[Asia Economy Reporter Tae-min Ryu] The Construction Mutual Aid Association announced on the 6th that it achieved 55.1 billion KRW in mutual aid business performance last year. This is the highest performance since the launch of the association's mutual aid business.
The association's mutual aid business continues to show solid growth. The mutual aid business performance increased from 33.8 billion KRW in 2018 to 40 billion KRW in 2019, and then steadily rose to 44.8 billion KRW in 2020 and 53.4 billion KRW in 2021. Despite the economic downturn, it has maintained steady growth in the construction-related insurance market by overcoming competition with leading non-life insurance companies.
In particular, last year the association promptly handled compensation claims related to major fire accident sites where the association’s mutual aid products were subscribed. This was explained as an opportunity to highlight the construction and insurance-related capabilities the association has accumulated over time.
Since its launch in 2006, entering its 18th year, the association’s mutual aid business experienced a groundbreaking turning point after converting to retained mutual aid in 2012. Although a relatively latecomer in the construction insurance market, it is evaluated to have continuously renewed its performance based on a broad understanding of the construction industry, solid financial structure, and competitive mutual aid premiums.
The association stated, “We will continue to do our best to enhance the financial benefits of our members through diverse product development, affordable premiums, and prompt compensation services,” adding, “We will fulfill our role as a financial institution so that our members can focus on their business activities.”
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