommuting to enable non-face-to-face consultations via online and telephone.
Insurance advertisement review will also be strengthened. To prevent excessive anxiety about COVID-19 and the sale of insurance products exploiting this, the review of insurance advertisements will be intensified, including disapproval of advertisements for insurance products that do not align with public sentiment.
Additionally, 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 training planned for March will be postponed.
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