Despite the number of people who visited the hospital due to Corona 19 last year, it was found that injured medical insurance lost nearly 3 trillion won.
According to the non-life insurance industry on the 16th, last year’s total loss of non-life insurers amounted to 10 trillion 101.7 billion won and risk insurance premiums of 7 trillion 7709 billion won. Accrued damage is money spent by insurance companies as insurance money, and risk insurance premiums are funds that can be used purely for insurance payments after deducting business operation expenses, such as labor costs, from the total insurance premiums received from insured insurers. Non-life insurers’ losses after incurred losses minus risk insurance premiums amounted to KRW 2.36 trillion. The industry estimates that if the loss of life insurance companies, which accounts for about 18% of the total real-life insurance market, is added, the total loss in the insurance industry reaches 3 trillion won.
In the non-life insurance industry alone, the ratio of incurred losses to risk insurance premiums was 130.5%, exceeding 130% for the second consecutive year following 2019 (134.6%), which recorded the’worst’. Considering that the loss ratio based on the total insurance premium, including the share of business operation expenses, is usually 21-22% lower than the risk loss ratio, it means that the insurance company received an insurance premium of 10,000 won from the contractor and spent about 11,000 won for insurance and business operation expenses. . An official in the non-life insurance industry analyzed, “Last year, due to Corona 19, the overall medical use was expected to improve, but as a result, the impact was not significant.”
Some disease insurance benefits have shown an abnormal increase. The insurance amount paid for cataracts alone was 4101 billion won, more than three times higher than 2017 (88.1 billion won). During the same period, the insurance premium for skin diseases increased by 127% to 128.8 billion won. Musculoskeletal disorders, which account for 41% of insurance payments, increased 50.5% in three years, mainly for manual treatment.
An industry official said, “It is true that the business is very bad enough that small insurance companies that could not withstand losses stop selling real-life insurance.”
Reporter Park Jong-seo [email protected]
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