Over 10 Million COVID-19 Vaccine Recipients... Growing Interest in 'Vaccine Insurance' Covering Side Effects

11 Million First Dose Vaccinations by the 11th, Totaling 11.38 Million
Vaccine Insurance Subscriptions Also on the Rise

[Image source=Yonhap News]

[Asia Economy Reporter Ki Ha-young] As the number of people vaccinated against COVID-19 surpasses 10 million, interest in vaccine insurance is also increasing. In particular, as Janssen vaccinations for reservists and civil defense personnel begin, the number of people in their 30s signing up for vaccine insurance is rising.

According to the COVID-19 Vaccination Response Promotion Team on the 12th, the cumulative number of first-dose COVID-19 vaccinations reached 11,387,256 as of the previous day, accounting for about 22.2% of the total population.

With the increase in vaccinations, interest in vaccine insurance is also growing. Vaccine insurance is a product that pays out insurance benefits in the event of anaphylactic shock, one of the side effects of vaccines. Anaphylactic shock is an acute systemic allergic reaction to a specific antigen, with respiratory and circulatory symptoms usually appearing within 30 minutes after exposure to the cause. Although rare, it can be fatal in severe cases. Currently, Samsung Fire & Marine Insurance and LINA Life Insurance have launched products that cover the diagnosis of anaphylactic shock.

According to a survey by LINA Life Insurance, the proportion of men in their 30s subscribing to vaccine insurance increased after pre-booking for the Janssen vaccine for reservists and civil defense personnel began. This month, the share of people in their 30s among those who signed up for the '(Non-)Worry-Free Anaphylactic Shock Diagnosis Insurance' increased by 159% compared to before, with men surging by as much as 189%. The proportion of women also rose by 42%.

Samsung Fire & Marine Insurance and LINA Life Insurance provide coverage for anaphylactic shock at affordable premiums. LINA Life Insurance’s '(Non-)Worry-Free Anaphylactic Shock Diagnosis Insurance' pays up to 2 million KRW once upon the first confirmed diagnosis of anaphylactic shock caused by various factors. The annual premium for a 30-year-old male under the main contract is 1,220 KRW, and for a 40-year-old male, it is 1,560 KRW. The eligible age range is 20 to 70 years, and it is a pure protection plan with a one-year term.

In the case of Samsung Fire & Marine Insurance, emergency medical anaphylaxis diagnosis benefit riders can be selected under existing health insurance plans such as Taepyeong Samdae and My Health Partner. If diagnosed with anaphylaxis upon visiting the emergency room, 2 million KRW is paid once per year. Since it is subscribed as a rider, the premium is only a few hundred KRW.

As Samsung Fire & Marine Insurance’s exclusive license, a kind of patent right recognized for the anaphylaxis diagnosis benefit rider, is set to expire on the 30th of this month, other insurers are expected to launch products covering COVID-19 vaccine side effects around this time. Currently, DB Insurance and Meritz Fire & Marine Insurance are reportedly preparing products that cover COVID-19 vaccine side effects.