FSC Launches Public Contest for Insurance Win-Win Products Targeting Local Governments Nationwide

The Financial Services Commission announced on November 10 that it will hold a public contest for local governments in all 17 provinces and metropolitan cities nationwide to support insurance win-win products tailored to the characteristics of each local government.

In the insurance industry, win-win insurance products were previously introduced to ease the financial burden on ordinary citizens caused by high inflation and economic slowdown, as well as to reduce insurance premium costs. To operate these win-win products, a fund totaling 30 billion won (15 billion won from life insurers and 15 billion won from non-life insurers) has been established. Based on this fund, the full amount of insurance premiums for essential insurance products will be provided to the public. The six types of win-win products include credit insurance, accident insurance, climate insurance, wind and flood insurance, fire insurance, and children's insurance.

To support win-win products tailored to the characteristics of each local government, the Financial Services Commission will conduct a public contest targeting local governments nationwide. Eight local governments will be selected in the final round. The selected local governments will receive a total of 14.4 billion won over three years (1.8 billion won per local government).

This win-win insurance project will be carried out in collaboration with local governments, with a portion of the project funding (at least 10% of the total project budget) provided by the local governments themselves. Local governments may consider their regional economic conditions and characteristics to propose or select additional products beyond the existing six products.

Each local government may submit at least one proposal each for life win-win insurance and non-life win-win insurance. Applications may be submitted not only at the provincial or metropolitan city level but also by combining city, county, and district units. The application period runs from November 10, 2025, to January 31, 2026. An expert review panel will be formed to evaluate the local governments' operational plans for the win-win products.

The expert review panel will comprehensively evaluate whether the win-win insurance project reflects the unique characteristics of the local government, the implementation capacity and funding scale of the local government, and the degree of linkage with existing support projects.

The local government selected as the best performer (and its responsible official) will receive a commendation from the Chairperson of the Financial Services Commission. Two outstanding local governments will receive commendations from the presidents of the Life Insurance Association and the Non-Life Insurance Association, respectively.

A representative from the Financial Services Commission stated, "To support smooth participation by local government officials in the public contest, we will hold two briefing sessions on win-win insurance products for local government officials," adding, "We plan to facilitate the signing of agreements between the selected local governments and the Life and Non-Life Insurance Associations, and to form a working-level task force so that citizens can enroll in win-win insurance products next year."