The primary entryway of Samsung Fire & & Marine Insurance coverage’s head office in Seoul/ Yonhap
By Yi Whan-woo
Samsung Fire & & Marine Insurance coverage submitted the most claims to reject the claims of its customers amongst significant insurance providers across the country over the last few years, information revealed, Wednesday.
In the information assembled by the Financial Supervisory Service (FSS), an overall of 54,464 claims were submitted by business from the life and non-life insurance coverage sectors integrated in their quotes to turn down consumers’ ask for protection from 2021 to the very first half of 2023.
Such legal conflicts were more extreme in the non-life insurance coverage company, where 48,652 cases were reported compared to 5,812 reported in the life insurance coverage market.
Under the scenarios, Samsung Fire, the non-life insurance coverage arm of the nation’s No. 1 corporation Samsung, submitted an overall of 11,257 claims versus its own consumers.
Samsung Fire & & Marine Insurance Coverage CEO and President Hong Won-hak/ Screenshot from Samsung Fire & & Marine Insurance coverage site
The figure represented more than one-fifth of all claims brought by the non-life insurance providers throughout the pointed out duration.
Samsung Fire was likewise the only basic insurance provider where the variety of claims surpassed 10,000.
Hyundai Marine & & Fire Insurance coverage reported 8,364 cases, followed by DB Insurance coverage at 7,927, KB Insurance coverage at 7,227, Hanwha General Insurance Coverage at 3,195 and Meritz at 3,109.
IBK Insurance Coverage was the only non-life insurance company that had no legal conflicts at all with its customers over the pointed out duration.
The list of the business was launched by Rep. Park Jae-ho of the primary opposition Democratic Celebration of Korea (DPK) on the celebration of the National Assembly audit of the FSS today.
” Big insurance providers survive on premiums paid by customers, however paradoxically, a number of them invest enormous quantities of cash to reject their customers’ claims for protection,” the legislator stated.
He kept in mind that the expense for the 54,464 claims totaled up to 44.2 billion won ($ 32.7 million), with 33.67 billion won invested by non-life insurance providers.
Of the 33.67 billion won, Samsung Fire represented 6.82 billion won.
” The authorities must develop appropriate standards for the companies to avoid recklessly looking for legal actions versus customers,” Rep. Park stated.