According to the insurance industry on the 23rd, the Financial Services Commission delivered an informal opinion to the industry on the increase rate of real-life insurance. The Financial Services Commission reflects 60% of the increase rate requested by each company for standardized indemnity insurance sold from October 2009 to March 2017, and 80% for pre-standardized indemnity insurance sold before October 2009. Proposed a way to do it. In addition, it is reported that it has requested a freeze of premiums for the loss of loss insurance sold since April 2017. In this case, there is a difference between insurance companies, but before standardization, actual loss insurance will increase by 15-17% and standardized actual loss insurance by 10-12%. Insurance premiums for non-life insurance subscribers are unlikely to change significantly. Last year, insurance premiums for loss before standardization and standardized loss were increased by 9.8%, respectively, and the loss was reduced by 10%.
The reason that the insurance industry insists on raising the actual loss insurance premium every year is because of the ever-increasing losses. Until the third quarter of this year, the risk loss rate for real-life insurance was 130%. The risk loss ratio refers to the ratio of the insurance premium paid to the risk insurance premium, which is a portion of the insurance premium paid by the contractor, excluding business operation costs, and used for insurance premium payment. 130% means that he received 100 won as a risk insurance premium, but the amount paid out is 130 won. Due to the rise in the risk loss ratio, the loss of real-life insurance last year recorded KRW 2.431.3 trillion. The loss is expected to exceed 2 trillion won this year, when the amount of medical use decreased due to Corona 19.
Much of these losses are the result of a combination of insurance fraud by some policyholders and moral hazards by medical institutions.
Assuming that a 40-year-old male is enrolling in real-life insurance before standardization and the premium is increased by 15% each year, the premium, which is currently 36679 won, will jump to 148387 won by 2030 when he turns 50.
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