Samsung Fire & Marine Insurance Obtains Exclusive Rights for Three New Health Insurance Coverages Including Executive Cancer Diagnosis Benefit

[Asia Economy Reporter Changhwan Lee] Samsung Fire & Marine Insurance announced on the 9th that it has obtained a 3-month exclusive usage right from the General Insurance Association's New Product Review Committee for three newly introduced health insurance riders, the first of their kind in the insurance industry.

The riders granted exclusive usage rights are 'Liver Failure Diagnosis Benefit,' 'Acute Renal Failure Diagnosis Benefit,' and 'Dialysis Treatment Expense (Covered) (Limited to once per year),' which can only be subscribed to through Samsung Fire & Marine Insurance until January 27 of next year.

These special riders received favorable evaluations for their originality, advancement, and usefulness by establishing a differentiated coverage system based on the loss of liver function in liver disease patients and addressing coverage gaps for the continuously increasing number of acute renal failure patients.

The 'Liver Failure Diagnosis Benefit' provides coverage up to 50 million KRW for the first diagnosis of liver failure. Liver failure is a condition where rapid deterioration of liver function leads to increased levels of toxic substances in the body, affecting the brain and other organs.

The 'Acute Renal Failure Diagnosis Benefit' is a rider that covers up to 10 million KRW for the first diagnosis of acute renal failure. Acute renal failure refers to a sudden decline in kidney function over hours to days, causing problems in waste excretion, accumulation of uremic toxins, and disruption of fluid and electrolyte balance.

The 'Dialysis Treatment Expense (Covered) (Limited to once per year)' covers up to 5 million KRW once per year if dialysis treatment is received due to injury or illness. Dialysis treatment is a medical procedure that artificially filters waste when kidney function is impaired and is classified into hemodialysis, peritoneal dialysis, and CRRT dialysis depending on the type.

This newly introduced rider by Samsung Fire & Marine Insurance enhances the effectiveness of coverage for dialysis patients by covering all types of dialysis treatment once a year regardless of the underlying disease or dialysis type. Previously, coverage was limited to hemodialysis and peritoneal dialysis for chronic kidney disease patients.

Seunghyun Kwak, Head of Long-term Product Development Team at Samsung Fire & Marine Insurance, said, "We have launched related riders to fill the coverage gaps for the loss of function in core organs such as the liver and kidneys and to ensure full coverage for dialysis treatment expenses. We will continue to develop insurance products that meet customer needs."

Meanwhile, Samsung Fire & Marine Insurance revised its health insurance product 'My Health Partner' and child insurance product 'My Superstar' last October.

The revised products include the three riders granted exclusive usage rights, along with coverage for specific sepsis diagnosis, intervertebral disc disorder diagnosis, osteoporosis diagnosis, support for four major specific tests (biopsy, bone marrow, endoscopy, puncture), and anesthesia and transfusion treatment expenses.

Samsung Fire & Marine Insurance's 'My Health Partner' and 'My Superstar' can be subscribed to in both non-surrender value and partial surrender value types. These options offer the advantage of broad coverage at affordable premiums.